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As the cryptocurrency industry in the United States continues to struggle under the intensified legal and regulatory pressure that has seen several of its largest participants facing lawsuits, the US Department of Justice (DOJ) has asked for a three-year sentence for Changpeng Zhao (‘CZ’), the founder of Binance. Specifically, CZ, who stepped down as the CEO of Binance, one of the largest crypto exchanges in the world, and pleaded guilty to breaking the US anti-money laundering laws in November last year as part of a $4.3 billion settlement, could spend 36 months in jail, according to a sentencing memo from April 24. Indeed, US prosecutors suggested this sentence to the court for the western district of Washington despite the fact that the federal sentencing advisory guidelines set a maximum sentence of 18 months for CZ, who agreed not to appeal against any stretch below this period. Picks for you Biden proposes highest Capital Gains Tax in over 100 years for stocks a...

The second week of Sam Bankman-Fried’s criminal trial concluded with BlockFi CEO blaming FTX and Alameda for its bankruptcy.  FTX founder Sam Bankman-Fried’s historical trial saw the end of its second week today. Throughout this week, the major key witness was Caroline Ellison, former CEO of Alameda Research and ex-girlfriend of SBF.  Ellison testified how Alameda was allowed to take unlimited loans from FTX’s customer funds, how Bankman-Fried used funds for political donations, his failed pursuit of Saudi investment and how he bribed Chinese officials.  Yesterday, Zac Prince, former CEO of bankrupt crypto exchange BlockFi, took the stand and stated that his company was forced into bankruptcy by FTX and Alameda. Today he continued to share the details in his testimony to the prosecutor.  You might also like: SBF trial day 8: BlockFi’s Zac Prince blames FTX and Alameda for lender’s downfall Testimony of Zac Prince, Founder and CEO at BlockFi  BlockFi was lend...

Li Lin’s company, X-Spot Co. Limited, has taken legal action against Huobi Global, filing a trademark infringement lawsuit in the High Court of Hong Kong. The lawsuit alleges that Huobi Global resumed using the “Huobi” trademark without X-Spot’s permission, despite X-Spot maintaining exclusive rights to the trademark. Exclusive rights In a June 21 release, Li Wei, the younger brother of Li Lin, the founder of Huobi Global, had his account blocked by Huobi Global advisor Justin Sun. The action was taken after Sun accused Wei of dumping Huobi Token (HT), causing significant price volatility. Sun reassured HT holders that the tokens sold by Wei would be removed from circulation to stabilize the token’s value.  Huobi founder Li Lin formally sued Huobi Global in Hong Kong for using its Chinese trademark 火币 that was not allowed to continue to be used in the original acquisition contract. Huobi was acquired by Justin Sun for over $1 billion last year. ...

Top10 News 1. MicroStrategy has acquired an additional 1,045 BTC link On April 5, MicroStrategy announced that it had once again purchased 1,045 BTC at an average price of $28,016, totaling $29.3 million. As of April 4, MicroStrategy held 140,000 BTC with an average purchase price of $29,803, which is equivalent to $4.17 billion. 2. Cash App founder Bob Lee dies after San Francisco stabbing link According to Sfgate, Bob Lee, the found er of Cash App, was stabbed to death in San Francisco in the early hours of April 4. Lee’s death was confirmed on Nostr by Jack Dorsey, found er of Block. Surveillance footage reviewed by The Standard shows Lee walking up Main Street away from the Bay Bridge at around 2:30 a.m. Lee crosses the intersection at Harrison Street and walks up to a parked white Camry with its hazard lights flashing. Lee then lifts his shirt and falls to the ground after the car drives away. He gets up and walks back toward the Bay Bridge before falling to the ground again. Lee ...