Welcome to another weekly crypto recap from Melega Finance. A new report reveals that over half a billion people have joined the cryptocurrency world by the end of 2023, marking a 34% increase from the previous year. Ether (ETH) ownership surged to 124 million users, while Bitcoin (BTC) ownership reached 296 million.Â
However, Bitcoin (BTC) continued its struggles around $40,000 throughout the week. It briefly dipped below that level due to GBTC-linked selling on Coinbase, but managed to recover and surge to around $42,000 at the time of writing.
As the crypto market pulsated with anticipation and uncertainty, let us now turn our focus to the most riveting and consequential stories that unfolded throughout the week. Guess what? Most of 'em have something to do with regulations and legal stuff.
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TOP CRYPTO NEWS RECAP (JANUARY 21âJANUARY 27, 2024)
â      Former Binance CEO's Travel Request Denied Amidst Legal Troubles
â      Tornado Cash Co-founder Expresses Fear Ahead of Criminal Trial
â      Mt. Gox Trustee Progresses on Repayments; Emails Confirm Identity Verification
â      Terraform Labs, Behind Defunct TerraUSD, Files for Bankruptcy Protection
â      Lawyer Sentenced to 10 Years for OneCoin Money Laundering
â      SEC Delays Decision on BlackRock's Spot Ether ETF
Former Binance CEO's Travel Request Denied Amidst Legal Troubles
Former Binance CEO Changpeng Zhao sought to use his multibillion-dollar stake in Binance.US as security to travel to the United Arab Emirates temporarily for a family member's surgery. However, federal prosecutors opposed the request, and the court denied it. Zhao, facing money laundering charges, is currently on a $175 million bond in the U.S. and is prohibited from leaving the country until his sentencing on Feb. 23.
Tornado Cash Co-founder Expresses Fear Ahead of Criminal Trial
Roman Storm, co-founder of Tornado Cash, expressed fear about his upcoming criminal trial for charges including money laundering and violating the Economic Powers Act. In a plea for support, he emphasized the potential impact of the legal battle on software and privacy advocates. Storm's trial is set for September 2024, with ongoing financial support for his defense. The case is linked to Tornado Cash's alleged facilitation of North Korea-based hackers, prompting legal actions and appeals from crypto advocates against U.S. government sanctions.
Mt. Gox Trustee Progresses on Repayments; Emails Confirm Identity Verification
The trustee of Mt. Gox, a previously hacked cryptocurrency exchange, is advancing repayment efforts, reaching out to creditors for identity verification and account confirmation. Creditors are receiving emails regarding the completion of identity verification for accounts set to be used for Bitcoin and Bitcoin Cash repayments.Â
Exchanges like Bitstamp are continuing to service Mt. Gox-related customers in specific countries despite ceasing operations in those jurisdictions. The trustee is also moving forward with bank account repayments, following reports of double payments in late 2023.
Terraform Labs, Behind Defunct TerraUSD, Files for Bankruptcy Protection
Do Kwonâs Terraform Labs, the company behind the now-defunct TerraUSD (UST) stablecoin, filed for Chapter 11 bankruptcy protection in the United States. The firm cited between $100 and $500 million in estimated liabilities and assets, and its CEO, Chris Amani, emphasized the community's resilience. This comes after the postponement of Kwon's fraud trial and amid speculation about his potential extradition to South Korea.
Lawyer Sentenced to 10 Years for OneCoin Money Laundering
A federal judge sentenced lawyer Mark Scott to 10 years in prison for his role in laundering millions of dollars through the OneCoin crypto scheme. Despite prosecutors seeking 17 years, Scott's legal team recommended 5 years. He expressed sympathy for OneCoinâs victims before being sentenced. Scott worked with OneCoin to launder funds at the direction of âCryptoqueenâ Ruja Ignatova, who remained at large. Other figures in crypto firms face similar legal consequences.
SEC Delays Decision on BlackRock's Spot Ether ETF
The United States Securities and Exchange Commission has postponed the decision on BlackRock's proposed spot Ether exchange-traded fund (ETF) one day before the deadline, citing the need for more time to review the proposed rule change. This marks the first of several delays that can be exercised over a 240-day period. The SEC must make a final decision on BlackRock's spot Ether ETF by August 7, with analyst predictions pointing to a final decision on all pending spot Ether ETFs in May.
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