Saturday, 28 January 2023

Crypto News

SBF denies stealing FTX assets, SEC charges Gemini and Genesis, and more: Hodler’s Digest: Jan. 8-14

SBF denies stealing FTX assets, SEC charges Gemini and Genesis, and more: Hodler's Digest: Jan. 8-14

Top Stories This Week

Sam Bankman-Fried: ‘I didn’t steal funds, and I certainly didn’t stash billions away.’

In a “pre-mortem overview” of FTX’s bankruptcy, Sam Bankman-Fried denied allegations of improper use of customer funds stored with the crypto exchange, attributing responsibility for the company’s dramatic fall to the market crash of 2022 and Binance CEO Changpeng Zhao’s PR campaign against FTX. In Bankman-Fried’s view, a run on the bank turned illiquidity issues into insolvency. Among the latest developments in the bankruptcy proceedings, a bipartisan group of United States senators criticized one of the law firms involved in the case on the grounds of a conflict of interest, and called on the U.S. Bankruptcy Court for the District of Delaware to appoint an independent examiner into FTX’s activities. Also in the week’s headlines, FTX attorney Andy Dietderich said the company has recovered $5 billion in cash and liquid cryptocurrencies.

Gemini and Genesis charged by SEC with selling unregistered securities

Crypto firms Genesis Global Capital and Gemini were charged by the U. S. Securities and Exchange Commission (SEC) with offering unregistered securities through Gemini’s Earn program. Genesis and Gemini partnered on the product in 2020, offering customers the chance to loan crypto with the promise of later repayment with interest. The SEC stated that the Gemini Earn program constitutes an offer and sale of securities, and should have been registered with the commission. Tyler Winklevoss, co-founder of Gemini, said the SEC’s action was “totally counterproductive,” and noted that Gemini had been discussing the Earn program with the regulator “for more than 17 months.”.

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