Hey, crypto champs! This is MelegaSwap, the world’s leading decentralized ecosystem. Welcome to the latest edition of the weekly cryptocurrency news roundup, where we will uncover the most interesting news about the crypto market from September 3 to September 9, 2023.
Although the market has remained relatively stable in recent weeks, the first week of September has been eventful in the world of cryptocurrency, with several high-profile legal proceedings taking place. From Genesis Global Capital's lawsuit against affiliate companies for $600 million in overdue loans to the former Co-CEO of FTX Digital Markets pleading guilty to defrauding the FEC, it's been a rollercoaster ride.
In other news, the Head of Product at Binance stepped down amidst regulatory pressure, and the Founder of Thodex Crypto Exchange received an 11,196-year sentence for fraudulent activities.
In this edition, we'll be taking a closer look at some of the major headlines that have dominated the crypto news space from the 2nd day of September to the 9th day of September. So buckle up and let's dive in!
TOP CRYPTO NEWS RECAP (SEPTEMBER 3 – SEPTEMBER 9, 2023)
● Genesis Global Capital Sues Affiliate Companies for $600 Million in Overdue Loans
● FTX Founder Calls Department of Justice's Requests "Unworkable" in Court Memo
● ARK Investment Management Turns to Ether As SEC Delays Bitcoin ETF Approval
● Former Co-CEO of FTX Digital Markets Pleads Guilty to Defrauding FEC
● Thodex Crypto Exchange Founder Receives 11,196-Year Sentence for Fraudulent Activities
Genesis Global Capital Sues Affiliate Companies for $600 Million in Overdue Loans
Genesis Global Capital is suing DCG for unpaid loans totaling over $600 million in Bitcoin. DCG, owner of bankrupt crypto lender Genesis, is accused of not repaying loans. These loans were part of a "master loan agreement" made in 2019. One loan matured on May 11, 2023, and wasn't repaid. Genesis has agreed to pause legal action to work out a deal with DCG, aiming to recover funds for creditors. Genesis lent 18,697.7 BTC to DCGI in 2022, but a balance of 4,550.5 BTC remains. Talks continue, but there is no resolution yet. These lawsuits are crucial in Genesis' Chapter 11 bankruptcy process.
FTX Founder Calls Department of Justice's Requests "Unworkable" in Court Memo
Sam Bankman-Fried, ex-CEO of FTX crypto exchange, is pushing back against the Department of Justice (DOJ). He filed a memo on Sept. 1 to block the DOJ's requests, calling them baseless and too wide-ranging. SBF's lawyer, Mark Cohen, argues these requests include irrelevant and damaging evidence, making it tough to defend. He insists that the court should reject the DOJ's demands, deeming them legally unsound and impractical. This clash follows recent DOJ motions to ban SBF's expert witnesses and label his fraud defense irrelevant. Meanwhile, SBF's lawyers seek his temporary release, alleging bail revocation as retaliation for exercising his First Amendment rights.
ARK Investment Management Turns to Ether As SEC Delays Bitcoin ETF Approval
The SEC has delayed its decision on Cathie Wood's ARK Investment Management's spot Bitcoin ETF, causing a stir in the crypto market. They're extending the review and seeking public input, pushing the original decision deadline past Aug. 13. With over 70 past rejections for spot Bitcoin ETFs, this delay amplifies anticipation among crypto investors and firms like BlackRock and Fidelity. Wood, confident about approval, highlights their commitment to BTC, whether spot or futures. Meanwhile, the SEC is probing market manipulation and surveillance reliability concerns. Ark Investment Management also proposes an Ethereum ETF, adding to the crypto ETF frenzy.ETH's price briefly surged post-news.
Former Co-CEO of FTX Digital Markets Pleads Guilty to Defrauding FEC
Former FTX Co-CEO, Ryan Salame, has admitted guilt in a significant crypto scandal. He pleaded guilty to charges related to illegal political contributions and operating an unlicensed money transmitting business. Salame, the fourth high-profile figure linked to FTX, faces possible prison time for campaign finance violations and running an unlicensed enterprise. As part of the deal, he must forfeit over $1.5 billion. Salame's hearing is scheduled for March 6. FTX's ex-CEO, Sam Bankman-Fried, who faces multiple charges, has maintained his innocence. Salame's plea adds to a string of FTX executives pleading guilty in connection to the exchange's troubles. FTX declared bankruptcy in late 2022, leaving a massive shortfall in customer funds.
Thodex Crypto Exchange Founder Receives 11,196-Year Sentence for Fraudulent Activities
Former Thodex CEO, Faruk Fatih Ozer, has been sentenced to 11,196 years in prison for fraud and other crimes. Ozer's abrupt exit in 2021 left 400,000 users in financial chaos. Turkish authorities swiftly acted, detaining 62 individuals. Initial estimates put losses at $24 million, but Chainalysis revealed a shocking $2.52 billion, representing 90% of global crypto fraud losses in 2021. Ozer was caught in Albania in 2022 and extradited to Turkey. The scandal has cast a shadow over Turkey's crypto landscape, denting hope amid high inflation. Ozer's sister and brother also face charges, with extraordinary sentences not uncommon in Turkey.
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