• Former CEO of FTX, Sam Bankman-Fried (SBF), has asked a court for access to crypto assets held by the exchange.
• SBF was charged with wire fraud and money laundering and was released on bail with the condition of giving up access to any cryptocurrencies held by FTX and Alameda Research.
• Mark Cohen, Bankman-Fried’s attorney, wrote a letter to the court on January 28 arguing that the bail condition should be lifted since the only basis presented for securing that condition has not been proved.
On January 28, 2023, Sam Bankman-Fried, the former CEO of FTX, asked a court for access to crypto assets held by the exchange. Bankman-Fried had resigned as CEO of FTX on November 11th, 2022, and was subsequently charged with wire fraud and money laundering. After being released on bail, he was required to give up access to any cryptocurrencies held by FTX and its trading arm, Alameda Research.
Mark Cohen, Bankman-Fried’s attorney, wrote a letter to the court on January 28 arguing that the bail condition should be lifted. Cohen argued that the defense team assumed that the Government’s investigation had confirmed what SBF has said all along – that he did not access and transfer the assets – in light of the three weeks that have passed since the initial pretrial conference. However, the United States Department of Justice (DOJ) submitted a document on January 27, suggesting that further investigation was still required in order to determine the source of the funds and how they were used.
In the letter, Cohen also noted that Bankman-Fried had been denied access to his own cryptocurrency holdings and that, since the investigation had not confirmed any wrongdoing, the bail conditions should be lifted. Cohen argued that denying Bankman-Fried access to the crypto assets was unfair, given he had been released on bail and was not in custody.
The court has yet to rule on Bankman-Fried’s request. It remains to be seen whether Bankman-Fried will be granted access to the crypto assets held by FTX. In the meantime, the investigation into the fraud case continues.
-Toncoin (TON) has experienced a 30% surge in price and is expected to grow in 2023.
-Quant (QNT) has declined by more than 80% from its ATH and is predicted to make great gains in the first quarter of the year.
-Orbeon Protocol (ORBN) has risen by 987% and is anticipated to surge by 6000% early in the year.
The cryptocurrency world is an ever-evolving space, with new projects and tokens being introduced almost every day. Some tokens, however, stand out from the rest due to their unique features and potential to generate returns for investors. Toncoin (TON), Quant (QNT) and Orbeon Protocol (ORBN) are some of the most promising tokens in the market right now, and they are all expected to experience significant growth in 2023.
Toncoin (TON) is one of the most popular tokens in the market right now. It recently shot up by over 30% after it was announced that you can now buy anonymous telephone numbers using Toncoin (TON). The virtual telephone SIM cards that anyone can buy using Toncoin (TON) have the +888 prefix number that is available on the Open Network Blockchain as collectibles. This added more utility to the Toncoin (TON) network and investors are hoping that with more similar innovations, the token’s value will continue to rise and deliver a better return on investment in 2023.
Quant (QNT) is another token that has seen its fair share of ups and downs. Last October, QNT shot up from $40 to $225+. However, due to the ongoing bearish trends, QNT is currently hovering around the $90 mark. Nevertheless, investors are expecting the token to make huge gains in the first quarter of the year, as the team behind the project is actively working on increasing its utility and boost its price.
Finally, Orbeon Protocol (ORBN) is a new project that is aiming to revolutionize the venture capital industry. The token has already attracted a horde of investors in its presale stage and is currently at the third phase of its presale. ORBN has risen by an impressive 987% and is anticipated to surge by 6000% early in the year, making it a great investment opportunity for those looking to get in on the ground floor.
In conclusion, Toncoin (TON), Quant (QNT) and Orbeon Protocol (ORBN) are all tokens with great potential to grow in 2023. With the right investments and a little patience, investors of these tokens could see great returns on their investments in the coming year.
• The SEC has charged crypto lender Nexo with unregistered security sales, and Nexo has agreed to pay a $45 million fine.
• SEC Chair Gary Gensler noted that Nexo had bypassed essential disclosure requirements designed to protect investors.
• Nexo has also agreed to cease its unregistered lending product to US investors.
Nexo, a cryptocurrency lending platform, has recently been charged by the US Securities and Exchange Commission (SEC) for unregistered security sales. According to the SEC, the crypto firm failed to register its crypto asset lending product and allowed US customers to earn from it without registering. As part of an agreement, Nexo has agreed to pay a hefty $45 million fine and cease its unregistered lending product to all US investors.
In a statement, SEC Chair Gary Gensler commented on the situation, saying: “We charged Nexo with failing to register its retail crypto lending product before offering it to the public, bypassing essential disclosure requirements designed to protect investors. Compliance with our time-tested public policies isn’t a choice.” Gensler also noted that the SEC would remain relentless in holding crypto-operating firms accountable.
Nexo had launched its crypto asset lending product in 2020, allowing US customers to earn interest on their digital assets. According to the SEC, Nexo had not registered the product with the agency and had not filed a registration statement. The SEC further noted that Nexo had not made the necessary disclosures regarding the product before offering it to the public.
The SEC has been increasingly vigilant when it comes to crypto-related businesses. Earlier this month, the agency had charged Ripple Labs Inc., a digital currency company, with conducting unregistered securities transactions. In a statement, the SEC had noted that Ripple had raised over $1.3 billion through the sale of its XRP tokens without registering the offering with the agency.
The SEC’s enforcement action against Nexo is yet another example of the agency’s commitment to protecting investors and ensuring compliance with US securities laws. Crypto-related businesses should take heed of the SEC’s actions and ensure that they comply with the agency’s regulations. Failure to do so could result in hefty fines and other penalties.