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Former CFTC Chair Predicts SEC Will Drop Ripple Lawsuit Under Donald Trump Administration
Chris Giancarlo, former CFTC Chair, predicts that the SEC might end its lawsuit against Ripple if Donald Trump becomes the President of the United States.
SEC May Drop the Ripple Case
During an interview with FOX Business, Giancarlo expressed confidence that the SEC (Securities and Exchange Commission) could potentially dismiss its lawsuit against Ripple. He suggested that the SEC should consider ending cases it has already lost in court.
When host Charles Gasparino asked whether the SEC would drop the Ripple case under Trump’s leadership, Giancarlo stated: “I would bet on it.”
This comment indicates that a new SEC leadership could revisit the Ripple case based on the court’s prior ruling from last year. The initial verdict was handed down by the lower court in August.
Current Status of the SEC Appeal
In the earlier ruling, the court determined:
Institutional sales of XRP were classified as securities,Other distributions and programmatic sales of XRP were not,XRP itself is not a security.
Following the decision, the SEC filed an appeal, seeking to overturn the parts of the verdict it lost. Ripple also filed a counter-appeal regarding institutional sales. The appeals process continues, with the SEC’s next submission due by January 15, 2025.
How a Trump Presidency Could Impact the Ripple Case
If Donald Trump becomes president, speculation suggests Ripple could benefit from the shift in administration. These speculations gained traction after SEC Chair Gary Gensler announced his intent to resign on January 20.
Trump’s transition team is reportedly considering pro-crypto candidates to lead the SEC. According to WIRED magazine, the team is already consulting with cryptocurrency industry stakeholders to identify potential nominees.
Should the SEC be led by a pro-crypto chair, the commission might reassess the Ripple lawsuit and potentially dismiss the case.
Possibility of a Settlement Between Ripple and SEC
Some pro-crypto lawyers, such as Jeremy Hogan, speculate that a settlement between Ripple and the SEC could occur. Ripple could potentially pay $125 million to resolve the dispute.
However, this scenario remains uncertain, and further developments in the case are awaited.
#RippleVsSEC , #courtcase , #cryptoregulation , #donaldtrump , #CryptoLaw
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
SEC May Drop the Ripple Case
During an interview with FOX Business, Giancarlo expressed confidence that the SEC (Securities and Exchange Commission) could potentially dismiss its lawsuit against Ripple. He suggested that the SEC should consider ending cases it has already lost in court.
When host Charles Gasparino asked whether the SEC would drop the Ripple case under Trump’s leadership, Giancarlo stated: “I would bet on it.”
This comment indicates that a new SEC leadership could revisit the Ripple case based on the court’s prior ruling from last year. The initial verdict was handed down by the lower court in August.
Current Status of the SEC Appeal
In the earlier ruling, the court determined:
Institutional sales of XRP were classified as securities,Other distributions and programmatic sales of XRP were not,XRP itself is not a security.
Following the decision, the SEC filed an appeal, seeking to overturn the parts of the verdict it lost. Ripple also filed a counter-appeal regarding institutional sales. The appeals process continues, with the SEC’s next submission due by January 15, 2025.
How a Trump Presidency Could Impact the Ripple Case
If Donald Trump becomes president, speculation suggests Ripple could benefit from the shift in administration. These speculations gained traction after SEC Chair Gary Gensler announced his intent to resign on January 20.
Trump’s transition team is reportedly considering pro-crypto candidates to lead the SEC. According to WIRED magazine, the team is already consulting with cryptocurrency industry stakeholders to identify potential nominees.
Should the SEC be led by a pro-crypto chair, the commission might reassess the Ripple lawsuit and potentially dismiss the case.
Possibility of a Settlement Between Ripple and SEC
Some pro-crypto lawyers, such as Jeremy Hogan, speculate that a settlement between Ripple and the SEC could occur. Ripple could potentially pay $125 million to resolve the dispute.
However, this scenario remains uncertain, and further developments in the case are awaited.
