2024-03-31 16:55:18
Bitcoin returned to levels above $70,000, SBF received 25 years in prison, CommEX began to suspend operations, the US accused the KuCoin bitcoin exchange of laundering $9 billion and other events of the past week.
Bitcoin price returned to above $70,000
Having started the week at $65,000, the quotes of the first cryptocurrency rushed up. On Tuesday, March 26, digital gold reached $71,000. The next day, the price of the asset dropped below $69,000, but then recovered.
At the time of writing, Bitcoin is trading at $70,500.
BTC/USDT hourly chart of the Binance exchange. Data: TradingView.
Most of the top 10 digital assets by capitalization ended the week in the green zone. The biggest gainers were Solana (+11.9%) and Dogecoin (+21.7%).
Data: CoinGecko.
The total capitalization of the cryptocurrency market is $2.8 trillion. Bitcoin dominance index – 53.6%.
Sam Bankman-Fried sentenced to 25 years in prison
Former FTX CEO Sam Bankman-Fried has been sentenced to 25 years in prison in the Southern District of New York. He was also ordered to pay a fine of $11 billion.
Previously, prosecutor Damian Williams had pushed for a sentence of 40 to 50 years for SBF. He noted that Bankman-Fried refused to admit guilt in organizing “probably the largest fraud of the last decade.”
Variant Fund chief lawyer Jake Chervinski emphasized that SBF’s sentence is much lighter than that of Ross Ulbricht, who received two life sentences for organizing the Silk Road darknet marketplace.
CommEX announced a gradual suspension of work from March 25
Cryptocurrency exchange CommEX announced the gradual suspension of operations. As of March 25, the exchange closed registration of new users, stopped transferring assets from Binance, and stopped accepting deposits in fiat and cryptocurrencies.
On March 28, the opening of positions in Simple Futures and Futures Trading ended. Starting April 2, the publication of new advertisements on the P2P marketplace will stop. On April 5, all P2P orders and advertisements will be automatically closed.
On April 18, the exchange will automatically close all trading pairs on Simple and Classic futures. The spot market will close on April 23. On May 10, the official website of the exchange will stop working.
A Binance representative stated that CommEX did not fulfill its obligations under the deal.
“This decision in no way affects our obligations to our existing Russian users, whose digital assets remain secure, but users can no longer migrate to CommEX,” he said.
At the same time, the representative emphasized that Binance’s decision to leave the Russian market remains unchanged. The platform is currently negotiating with several other service providers regarding the sale of their business in the Russian Federation.
What to discuss with friends?
- The address, “dormant” for 12 years, moved $35 million worth of bitcoins.
- Ethena Labs will airdrop 750 million ENA tokens.
- The trader received $8.9 million in MEW cat token in two hours.
- The DED meme token airdrop disappointed the Polkadot community.
The United States accused the KuCoin bitcoin exchange of laundering $9 billion
US federal prosecutors have accused the KuCoin cryptocurrency exchange of laundering $9 billion.
According to the authorities, the founders of the platform, Chun (Michael) Gan and Ke (Eric) Tang, did not implement KYC/AML procedures from 2017 to 2023, although they served over 30 million clients. Subsequently, identification and verification were not extended to existing users.
Thus, the exchange was effectively “used to launder proceeds from suspicious and criminal activities, including sanctions violations, darknet markets, and ransomware.”
The CFTC filed a separate lawsuit once morest KuCoin. It also accused the platform of failing to comply with KYC and not registering as a futures broker, swap execution platform or authorized derivatives market.
Notcoin announced the date for the end of “mining” of the coin
Starting April 1, the team of the gaming Web3 project Notcoin will stop the possibility of coin mining.
In their Telegram channel, they stated that since its launch, a huge community has formed around the clicker.
The team also mentioned user complaints regarding the game freezing and various glitches when using it. They jokingly promised to deal with this “within a week.”
On March 25, the Bybit cryptocurrency exchange opened a premarket for the NOT token.
Also on ForkLog:
- The fifth largest Bitcoin wallet moved 94,500 BTC.
- Bitcoin mining difficulty fell by 0.97%.
- MicroStrategy shares hit a 24-year high.
- Nilam Resources announced plans to purchase 24,800 BTC.
Robert Kiyosaki allowed Bitcoin to collapse to zero
Bestselling author of Rich Dad Poor Dad and entrepreneur Robert Kiyosaki said that the first cryptocurrency might turn out to be a scam and collapse to zero.
According to him, Bitcoin is no more a Ponzi scheme than the US dollar, euro, yen or other “fake” or fiat currency.
“The entire US dollar is American debt. [Меня беспокоят] our political, banking and financial leaders. They are either incompetent, corrupt, or both. Our leaders have no idea how to control the growing US government debt and bond market, as well as the overinflated stock market,” Kiyosaki explained.
Kiyosaki admitted that the price of Bitcoin might drop to zero, but this also threatens the US dollar, Australian dollar, British pound sterling, Japanese yen and fiat currencies of any country. History proves that thousands of “fake” currencies have already been consigned to the fiat money graveyard, he added.
What else to read?
This week ForkLog explained what interoperability is.
The traditional digest collected the main events of the week in the field of cybersecurity.
The most important news from crypto industry participants was collected in a separate digest.
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