Hey TC folks. The stories about the US fight against Binance and OpenAI with Sam Altman have come to an end. And so has ours. But we're not quite finished yet...
Weekly Digest From TradeCrypto.com #36
Stories to watch out for:
📣 Crypto exchange Kraken says it will "vigorously" defend itself against the SEC.
🤡 Binance CEO Changpeng Zhao (CZ) faces 18 months in prison as part of his plea deal with the US government.
🚨 Ex-Binance CEO CZ's X account (Twitter) has been suspended.
💰 SEC Commissioner says: "There is no reason for us to stand in the way of a Spot Bitcoin ETF."
Daily statistics update:
Today's market is red. BTC is trading at $34,114; ETH is at $1,788.
💪 Bitcoin dominance: 53.04%
📉 Total Crypto Market Cap: $1.26T
😲 Fear and greed index: 70 (Greed)
I know why we're here. Sam could never get away with it. No matter how hard he tried (there’s a lot to read since Nov last year) and no metter how hard he played a dumb card in court last week. 🤡
Read it here:
Techcrunch journalist summed it all up brilliantly (you basically don’t even have to dive in those weeks-long trial):
The criminal trial of Sam Bankman-Fried is over. The jury found him guilty on all seven counts. 🔥
On March 28, 2024, Judge Lewis Kaplan will announce the final sentence. Sure, prosecutors will bide their time, but Kaplan will deliver the verdict.
We're talking big numbers here, folks. Sam faces between 5 and 20 years behind bars for each of his financial crimes, and with heavy hitters like wire fraud and money laundering on the docket, he's looking at the full 20 years. 😱
Right on the courthouse steps, U.S. Attorney Damian Williams didn't mince words. He called Sam's shenanigans as a "multi-billion dollar scheme designed to make him the king of crypto” and one of the biggest financial scams in American history. 😤
Sam's co-conspirators Caroline, Gary Wang and Nishad Singh have started cooperating with the investigation in time to blame everything on SBF so they get minimal or no jail time 🥺
Do Kwon wants to get away
First, he asks the court to deny the SEC’s motion to extradite him from prison in Montenegro for questioning in the US, and now he asks to dismiss the case against him and Terra Labs altogether. 🤬
Convincing. Not for the first time, though. Despite Terraform's earlier efforts to have the case dismissed, Judge Jed Rakoff has kept the case on the table. 😉
On Oct. 27, Kwon’s lawyers wrote, “After two years of investigation, the completion of a discovery period that resulted in the taking of more than 20 depositions, and the exchange of over two million pages of documents and data, the SEC is evidentiarily no closer to proving that the Defendants did anything wrong.” 🤡
Conclusion: Both fates are fixed and they cannot escape it, William DaFoe affirms. If serious, SBF cannot get away with the crime once he has pleaded not guilty having an army of anti-supporters, proofs, and even co-conspirators against him. As for Do Kwon's fate, he is already in prison, and his last attempt to have the case dropped failed. This attempt will also fail. Don't forget that the court in South Korea is waiting for him anyway and will certainly not play any games.
See you next week, folks! Thanks for being with us. Brought to you by Yana :)
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What is Crypto Ping Pong digest?
We work pretty hard, and from time to time we need to relax. Recently we got a ping pong table to complete our chill zone. As you all know, our biggest hobby is crypto, and even when we play, we don’t shut up about it. Ever.
So memes, leaks, and gossip happen – we collect them and share them with you. We like to call Crypto Ping Pong digest.