Crypto Weekly Recap: SBF Sentenced to 25 Years; KuCoin Sued by US Authorities; SEC Seeks $2B Fine Fr

This week saw Bitcoin (BTC) break the $70,000 barrier again as Q1 closed strong, with some analysts predicting a future surge to at least $180,000 in the next bull run. But regulation continues to be a hot topic, with the SEC making headlines and a UK court freezing millions in assets tied to the Craig Wright vs. Satoshi Nakamoto saga.
Beyond those stories, get ready to dive into a packed week: a major figure in crypto sentenced to 25 years, an exchnge platform making a big switch, and legal battles brewing between US authorities and crypto companies. We'll unpack these developments and more, offering insights into the ever-evolving world of cryptocurrency. Let’s get into ‘em!
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melega_swap) on Twitter for more on all things cryptocurrency.

TOP CRYPTO NEWS RECAP (March 24–30, 2024)

• Sam Bankman-Fried Sentenced to 25 Years for FTX Crimes
• Coinbase to Shift all USDC Blances to Base Chain
• US DOJ and CFTC Charge KuCoin for AML Violations and Unlicensed Operation
• Terra Founder Do Kwon Released Amid Extradition Deliberations
• SEC Seeks $2 Billion in Fines Against Ripple, Claims Exceed Authority
• Fidelity Seeks Approval for Innovative Spot ETH ETF with Staking Option

Sam Bankman-Fried Sentenced to 25 Years for FTX Crimes

Former FTX CEO Sam Bankman-Fried has been sentenced to 25 years in prison by Judge Lewis Kaplan for multiple felonies, including perjury and witness tampering, related to the collapse of cryptocurrency exchange FTX. This sentence comes with an $11-billion forfeiture judgment to ensure any future earnings by Bankman-Fried benefit the government and victims, not him.
While Bankman-Fried's legal team plans to appeal, the sentence addresses the massive losses incurred by investors, lenders, and customers, totaling $11 billion. The ruling also emphasizes the gravity of Bankman-Fried's crimes and rejects any reduction based on potential full repayment to FTX customers, highlighting the permanent impact on victims and the crypto industry.

Coinbase to Shift all USDC Blances to Base Chain

Coinbase is transferring both customer and corporate USD Coin (USDC) balances to Base, its own Ethereum layer-2 solution, aiming to improve fund management with lower fees and faster settlements. This move, distinct from the Coinbase Wallet, marks a significant step towards an on-chain financial system and sets a precedent for future cryptocurrency exchange and banking operations. Despite some centralization concerns, Coinbase plans for gradual decentralization of Base, reinforcing its commitment to blockchain integration and financial innovation.

US DOJ and CFTC Charge KuCoin for AML Violations and Unlicensed Operation

The US Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) charged cryptocurrency exchange KuCoin and its founders, Chun Gan and Ke Tang, with operating an unlicensed money transmitting business and failing to uphold Anti-Money Laundering (AML) protocols. The DOJ's indictment reveals KuCoin's deliberate concealment of its significant US customer base, utilizing it to become a major global exchange without adhering to necessary AML safeguards. Founders Gan and Tang are currently at large.

Terra Founder Do Kwon Released Amid Extradition Deliberations

Do Kwon, the South Korean founder of Terraform Labs, was released from prison in Montenegro as the Supreme Court reviews extradition requests from the United States and South Korea. Kwon faces fraud allegations linked to Terra's $60 billion market collapse in 2022. His release followed the expiration of his detention for using fake travel documents, with the Supreme Court pausing a lower court's extradition ruling to South Korea, where penalties may be milder compared to the U.S.

SEC Seeks $2 Billion in Fines Against Ripple, Claims Exceed Authority

Ripple's Chief Legal Officer, Stuart Alderoty, revealed that the SEC has requested a federal judge to impose $2 billion in fines and penalties against Ripple amid an ongoing legal battle initiated in 2020. The request, part of a sealed filing, comes despite a recent ruling favoring Ripple by defining XRP as not as a security in certain sales. Ripple criticizes the SEC's aggressive stance and plans to respond in April, challenging the unprecedented penalty size.

Fidelity Seeks Approval for Innovative Spot ETH ETF with Staking Option

Fidelity has submitted an S-1 application to the U.S. SEC for a groundbreaking spot Ether (ETH) exchange-traded fund (ETF) that includes a staking feature. This ETF, aimed to trade on the Cboe BZX Exchange, introduces potential staking rewards for investors, presenting new risks such as taxable events and slashing penalties. The move signals Fidelity's push into cryptocurrency investment products, despite regulatory uncertainties and potential risks from Ethereum's blockchain dynamics.

NEWS FROM MELEGA ECOSYSTEM

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