#RippleVsSEC , #courtcase , #cryptoregulation , #donaldtrump , #CryptoLaw
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
🚨 Breaking News Alert: FTX Founder's Fate Hangs in Balance 🚨
In a courtroom showdown that has the crypto world on edge, FTX founder Sam Bankman-Fried faces a staggering 40-50 years behind bars, while his defense team fights tooth and nail for a significantly shorter 5-6 year sentence. But here's the twist: it all boils down to potential refunds for FTX customers! 💼💸
With Judge Lewis Kaplan set to deliver the verdict in Manhattan, tensions are at an all-time high following a month-long trial last November. Bankman-Fried's guilty verdict on seven charges linked to the collapse of FTX and the vanishing $10 billion in customer deposits has sent shockwaves through the industry. 😱
But amidst the chaos, there's a glimmer of hope. The defense team is banking on the possibility of FTX customers recouping their lost funds as the exchange battles through a Delaware bankruptcy court. Recent statements hint at the potential for full repayments to customers and creditors with legitimate claims. 💰
This unexpected turn of events marks a stark contrast to the grim narrative that surrounded FTX's downfall just 16 months ago. Back then, it seemed like countless customers were facing the grim reality of losing billions in the lightly regulated crypto industry. 😓
Despite the government's allegations of misappropriated funds, the defense is painting a different picture, emphasizing the positive outcomes of Bankman-Fried's risky bets and their contribution to the bankruptcy estate's ability to repay customers. 📈
The outcome of this high-stakes case will reverberate throughout the crypto world, shaping investor confidence and regulatory oversight for years to come. Stay tuned for live updates with Professor Mende as this courtroom drama unfolds! ⚖️💡
#sbf #crypto #cryptonews #courtcase #cryptotrading #justice
In a courtroom showdown that has the crypto world on edge, FTX founder Sam Bankman-Fried faces a staggering 40-50 years behind bars, while his defense team fights tooth and nail for a significantly shorter 5-6 year sentence. But here's the twist: it all boils down to potential refunds for FTX customers! 💼💸
With Judge Lewis Kaplan set to deliver the verdict in Manhattan, tensions are at an all-time high following a month-long trial last November. Bankman-Fried's guilty verdict on seven charges linked to the collapse of FTX and the vanishing $10 billion in customer deposits has sent shockwaves through the industry. 😱
But amidst the chaos, there's a glimmer of hope. The defense team is banking on the possibility of FTX customers recouping their lost funds as the exchange battles through a Delaware bankruptcy court. Recent statements hint at the potential for full repayments to customers and creditors with legitimate claims. 💰
This unexpected turn of events marks a stark contrast to the grim narrative that surrounded FTX's downfall just 16 months ago. Back then, it seemed like countless customers were facing the grim reality of losing billions in the lightly regulated crypto industry. 😓
Despite the government's allegations of misappropriated funds, the defense is painting a different picture, emphasizing the positive outcomes of Bankman-Fried's risky bets and their contribution to the bankruptcy estate's ability to repay customers. 📈
The outcome of this high-stakes case will reverberate throughout the crypto world, shaping investor confidence and regulatory oversight for years to come. Stay tuned for live updates with Professor Mende as this courtroom drama unfolds! ⚖️💡
#sbf #crypto #cryptonews #courtcase #cryptotrading #justice
good news for all of us at binance...
we won...
🤸🤸🤸🤸🤸🤸🤸
@crypto_MOJ news #courtcase #BinanceSquareFamily
we won...
🤸🤸🤸🤸🤸🤸🤸
@crypto_MOJ news #courtcase #BinanceSquareFamily
LIVE
koinmilyoner
--
Bullish
The court case wins for Binance
The First District Court of Appeals in Florida unanimously rejected a permanent ban on Binance, the world's biggest cryptocurrency exchange, in a major cryptocurrency industry development.
The court found that the state's financial authorities had violated protocols while issuing an emergency suspension order, denying Binance the right to function in the state, Bloomberg Law reported.
The court noted that the authorities failed to support their legal judgments, notably on Zhao's potential hazard.
