FTX Bankruptcy Costs: $670M on Consultants and Lawyers
FTX has spent $672.5M on legal fees since its November 2022 bankruptcy. Major payouts include $198.2M to Alvarez and Marsel, and $194M to Sullivan and Cromwell. #Crypto #Updates
Crypto Exchange
Binance France Changes Shareholder Structure: Zhao Removed
Binance France removes Changpeng Zhao as sole shareholder due to French regulations. Co-founders Yulong Yan and Lihua He now hold 50% each. #Crypto #Regulation
Gemini Refunds $2 Billion to Users
Gemini reimbursed $2.18B to 232,000 users of its Earn program, covering 97% of frozen assets. This exceeds initial obligations by 232%. #CryptoNews #Updates
Hidden Roads Suspends Bybit Access
Prime brokerage firm Hidden Road, supported by @CitadelSecurities, will halt client access to Bybit over KYC/AML disputes, highlighting stricter crypto regulations. Bybit commits to transparency. #CryptoNews #RegulationUpdate
Gemini Repays Earn Customers $2.18 Billion
Gemini will repay Earn customers $2.18B in crypto, marking a 232% recovery after FTX and Genesis issues. 97% of assets returned. This showcases crypto’s resilience and commitment to protecting investors. #CryptoNews #Gemini
Gemini Earn Repays $2.18B in Crypto to Users
Gemini’s Earn program repays $2.18B in crypto to users, marking a 232% recovery rate. Co-founder Cameron Winklevoss thanks customers for their patience. #CryptoNews #BreakingNews
Binance France Removes CZ’s Shares
Binance France removed former CEO Changpeng Zhao’s shares to comply with EU laws, redistributing ownership between co-founders Yulong Yan and Lihua He. #CryptoRegulation #Binance
Binance Abu Dhabi: Evolving Regulatory Approaches
Dominic Longman of @BinanceAbuDhabi highlights the UAE’s removal from the FATF greylist, boosting its crypto hub status. The Dubai Blockchain Strategy shows strong government support. #CryptoRegulation #Blockchain
HTX Overtakes Coinbase in Spot Trading Volume
HTX, formerly Huobi, has surpassed Coinbase in 24-hour spot trading volume, hitting $2.15B and ranking fourth behind Binance, Bybit, and OKX. #cryptocurrency #HTX
FTX Exec Ryan Salame’s Unexpectedly Harsh Sentence
Former FTX exec Ryan Salame received 7.5 years for campaign finance fraud, surpassing the sought 5-7 years, despite cooperating against Sam Bankman-Fried. His donations misused customer funds. #CryptoNews #Regulation
Ryan Salame Sentenced: Former FTX Exec Gets 7.5 Years
Former FTX exec Ryan Salame gets 7.5 years in prison for illegal activities, surpassing prosecutors’ request. Salame pled guilty to campaign finance violations and unlicensed money-transmitting. #CryptoNews #LegalUpdate
FTX Exec Ryan Salame Sentenced to 7.5 Years
Former FTX exec Ryan Salame sentenced to 7.5 years in prison for financial fraud and illegal political contributions, with $11M in forfeiture. Highlights crucial need for stringent regulatory oversight. #Regulation #Crypto
Binance’s Russian Traffic Drops 30%: Central Bank Report
Russians are flocking to new crypto platforms after Binance’s exit. Web traffic to major sites surged 16.4%, and crypto transactions rose by 15.6%, hitting 4.5 trillion rubles. #CryptoNews #Analysis
Binance Fires Investigations Head After Fraud Discovery
Binance fired its head of investigations after uncovering $300M in fake trades by DWF Labs. The investigation linked “VIP clients” to illegal schemes. #CryptoNews #MarketManipulation