Gemini, Bithumb, Nexo are new targets for regulation and lawsuits

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The United States Securities and Exchange Commission has accused cryptocurrency lending firm Genesis Global Capital and crypto exchange Gemini of selling unregistered securities through the Geminis Earn program.

The Commodity Futures Trading Commission began the process of obtaining a default judgment in its case against Ooki DAO after the decentralized autonomous organization missed a deadline to respond to the lawsuit. He also filed a lawsuit against digital artist Avraham Eisenberg and charged him with two counts of market manipulation in connection with an exploit of the decentralized finance platform, Mango Markets.

In South Korea, tax officials raided the headquarters of cryptocurrency exchange Bithumb in Seoul, looking for evidence of possible tax evasion. The development comes after former Bitchumb chairman Lee Jung-Hoon was acquitted of $70 million in fraud charges. In the Bulgarian capital of Sofia, the offices of crypto credit company Nexo have been raided by police. They targeted a large-scale money laundering scheme and violations of Russia’s international sanctions.

As the FTX saga continues to grab headlines, the past week has brought a plethora of new issues for crypto firms in the US, Europe, and Asia.

Green light for Voyager and Binance.US

There is still room for good news. Bankrupt crypto lender Voyager Digital has finally received initial court approval for its proposal to sell its assets to Binance.US for $1.02 billion. The approval comes amid a national security investigation into Binance.US that Voyager is seeking to expedite. Voyager’s official unsecured creditors’ committee, a body representing creditors with no security interests in Voyager, backed the deal in its current form, noting that the deal would result in greater recoveries for creditors than if Voyager liquidated its assets itself. .

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New York sued by environmental group after approval of crypto-mining facility

In September 2022, the New York Public Service Commission authorized the conversion of the Fortistar North Power Plant into a crypto-mining site. It now faces a lawsuit, with the Clean Air Coalition of Western New York and the Sierra Club claiming that the Fortistar plant only operated during times of high demand for electricity, such as extreme weather conditions. However, as a crypto-mining factory, the site would operate around the clock, generating up to 3,000% more greenhouse gas emissions.

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Everything you need to know about last week’s FTX

As FTX investigation continues, former crypto exchange engineering chief Nishad Singh has followed former FTX and Alameda Research executives Gary Wang and Caroline Ellison in apparently meeting with federal prosecutors to make a deal.

Former FTX US President Brett Harrison has lambasted Sam Bankman-Fried for manipulating and threatening colleagues who offered solutions to revamp the management structure of FTX US. Although he recalled that Bankman-Fried was a sensitive and intellectually curious person at first, Harrison said he saw utter insecurity and intransigence in Bankman-Fried when faced with conflict, especially when Harrison suggested FTX US establish separate branches for its management, development, and legal teams. .

Meanwhile, FTX was allowed to sell some of its assets to help creditor repayment efforts. Judge John Dorsey approved the sale of four key units of FTX, including derivatives platform LedgerX, equity trading platform Embed and its regional branches, FTX Japan and FTX Europe.

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