The court noted that the authorities failed to prove Zhao's activities jeopardized public health, safety, and welfare, hence the immediate suspension order was unconstitutional.
Binance won the court case, but it has also encountered regulatory issues elsewhere. The Alaska banking division also denied Binance.US's license renewal over the same time.
Zhao received a less punishment than federal prosecutors' three-year jail term. Instead, the defense demanded five months of probation, which worked.
The settlement required Binance to pay $4.3 billion in penalties and forfeiture. Changpeng Zhao personally paid a $50 million fine.
Following this event, Binance's native coin, BNB, has shown fresh positive momentum in accordance with the market rise driven by major cryptocurrencies over the last week.
BNB has gained 4% in the last 30 days and 7% in the past week. Consequently, its market price is $620.
In the 2021 bull market, the fourth-largest cryptocurrency reached $686, its all-time high.
BNB trade volume has dropped 66% in recent days, reaching $1 billion in the previous 24 hours, according to CoinGecko. However, if the uptrend continues, there are just a few resistance levels to watch before a retest of its ATH.
The BNB/USD 4-hour chart shows that $621.5 and $633 are the next major resistance levels the coin must cross to continue rising.
BNB bulls must watch the support lines at $614 and $605 to avoid a decline that might hit $600.
#pizzaday #BNB #Binance #altcoins $BNB
The First District Court of Appeals in Florida unanimously rejected a permanent ban on Binance, the world's biggest cryptocurrency exchange, in a major cryptocurrency industry development.
The court found that the state's financial authorities had violated protocols while issuing an emergency suspension order, denying Binance the right to function in the state, Bloomberg Law reported.
The court noted that the authorities failed to support their legal judgments, notably on Zhao's potential hazard.
The court noted that the authorities failed to prove Zhao's activities jeopardized public health, safety, and welfare, hence the immediate suspension order was unconstitutional.
Binance won the court case, but it has also encountered regulatory issues elsewhere. The Alaska banking division also denied Binance.US's license renewal over the same time.
Zhao received a less punishment than federal prosecutors' three-year jail term. Instead, the defense demanded five months of probation, which worked.
The settlement required Binance to pay $4.3 billion in penalties and forfeiture. Changpeng Zhao personally paid a $50 million fine.
Following this event, Binance's native coin, BNB, has shown fresh positive momentum in accordance with the market rise driven by major cryptocurrencies over the last week.
BNB has gained 4% in the last 30 days and 7% in the past week. Consequently, its market price is $620.
In the 2021 bull market, the fourth-largest cryptocurrency reached $686, its all-time high.
BNB trade volume has dropped 66% in recent days, reaching $1 billion in the previous 24 hours, according to CoinGecko. However, if the uptrend continues, there are just a few resistance levels to watch before a retest of its ATH.
The BNB/USD 4-hour chart shows that $621.5 and $633 are the next major resistance levels the coin must cross to continue rising.
BNB bulls must watch the support lines at $614 and $605 to avoid a decline that might hit $600.
