Legal
Former Bithumb Executive Arrested Under Embezzlement Allegations
  • The former chairman of crypto exchange Bithumb, Kang Jong-Hyun, was arrested in South Korea on charges of embezzlement, breach of trust, and market manipulation.
  • Seoul’s Southern District Court had issued an arrest warrant for Jong-Hyun and two other executives last week, one of which is the CEO of two Bithumb affiliates.
10 hours ago
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Celsius Releases List of Users Eligible to Withdraw Assets
  • The 1,400-page document lists the names of all users eligible for withdrawals, as well as the conditions that they need to meet in order to withdraw their assets.
  • The bankruptcy court has permitted Celsius to return 94% of each eligible user’s assets, but only after their account has been updated with AML and KYC data.
a day ago
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Independent Examiner Finds Celsius Used New Customer Funds to Pay for Withdrawals
  • A 700-page report from an independent examiner claims that Celsius concealed the extent to which it was market-making its own CEL token.
  • The examiner also found instances where Celsius used new customer funds to cover the liabilities of other customers, a behavior described as “very Ponzi like”.
January 31, 2023, 2:55 PM
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FTX’s Creditor List Includes Big Tech, Airlines, Government Agencies
  • Bankrupt crypto exchange FTX has filed a massive 115 page document listing every entity the company owes money to, from Big Tech players to government agencies.
  • The names of close to 9.7 million individual customers were redacted from the document as per Judge John Dorsey’s instructions.
January 26, 2023, 5:38 PM
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Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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Jan 25, 2023
Celsius Allowed to Proceed with Flare Token Distribution
  • Due to Celsius’ prior agreement with Flare, the U.S. bankruptcy court has authorized the crypto lender to credit eligible account holders with the FLR they were entitled to.
  • During the Tuesday hearing, Celsius’ lawyers proposed a new plan to reorganize the company, and issue a new token that would entitle its holders to receive dividends over time.

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Jan 20, 2023
Jan 18, 2023
FTX Debtors Identify $5.5B in Liquid Assets
  • FTX’s debtors said it took a “herculean investigative effort” to identify the $5.5 billion in liquid assets connected to the exchange.
  • $1.7 billion in cash, $3.5 billion in crypto, and $300 million in securities has been found so far, with the debtors noting there was a “substantial shortfall of digital assets” at FTX.com and FTX.US.
Jan 13, 2023
SEC Charges Genesis and Gemini With Selling Unregistered Securities, Winklevoss Fires Back
  • The U.S. SEC alleged that Genesis and Gemini sold unregistered securities to retail investors through the exchange’s Earn program.
  • Gemini co-founder Tyler Winklevoss fired back at the charges, calling the SEC’s actions “counterproductive” and optimized for “political points”.
Jan 12, 2023
Authorities Reportedly Raid Nexo’s Bulgarian Offices
  • The probe into Nexo’s activities in Bulgaria was launched several months ago, after international services detected suspicious transactions aimed at circumventing Russian sanctions.
  • Reports suggest that Nexo is also being investigated for allegedly committing major financial crimes, and participating in money laundering activities.
Jan 11, 2023
Judge Gives Initial Approval for Binance.US to Acquire Voyager’s Assets
  • Bankrupt crypto lender Voyager Digital has received an initial approval from the bankruptcy court to sell its assets to Binance.US for a little over $1 billion.
  • The deal, however, still requires approval from a majority of Voyager’s creditors, and is subject to another confirmation hearing scheduled for March.
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