The United States Securities and Exchange Commission accused cryptocurrency lending firm Genesis Global Capital and exchange Gemini of sell unregistered securities through Gemini’s “Earn” program.
The Commodity Futures Trading Commission initiated the process to get a default judgment in its case against Ooki DAO after the decentralized autonomous organization (DAO) missed the deadline to respond to the lawsuit. Too filed a lawsuit against the digital artist, Avraham Eisenberg, and charged him with two counts of market manipulation in connection with an attack on the DeFi platform; Mango Markets.
In South Korea, Tax agents raided the headquarters in Seoul of the Bithumb exchange, looking for evidence of possible tax evasion. This event comes after the former president of Bitchumb, Lee Jung-Hoon, was Cleared of $70 million in fraud charges. In Sofia, the Bulgarian capital, the police raided the offices of the cryptocurrency lending company Nexo. His goal was a large scale money laundering scheme and violations of Russia’s international sanctions.
As the FTX saga continues to grab headlines, the past week brought a new wave of trouble for cryptocurrency companies in the US, Europe and Asia.
Voyager-Binance deal gets the go-ahead
There is still room for good news. Bankrupt cryptocurrency lender Voyager Digital has finally received initial court approval for its proposal to sell its assets to Binance.US for $1.02 billion. The approval comes amid a national security investigation regarding Binance.US that Voyager intends to expedite. Voyager’s Official Committee of Unsecured Creditors – a body that represents creditors with no secured interest in Voyager – supported the transaction in its current form, noting that the deal would result in greater recoveries for creditors than if Voyager liquidated its holdings. By herself.
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Green Group Sues New York Over Approval Of Cryptocurrency Mining Facility
In September 2022, the New York Public Utilities Commission authorized the conversion of the Fortistar North power plant into a cryptocurrency miner. It now faces a lawsuit, with the Western New York Clean Air Coalition and the Sierra Club alleging that the Fortistar plant only ran during periods of high electricity demand, such as extreme weather conditions. However, as a crypto mining hub, the site would operate 24 hours a day, generating up to 3,000% more greenhouse gas emissions.
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Summary of what happened with FTX during the past week
As the investigation into FTX continues, the exchange’s former head of engineering Nishad Singh followed former FTX and Alameda Research executives Gary Wang and Caroline Ellison into allegedly meeting with federal prosecutors to reach an agreement.
Former FTX US President Brett Harrison has charged against Sam Bankman-Fried for manipulating and threatening colleagues who were proposing solutions to reorganize the management structure of FTX US. Despite remembering Bankman-Fried as a “sensitive and intellectually curious person” at first, Harrison said he saw “total insecurity and intransigence” in Bankman-Fried when faced with conflict, especially when Harrison suggested that FTX US establish separate branches for your executive, developer and legal teams.
Meanwhile, the sale of some of FTX’s assets has been approved to help it repay its creditors. Judge John Dorsey has approved the sale of four key FTX units, including derivatives platform LedgerX, securities trading platform Embed and its regional arms FTX Japan and FTX Europe.
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