#pizzaday #BNB #Binance #altcoins $BNB
🚨 BIG NEWS: FTX FOUNDER WANTS ONLY 5-6 YEARS IN JAIL AS CUSTOMERS WILL GET THEIR MONEY BACK 🚨
Prosecutors are pushing for a staggering 40-50 YEARS in jail for FTX founder Sam Bankman-Fried. But in a surprising twist, the defense is advocating for a significantly shorter sentence of 5-6 YEARS. Why the drastic difference? It all comes down to the potential refunds for FTX customers! 💼💸
Judge Lewis Kaplan will deliver the verdict in Manhattan soon, following a month-long trial last November where Bankman-Fried was found guilty on seven charges linked to the collapse of FTX and the disappearance of around $10 billion in customer deposits. 😱
The defense team is banking on the increased likelihood of FTX customers recouping most, if not all, of their lost funds as the exchange navigates its way through a Delaware bankruptcy court. Recent statements from lawyers representing FTX's bankruptcy estate suggest that customers and creditors with legitimate claims could be fully repaid. 💰
While this turnaround is a beacon of hope for affected parties, it's a stark contrast to the grim narrative surrounding FTX's collapse just 16 months ago. At that time, it seemed like countless customers faced the grim reality of losing billions of dollars due to the lightly regulated nature of the crypto industry. 😓
Despite the government's allegations that Bankman-Fried misappropriated billions of dollars in FTX customer funds, the defense is emphasizing the positive outcome of his risky bets, arguing that they paid off and contributed to the bankruptcy estate's ability to repay customers. 📈
The outcome of this case will have far-reaching implications for the crypto world, impacting investor confidence and regulatory oversight. Stay tuned for updates with Professor Mende! ⚖️💡
#sbf #crypto #cryptonews #courtcase #cryptotrading #justice
Prosecutors are pushing for a staggering 40-50 YEARS in jail for FTX founder Sam Bankman-Fried. But in a surprising twist, the defense is advocating for a significantly shorter sentence of 5-6 YEARS. Why the drastic difference? It all comes down to the potential refunds for FTX customers! 💼💸
Judge Lewis Kaplan will deliver the verdict in Manhattan soon, following a month-long trial last November where Bankman-Fried was found guilty on seven charges linked to the collapse of FTX and the disappearance of around $10 billion in customer deposits. 😱
The defense team is banking on the increased likelihood of FTX customers recouping most, if not all, of their lost funds as the exchange navigates its way through a Delaware bankruptcy court. Recent statements from lawyers representing FTX's bankruptcy estate suggest that customers and creditors with legitimate claims could be fully repaid. 💰
While this turnaround is a beacon of hope for affected parties, it's a stark contrast to the grim narrative surrounding FTX's collapse just 16 months ago. At that time, it seemed like countless customers faced the grim reality of losing billions of dollars due to the lightly regulated nature of the crypto industry. 😓
Despite the government's allegations that Bankman-Fried misappropriated billions of dollars in FTX customer funds, the defense is emphasizing the positive outcome of his risky bets, arguing that they paid off and contributed to the bankruptcy estate's ability to repay customers. 📈
The outcome of this case will have far-reaching implications for the crypto world, impacting investor confidence and regulatory oversight. Stay tuned for updates with Professor Mende! ⚖️💡
#sbf #crypto #cryptonews #courtcase #cryptotrading #justice
Why the SEC's Appeal Against Ripple Is Likely to Fail
The SEC has filed an appeal against the recent court ruling in the Ripple case but lacks sufficient evidence to support its claims. The SEC is attempting to prove that XRP buyers expected profits based on Ripple's efforts.
Judge Torres' Ruling
Judge Torres ruled that Ripple's actions, including the sale of XRP, did not influence price movements enough to create investor expectations of profit. This means the SEC failed to demonstrate that programmatic buyers of XRP expected returns from Ripple’s activities.
Unsuccessful Expert Testimony
The SEC now has to convince the appeals court that these investors expected profits. However, the court rejected expert testimony, which was supposed to be key evidence for the SEC. The SEC’s expert based his conclusions on speculative assumptions about what a “reasonable XRP buyer” would expect, which the court found insufficient.
Evidence from Actual Investors
Another problem for the SEC is the testimony from real #Xrp🔥🔥 investors. These investors stated that they did not rely on Ripple's activities when purchasing XRP and often were unaware of Ripple's initiatives. This undermines the SEC’s argument that a “reasonable investor” would have expected profits based on Ripple’s actions, such as blog posts or marketing materials.
Lack of Ripple’s Influence on XRP Price
Moreover, products that Ripple is developing, such as the On-Demand Liquidity (ODL) software for cross-border transactions using XRP, have not significantly impacted XRP's price. This is confirmed by actual XRP community members, who state that Ripple's actions did not affect their decision to invest.
Lack of Evidence for the Appeal
The SEC is trying to convince the Second Circuit Court, but its arguments are weak. Its expert testimony was rejected, and evidence from actual investors does not support its claims. Now the SEC must rely on a hypothetical investor and argue that this fictional person expected profits from Ripple’s efforts, even though they lack solid evidence to back this claim.
