Sygnum, a Swiss digital asset banking group, has registered its local subsidiary with the Liechtenstein financial regulator. This move will enable the company to offer regulated services in the EU and European Economic Area under the upcoming MiCA framework. With plans for further growth in Asia, including Hong Kong and Singapore, Sygnum continues to strengthen its global presence through strategic partnerships and impressive financial milestones.

US Sentences 12 in $3.5 Million Cryptocurrency Heist Linked to Violent Home Break-Ins

The US Department of Justice (DOJ) has sentenced 12 individuals for a series of violent home invasions that resulted in the theft of more than $3.5 million in cryptocurrency. The ringleader of the group was sentenced to 47 years in prison, while his accomplice was sentenced to 20 years. “The victims were held at gunpoint in their homes,” the DOJ said, adding that one man “was kidnapped, held hostage, and beaten before being found by law enforcement 120 miles from his home.”

Acting Comptroller Michael Hsu emphasized the importance of proactive oversight in managing cryptocurrency risks. He cited the 2022 crypto market crash, which saw a $2 trillion loss, where effective oversight helped banks stay stable. Hsu emphasized the need for vigilant oversight as digital assets and fintech increasingly integrate with traditional banking, posing new challenges and risks.

In a significant development, the bankrupt crypto exchange FTX has received approval to liquidate around $873 million worth of trust assets, with the proceeds earmarked for repaying creditors impacted by the exchange's collapse in 2022. The decision, detailed in a November 29 filing in a Delaware bankruptcy court, allows FTX to sell its stakes in trusts issued by crypto asset manager Grayscale Investments and custody service provider Bitwise.
The $873 million assets include FTX's stakes in various trusts managed by Grayscale Investments, valued at $807 million, and Bitwise, valued at $66 million. Notably, these trusts encompass prominent assets such as Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), Bitwise 10 Crypto Index Fund (BITW), among others.
The court approval comes after FTX debtors filed a motion on November 3, seeking permission to sell these assets. The assets, valued at $744 million as of October 25, 2023, have increased in value since.
FTX administrators, led by John J. Ray III, have been diligently working to recover assets since the collapse of Sam Bankman-Fried's cryptocurrency empire in November 2022. Approximately $7 billion in assets has been recovered so far, with nearly half of it in the form of cryptocurrencies ($3.4 billion). In June, FTX debtors estimated the total misappropriated customer assets at $8.7 billion.
Meanwhile, Sam Bankman-Fried, the founder of FTX, was convicted on seven fraud-related charges on November 2 and is awaiting sentencing scheduled for March 28. He remains in Brooklyn's Metropolitan Detention Center, where he recently bartered four mackerels for a haircut.
This development underscores the ongoing efforts to address the aftermath of FTX's collapse and its impact on creditors, as the crypto industry grapples with issues of transparency, security, and regulatory scrutiny.

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