Saturday, 25 May 2024
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This new meme coin presses on as most cryptocurrencies slide after CZ sentencing

Bitcoin and Ethereum decline

  • Changpeng Zhao sentenced to four months in prison despite DOJ’s request for a longer term.
  • Crypto market dips after Binance founder’s sentencing; BTC and ETH prices decline.
  • Kangamoon presale gains momentum raising over $6 million with over 79% $KANG tokens sold.

The global crypto market experienced a downturn, with a significant 8.17% decrease, following the sentencing of Changpeng Zhao, the former CEO of Binance. Bitcoin (BTC) and Ethereum (ETH) prices are leading, with BTC dropping by 9.03% and ETH by 9.16% over the last 24 hours.

At press time, BTC was priced at $57,454.33, while ETH stood at $2,867.59. But as most cryptocurrencies dip, Kangamoon, a new meme coin, is offering an alternative opportunity with its ongoing presale.

Changpeng Zhao’s sentence after DOJ’s request rejection

c, known as “CZ,” was sentenced to four months in prison after pleading guilty to money laundering violations at Binance.

As reported earlier, Zhao’s sentencing came after U.S. District Judge Richard Jones declined the Department of Justice’s (DOJ) request for a longer imprisonment of three years.

Despite the significant penalties imposed on Binance, Zhao’s sentence was notably shorter, reflecting the judge’s decision.

The prosecution had argued for a longer sentence, emphasizing the severity of Binance’s misconduct. They accused Zhao of prioritizing the exchange’s growth and profitability over compliance with U.S. laws, leading to a “Wild West” environment that welcomed criminals. They also highlighted Binance’s failure to report suspicious transactions involving designated terrorist groups and its support for the sale of illicit materials.

In response, the defence maintained that Zhao’s actions were not intentional criminal acts but rather mistakes in judgment. They emphasized Zhao’s cooperation with authorities and his willingness to take responsibility for Binance’s shortcomings. They argued that Zhao had aimed to make a positive impact in the crypto industry but had made errors along the way.

In the end, the judge handed Zhao a 4 months prison sentence, which was viewed as lenient compared to what the U.S. DOJ wished for.

Despite the judge’s decision to impose a shorter sentence, he criticized Zhao for neglecting regulatory compliance. Judge Jones emphasized that Zhao had the resources and capabilities to ensure…

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