#Ripple💰 , #RippleVsSEC , #courtcase , #investigation
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Judge Torres' Ruling
Judge Torres ruled that Ripple's actions, including the sale of XRP, did not influence price movements enough to create investor expectations of profit. This means the SEC failed to demonstrate that programmatic buyers of XRP expected returns from Ripple’s activities.
Unsuccessful Expert Testimony
The SEC now has to convince the appeals court that these investors expected profits. However, the court rejected expert testimony, which was supposed to be key evidence for the SEC. The SEC’s expert based his conclusions on speculative assumptions about what a “reasonable XRP buyer” would expect, which the court found insufficient.
Evidence from Actual Investors
Another problem for the SEC is the testimony from real #Xrp🔥🔥 investors. These investors stated that they did not rely on Ripple's activities when purchasing XRP and often were unaware of Ripple's initiatives. This undermines the SEC’s argument that a “reasonable investor” would have expected profits based on Ripple’s actions, such as blog posts or marketing materials.
Lack of Ripple’s Influence on XRP Price
Moreover, products that Ripple is developing, such as the On-Demand Liquidity (ODL) software for cross-border transactions using XRP, have not significantly impacted XRP's price. This is confirmed by actual XRP community members, who state that Ripple's actions did not affect their decision to invest.
Lack of Evidence for the Appeal
The SEC is trying to convince the Second Circuit Court, but its arguments are weak. Its expert testimony was rejected, and evidence from actual investors does not support its claims. Now the SEC must rely on a hypothetical investor and argue that this fictional person expected profits from Ripple’s efforts, even though they lack solid evidence to back this claim.
#Ripple💰 , #RippleVsSEC , #courtcase , #investigation
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Blockchain.com Executives Face Court Over Delayed Financial Disclosures
Executives at Blockchain.com are facing legal action due to delays in filing financial reports. Companies House, the UK's corporate registry, has intensified its enforcement actions against the company.
Delayed Filings Lead to Legal Trouble
UK-based cryptocurrency firm Blockchain.com is facing legal consequences after two senior executives – co-founder and president Nicolas Cary and COO Al Turnbull – were accused of failing to file the company’s accounts on time. According to court documents obtained by The Telegraph, both executives were summoned in May, and legal proceedings began on September 25 in Cardiff. The next hearing is scheduled for November 26.
Late Financial Reports for 2022
The legal action focuses on the company's failure to submit its financial reports for the year ending in December 2022. The firm only filed its 2020 financial accounts in October 2023, which led to the prosecution. Blockchain.com attributed the delay to a restructuring effort and a significant reduction in workforce, which took time to stabilize.
Potential Consequences for Leadership
According to The Telegraph, the company’s leadership is preparing to defend themselves in court. If convicted for failing to file accounts, the executives could face unlimited fines.
Company History and Valuation
Blockchain.com was founded in 2011 by Peter Smith and Nicolas Cary. In November 2023, the company reached a valuation of around $7 billion after securing $110 million in funding. Notable investors include Baillie Gifford, Google Ventures, and DST Global.
Value Decline Following Crisis
According to sources from Bloomberg, the company’s valuation has since dropped to less than half of its previous high of $14 billion. This decline was partly due to its exposure to the collapse of the hedge fund Three Arrows Capital, to which Blockchain.com had loaned $270 million.
#BlockchainTechnology , #courtcase , #LegalAction , #CryptoNews🚀🔥 , #Cryptocurrencies
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Delayed Filings Lead to Legal Trouble
UK-based cryptocurrency firm Blockchain.com is facing legal consequences after two senior executives – co-founder and president Nicolas Cary and COO Al Turnbull – were accused of failing to file the company’s accounts on time. According to court documents obtained by The Telegraph, both executives were summoned in May, and legal proceedings began on September 25 in Cardiff. The next hearing is scheduled for November 26.
Late Financial Reports for 2022
The legal action focuses on the company's failure to submit its financial reports for the year ending in December 2022. The firm only filed its 2020 financial accounts in October 2023, which led to the prosecution. Blockchain.com attributed the delay to a restructuring effort and a significant reduction in workforce, which took time to stabilize.
