Weekly Crypto News Recap
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Alex Mashinsky, the former CEO of the now-bankrupt crypto lender Celsius Network, was arrested and hit with lawsuits from various U.S. agencies.
The DOJ, SEC, CFTC, and FTC all filed charges against Mashinsky and Celsius.
The DOJ accused Mashinsky and other Celsius officials of orchestrating a scheme to inflate the price of Celsius’s proprietary token, CEL.
The SEC alleges that Celsius and Mashinsky misrepresented the company’s business model and the risks to investors.
The CFTC claims that the company engaged in a scheme to defraud customers by misrepresenting the safety and profitability of its digital asset-based finance platform.
The FTC has reached a settlement with Celsius, banning the firm from handling consumers’ assets and blocking it from offering any product or service that could be used to deposit, exchange, invest, or withdraw any assets.
Arkham Intelligence’s newly launched on-chain intelligence exchange took a turn at the center of the storm. The platform has been met with widespread backlash, with critics labeling it a “dox-to-earn” model.
Bankrupt crypto exchange FTX initiated a refund process for creditors via a newly launched claims portal. The move follows the recovery of over $7 billion by the current FTX management.
Former FTX executive Ryan Salame is under investigation by federal prosecutors for potential campaign finance violations.
FTX is seeking to reclaim $323 million from the executives of FTX Europe.
The cross-chain protocol Multichain saw abnormal withdrawals amounting to over $125 million last week, raising suspicions of a possible internal ‘rugpull.’
Blockchain data firm Chainalysis suggests that the exploit could be an inside job, as the project administrator’s keys were compromised.
Stablecoin issuers Tether and Circle have immobilized over $65 million in assets linked to the hacker’s addresses.
The SEC responded to Coinbase’s motion to dismiss the regulator’s lawsuit, asserting that the crypto exchange was aware that securities laws could be applicable to its business.
During the first hearing of the legal dispute between Coinbase and the SEC, Judge Katherine Polka Faila expressed skepticism about the SEC’s stance.
Former SEC Chair Jay Clayton suggested that a spot Bitcoin ETF could be approved if institutions can prove its efficacy and efficiency.
Grayscale criticized the SEC for approving a riskier leveraged Bitcoin-based ETF while rejecting its own spot Bitcoin ETF application.
SEC Chair Gary Gensler refuted the crypto industry’s calls for his recusal from certain crypto-related decisions.
Cboe confirmed a surveillance deal with Coinbase for some of the proposed ETFs.
Grayscale and Fir Tree Capital Management have agreed to resolve a lawsuit filed by the latter last year.
The Digital Currency Group (DCG) has called a lawsuit filed by Gemini a “publicity stunt” orchestrated by Gemini founder Cameron Winklevoss.
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