Outgoing SEC Chair Gary Gensler has warned that most cryptocurrency projects, including XRP, are likely to fail due to regulatory challenges and bad actors in the industry. He emphasized the need for stricter regulations on altcoins and intermediaries, while acknowledging the SEC’s efforts against firms like Ripple and Binance. As he prepares to leave, the SEC is set to file its opening brief in the ongoing SEC v Ripple case by January 15, marking a pivotal moment in the agency’s regulatory approach. [Bloomberg](https://www.bloomberg.com)
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January 14, 2025 | 02:39Sam Bankman-Fried
5 posts last weekSam Bankman-Fried is the Co-Founder and ex-CEO of the fraudulent FTX/Alameda construct that collapsed in late 2022.
Gary Gensler Critiques Crypto Market as He Exits SEC Leadership
Outgoing SEC Chair Gary Gensler criticized the crypto market as “rife with bad actors,” asserting that many of the over 10,000 projects lack fundamentals and will not survive. He emphasized that while digital assets represent less than 1% of the $120 trillion US capital markets, they have demanded significant regulatory attention, with the SEC pursuing around 100 enforcement actions during his tenure. Gensler highlighted the volatility and sentiment-driven nature of the market, contrasting it with traditional investments. [Source](https://www.bloomberg.com)
read moreUS Prosecutors Plan to Search Do Kwon’s Social Media and Emails
US prosecutors are set to search Do Kwon’s Twitter and email accounts as part of their criminal case against him, expecting to uncover “multiple terabytes of data.” Kwon faces nine felony charges, including a recently added money laundering conspiracy, following his extradition from Montenegro. This case parallels that of Sam Bankman-Fried, who was also extradited and faced a superseding indictment in the US.
read moreDo Kwon Faces Criminal Charges as Terra Collapse Affects Over One Million Victims
The collapse of the Terra crypto ecosystem in 2022 may have affected over 1 million victims, as alleged in recent court documents regarding founder Do Kwon’s case. Kwon, who pleaded not guilty to multiple U.S. criminal charges including fraud, is accused of misleading investors about the functionality of Terra’s products, leading to a $40 billion loss. Authorities claim that the UST stablecoin’s failure to maintain its dollar peg triggered the ecosystem’s rapid downfall.
read moreBitcoin Surges Past 100000 Amid Optimism for Trump’s Regulatory Reforms
Bitcoin has surged past $100,000, driven by optimism surrounding Donald Trump’s regulatory reforms and a significant influx of investment into Bitcoin ETFs, totaling $908 million. As Congress prepares to certify Trump’s election win, market sentiment remains bullish, with expectations of a ‘super cycle’ in 2025 due to potential regulatory changes. However, concerns linger about the sustainability of this rally, as a recent survey indicated that 39% of participants view Bitcoin as the most likely investment to falter in 2025.
read moreHong Kong Police Disrupt Deepfake Romance Scam Network Targeting Victims
Hong Kong police have seized over HK$34 million (US$3.37 million) from a romance scam operation using AI to impersonate wealthy single women. The investigation led to the arrest of 31 individuals, revealing tactics such as building trust through elaborate personas and high-value interests. Meanwhile, nearly 800 suspects were arrested in Nigeria for similar crypto romance scams, highlighting the growing challenges posed by deepfake technology in fraud cases.
read moreDo Kwon Faces Criminal Charges as Victim Count Exceeds One Million
Prosecutors estimate that Do Kwon, co-founder of Terraform Labs, may have over one million victims globally following the collapse of the Terra ecosystem. Kwon, who pleaded not guilty to nine felony charges, was extradited to the US and faces significant legal challenges, including a civil case where he and Terraform were found liable for fraud, agreeing to pay approximately $4.5 billion in penalties. He joins other high-profile crypto executives facing similar legal scrutiny.
read moreSigma Bot Review A Comprehensive Multi Chain Trading Tool for Crypto Traders
Sigma Bot is a multi-chain trading tool on Telegram, supporting major blockchains like Ethereum and Binance Smart Chain. It features automatic chain detection, MEV protection, and advanced trading tools, making it suitable for both beginners and experienced traders. With a competitive 1% transaction fee, it has gained popularity, especially among memecoin traders, though it lacks recovery options for lost private keys.
read moreSolana Price Surge Predicted to Reach Four Thousand Dollars
Solana has kicked off the new year with strong bullish momentum, reflecting a positive trend in the altcoin market. Following an impressive performance in 2024, analysts suggest that the price of Solana could potentially soar to $4,000 as it continues to gain traction.
read moreElon Musk Influences Meme Coin Market with CumRocket and Kekius Maximus
Elon Musk’s influence on meme coins continues as CumRocket (CUMMIES) surged 429% following his recent post featuring the token. This isn’t the first time Musk’s social media activity has impacted crypto markets; his endorsement has historically driven significant price fluctuations. Notably, FTX co-founder Sam Bankman-Fried was linked to a substantial CumRocket purchase in 2021.
read moreDo Kwon Pleads Not Guilty to Fraud Charges in US Court
Do Kwon, co-founder of Terraform Labs, has pleaded not guilty to nine fraud-related charges in a U.S. court, following his extradition from Montenegro. The charges stem from the $40 billion crash of Terra LUNA in 2022, which also contributed to the FTX collapse. Kwon, who has been on the run since the crash, faces serious allegations including money laundering and securities fraud.
read moreDo Kwon Pleads Not Guilty to US Fraud Charges Over TerraUSD Collapse
Do Kwon, co-founder of Terraform Labs, pleaded not guilty to U.S. fraud charges related to the $40 billion collapse of the TerraUSD stablecoin. The U.S. alleges he misled investors about the stability of TerraUSD and orchestrated a massive securities fraud scheme. A trial conference is set for January 8, as Kwon remains in custody without bail following his extradition from Montenegro.
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