Potential Consequences for Leadership
According to The Telegraph, the company’s leadership is preparing to defend themselves in court. If convicted for failing to file accounts, the executives could face unlimited fines.
Company History and Valuation
Blockchain.com was founded in 2011 by Peter Smith and Nicolas Cary. In November 2023, the company reached a valuation of around $7 billion after securing $110 million in funding. Notable investors include Baillie Gifford, Google Ventures, and DST Global.
Value Decline Following Crisis
According to sources from Bloomberg, the company’s valuation has since dropped to less than half of its previous high of $14 billion. This decline was partly due to its exposure to the collapse of the hedge fund Three Arrows Capital, to which Blockchain.com had loaned $270 million.
#BlockchainTechnology , #courtcase , #LegalAction , #CryptoNews🚀🔥 , #Cryptocurrencies
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Bitcoins Worth Half a Billion in a Landfill: Brit Sues City for $647 Million, Fighting for His Fortu
James Howells continues his fight for compensation amounting to £495 million ($647 million), after Newport City Council prevented him from obtaining permission to excavate a landfill.
James Howells and the Lost Bitcoins
James Howells, an IT engineer from Newport, has filed a lawsuit against Newport City Council in the UK, seeking £495 million in damages. The reason is the loss of a hard drive he accidentally threw away, which contains 8,000 bitcoins.
Repeated Attempts to Retrieve the Drive
According to WalesOnline, Howells has made several attempts to recover the drive from the landfill, but his requests for excavation have been consistently denied by the council. He accidentally discarded the drive while cleaning his house in 2013. Today, the value of his bitcoins is nearly half a billion pounds.
A Decade-Long Fight to Recover the Drive
Since 2013, when the value of his 8,000 #BTC☀ was approximately £1 million (around $1.3 million), Howells has not stopped fighting to recover the drive. He has assembled a legal team to bring the lawsuit forward in December of this year.
Council Refuses Excavation Due to Environmental Concerns
Although Howells offered the council 10% of the value of the recovered bitcoins if the hard drive is found, Newport City Council has once again rejected his request. They argue that the excavation could cause environmental damage. The landfill poses ecological risks, as it contains asbestos, arsenic, and methane. The council asserts that the site is under strict environmental supervision.
Howells' Plan to Recover the Drive
In 2022, Howells presented a proposal costing $11 million to recover the drive, which may be buried under 110,000 tons of waste. The plan required no financial input from the city, but Newport City Council remains firm in its refusal, questioning both the legal and technical feasibility of Howells' plan.
How to Protect Your Bitcoins
If you want to keep your BTC safe, it's crucial to properly manage hardware wallets. Private keys should be stored offline, and backup phrases should be kept in multiple secure locations to ensure maximum security.
Stay one step ahead – follow our profile and stay informed about everything important in the world of #Cryptocurrencies !
#CryptoNews🚀🔥 , #bitcoin☀️ , #courtcase
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
James Howells and the Lost Bitcoins
James Howells, an IT engineer from Newport, has filed a lawsuit against Newport City Council in the UK, seeking £495 million in damages. The reason is the loss of a hard drive he accidentally threw away, which contains 8,000 bitcoins.
Repeated Attempts to Retrieve the Drive
According to WalesOnline, Howells has made several attempts to recover the drive from the landfill, but his requests for excavation have been consistently denied by the council. He accidentally discarded the drive while cleaning his house in 2013. Today, the value of his bitcoins is nearly half a billion pounds.
A Decade-Long Fight to Recover the Drive
Since 2013, when the value of his 8,000 #BTC☀ was approximately £1 million (around $1.3 million), Howells has not stopped fighting to recover the drive. He has assembled a legal team to bring the lawsuit forward in December of this year.
Council Refuses Excavation Due to Environmental Concerns
Although Howells offered the council 10% of the value of the recovered bitcoins if the hard drive is found, Newport City Council has once again rejected his request. They argue that the excavation could cause environmental damage. The landfill poses ecological risks, as it contains asbestos, arsenic, and methane. The council asserts that the site is under strict environmental supervision.
