The sentence follows his conviction on all seven felony charges in November 2022 — a decision reached by the jury within hours of beginning their deliberations.
Bankman-Fried intends to appeal the conviction.
...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.
Created by Molly White. Subscribe to her newsletter for weekly recaps.
The sentence follows his conviction on all seven felony charges in November 2022 — a decision reached by the jury within hours of beginning their deliberations.
Bankman-Fried intends to appeal the conviction.
According to prosecutors, they tried to conceal that the exchange had customers from the United States in order to claim that they were exempt from US anti-money laundering laws. They also marketed KuCoin as a KYC-optional exchange where customers from the US could operate unverified accounts.
The charges against the founders carry maximum sentences of five years in prison.
Although the SEC has agreed that bitcoin is a commodity and not a security, it has been hesitant to make similar explicit statements about ETH. Designation as a security could be devastating to the Ethereum project and to ETH, which is the second most popular cryptocurrency to bitcoin.
Although the indictment does not name FTX, Bloomberg has reported that "victim company-1" named in the court filings was FTX, which was hacked for around $400 million amid the chaos as the company was collapsing.
This is the second HyperVerse related criminal charge in recent days, following the arrest of promoter "Bitcoin Rodney".
Singh pled guilty to conspiracy to possess with the intent to distribute controlled substances and conspiracy to commit money laundering, charges for which he's expected to serve around 8 years in prison.
Despite all of that, Terraform Labs had continued to operate. However, it is now in dire financial straits, and has now filed for Chapter 11 bankruptcy in an attempt to sort out its financial obligations amid costly legal cases. Terraform Labs is currently a defendant in a complaint by the SEC, as well as several class-action lawsuits.
According to the company's bankruptcy filing, it has between $100 million and $500 million in assets, and liabilities in the same range.
Debiex, however, only resembled a cryptocurrency trading platform. In reality, the website merely mimicked a trading platform, and the funds supposedly deposited there for trading purposes were taken by Debiex.
The CFTC identified five victims who were allegedly defrauded of a combined $2.3 million.
The failures included poor anti-money laundering programs, deficiencies around filing suspicious activity reports, and poor cybersecurity.
The NYDFS action is only one of Genesis' many worries these days, as it undergoes bankruptcy proceedings and is facing various other legal woes.
Bitcoin Rodney has been charged with operating an unlicensed money transmitting business and conspiracy to operate an unlicensed money transmitting business.
No JavaScript? That's cool too! Check out the Web 1.0 version of the site to see more entries.