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The biggest news in the Cryptoverse on January 3rd was that SBF filed a not guilty petition, Genesis was embroiled in a class action lawsuit, and Bithumb’s chairman was found not guilty. Mostly on CryptoSlate Wrapped Daily.
FTX founder Sam Bankman Freed pleaded He was acquitted of eight charges brought against him at his hearing in New York federal district court on January 3.
Additionally, according to the latest filing, the SBF asked the court to redact the names of the bail co-signers, citing personal privacy and safety concerns.
Others associated with the case, former Alameda Research chief executive Caroline Ellison and FTX chief technology officer Gary Wang, pleaded guilty to fraud charges in the cooperation agreement.
Cryptocurrency pioneer and ShapeShift CEO Erik Voorhees has predicted that the bull market will return within six months to three years.
“It won’t take 10 years. If it takes 10 years for a bull market to happen, you’ve probably screwed everything up. I’m happy to tie it that way. Six months to three years later Somewhere, I think.”
Summarizing the issue, Mr. Voorhees said that if few choose to self-manage and intermediaries hold most of the wealth of cryptocurrencies, “there is no escape from regulation” and “humans You can never escape the need to trust.”
Three Gemini Earn users filed a class arbitration case Against Genesis Global Capital, Digital Currency Group (DCG), and Genesis Global Trading, with the American Arbitration Association on Dec. 30.
The lawsuit also alleges that Genesis violated the master contract on November 16 and subsequently refused to return Gemini Earn users’ assets despite repeated demands. Genesis is also alleged to have breached the contract by failing to pay interest owed to Gemini Earn users at the end of November.
Finally, the arbitration request alleges that Genesis was involved in the sale of unregistered securities and violated securities laws. Plaintiffs therefore seek related damages.
On January 3, a South Korean court acquitted Lee Jong-hoon, the former chairman of cryptocurrency exchange Bithumb.
According to local news, the Seoul Central District Criminal Agreement Section 34 ruled that the evidence presented was insufficient to convict Jong-hoon. report.
South Korea’s acquittal of Jung-Hoon marks the end of the long-running legal battle over Bithumb.
Bitcoin (BTC) has had a risk-off year as seen in the futures open interest (OI) crypto margin indicator.
The decline in BTC futures OI percentage seen from July 2021 to 2022 indicates a return to the risk-on narrative throughout 2022. However, we are starting at about the lowest point in two years, and the risks are quickly removed as 2023 begins.
About 150,000 BTC remain in futures OI, the lowest level since April 2022, and the risk-off trend continues to decline.
To further reveal the clear switch from BTC to risk-off and cash, the ‘Cash-Margined’ indicator shows a steady rise since April 2021 to the current level of 327,000 BTC. This is backed by cash as the underlying asset.