Howells' Plan to Recover the Drive
In 2022, Howells presented a proposal costing $11 million to recover the drive, which may be buried under 110,000 tons of waste. The plan required no financial input from the city, but Newport City Council remains firm in its refusal, questioning both the legal and technical feasibility of Howells' plan.
How to Protect Your Bitcoins
If you want to keep your BTC safe, it's crucial to properly manage hardware wallets. Private keys should be stored offline, and backup phrases should be kept in multiple secure locations to ensure maximum security.
Stay one step ahead – follow our profile and stay informed about everything important in the world of #Cryptocurrencies !
#CryptoNews🚀🔥 , #bitcoin☀️ , #courtcase
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
🚨 BIG NEWS: FTX FOUNDER WANTS ONLY 5-6 YEARS IN JAIL AS CUSTOMERS WILL GET THEIR MONEY BACK 🚨
Prosecutors are pushing for a staggering 40-50 YEARS in jail for FTX founder Sam Bankman-Fried. But in a surprising twist, the defense is advocating for a significantly shorter sentence of 5-6 YEARS. Why the drastic difference? It all comes down to the potential refunds for FTX customers! 💼💸
Judge Lewis Kaplan will deliver the verdict in Manhattan soon, following a month-long trial last November where Bankman-Fried was found guilty on seven charges linked to the collapse of FTX and the disappearance of around $10 billion in customer deposits. 😱
The defense team is banking on the increased likelihood of FTX customers recouping most, if not all, of their lost funds as the exchange navigates its way through a Delaware bankruptcy court. Recent statements from lawyers representing FTX's bankruptcy estate suggest that customers and creditors with legitimate claims could be fully repaid. 💰
While this turnaround is a beacon of hope for affected parties, it's a stark contrast to the grim narrative surrounding FTX's collapse just 16 months ago. At that time, it seemed like countless customers faced the grim reality of losing billions of dollars due to the lightly regulated nature of the crypto industry. 😓
Despite the government's allegations that Bankman-Fried misappropriated billions of dollars in FTX customer funds, the defense is emphasizing the positive outcome of his risky bets, arguing that they paid off and contributed to the bankruptcy estate's ability to repay customers. 📈
The outcome of this case will have far-reaching implications for the crypto world, impacting investor confidence and regulatory oversight. Stay tuned for updates with Professor Mende! ⚖️💡
#sbf #cryptonews #courtcase #CryptoTradingTip #Justice
Prosecutors are pushing for a staggering 40-50 YEARS in jail for FTX founder Sam Bankman-Fried. But in a surprising twist, the defense is advocating for a significantly shorter sentence of 5-6 YEARS. Why the drastic difference? It all comes down to the potential refunds for FTX customers! 💼💸
Judge Lewis Kaplan will deliver the verdict in Manhattan soon, following a month-long trial last November where Bankman-Fried was found guilty on seven charges linked to the collapse of FTX and the disappearance of around $10 billion in customer deposits. 😱
The defense team is banking on the increased likelihood of FTX customers recouping most, if not all, of their lost funds as the exchange navigates its way through a Delaware bankruptcy court. Recent statements from lawyers representing FTX's bankruptcy estate suggest that customers and creditors with legitimate claims could be fully repaid. 💰
While this turnaround is a beacon of hope for affected parties, it's a stark contrast to the grim narrative surrounding FTX's collapse just 16 months ago. At that time, it seemed like countless customers faced the grim reality of losing billions of dollars due to the lightly regulated nature of the crypto industry. 😓
Despite the government's allegations that Bankman-Fried misappropriated billions of dollars in FTX customer funds, the defense is emphasizing the positive outcome of his risky bets, arguing that they paid off and contributed to the bankruptcy estate's ability to repay customers. 📈
The outcome of this case will have far-reaching implications for the crypto world, impacting investor confidence and regulatory oversight. Stay tuned for updates with Professor Mende! ⚖️💡
#sbf #cryptonews #courtcase #CryptoTradingTip #Justice