Forbes reports that FTX currently sits on a total of approximately $3.3bn in Solana, Bitcoin and other cryptocurrencies. The company received judicial approval for it to start liquidating the recovered crypto. This was lost after its former CEO, Sam Bankman Fried, committed wire fraud. He was convicted of this crime.
John Reed Stark, former chief of the SEC’s internet enforcement office, noted that the trial verdict is:
The death knell of crypto, Web 3 & blockchain
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The Commodity Futures Trading of the SEC successfully sued Binance in March 2022 for alleged illegal access by the company to US customers and its knowledge of and facilitation of illicit trading activities. It’s currently engaged in a lawsuit against Coinbase, wherein the SEC claims the crypto brokerage is acting as a financial exchange rather than a provider of crypto brokers. The SEC also discredited Binance and Coinbase for listing digital assets that were not registered…