LegalNews

Genesis Global Capital settles for $2 billion amid allegations of concealing losses from investors. At least 29,000 impacted through Gemini Earn program receive support from a newly created victims fund. This landmark settlement underscores the growing regulatory scrutiny of the crypto industry.

Bitcoin prices rose over 4% in early October 2023, Ethereum saw a slight decline, while XRP surged following a key legal win against the SEC. Market dynamics were influenced by new Ether futures ETFs and U.S. political events, amidst ongoing legal battles affecting the crypto sector.

Do Kwon, the South Korean crypto entrepreneur behind Terraform Labs, has pleaded guilty to fraud charges linked to the $40 billion collapse of TerraUSD and Luna. He faces up to 12 years in prison and significant asset forfeiture, marking a major moment in crypto fraud accountability.

Roman Storm, founder of cryptocurrency mixer Tornado Cash, faces conviction for operating an unlicensed money transmitting business while jurors deadlocked on money laundering and sanctions evasion charges.

In a significant turn of events for the cryptocurrency community, Alex Mashinsky, the founder of Celsius Network, has been sentenced to twelve years in prison following his guilty plea on fraud charges. This marks a notable consequence in the crypto sector amidst growing scrutiny of financial practices.

Alex Mashinsky, the founder and former CEO of Celsius Network, was sentenced to 12 years in prison for securities and commodities fraud. His actions contributed to the company's downfall and bankruptcy in 2022, revealing significant financial discrepancies.