Law & Policy

What happened in the crypto industry last week (July 15-21)?

1/ Indian crypto exchange WazirX suffered an exploit resulting in a $235 million loss. The company has reached out to the police and specialists from the Computer Emergency Response Team (CERT-In). Full details: https://x.com/wazirxindia/status/1813843289940058446?s=46 and https://x.com/wazirxindia/status/1814250505851588932?s=46

2/ FTX has reached a settlement with US authorities in the fraud and collapse case. According to the agreement, the company must pay $12.7 billion to the CFTC: $4 billion in disgorgement fees and $8.7 billion in restitution. Full story:

Ask me about law |

Head of web3&crypto practice at Buzko Krasnov law firm

3/ The New York District Court sentenced Bitzlato co-founder Anatoly Legkodymov to 18 months in prison. Previously, the Russian national pleaded guilty to creating and operating a platform that processed over $700 million in illicit funds. More details: https://www.bloomberg.com/news/articles/2024-07-18/crypto-exchange-head-gets-no-more-jail-time-in-700-million-scam and

3/ The New York District Court sentenced Bitzlato co-founder Anatoly Legkodymov to 18 months in prison. Previously, the Russian national pleaded guilty to creating and operating a platform that processed over $700 million in illicit funds. More details: https://www.bloomberg.com/news/articles/2024-07-18/crypto-exchange-head-gets-no-more-jail-time-in-700-million-scam and https://www.justice.gov/usao-edny/pr/founder-and-majority-owner-cryptocurrency-exchange-pleads-guilty-unlicensed-money

4/ US presidential candidate Donald Trump will speak at the Bitcoin 2024 conference, which will take place from July 25 to 27. Seats at his table are selling for $844k.

5/ Following Mt. Gox, the collapsed company BlockFi will begin compensating clients in July 2024. Distribution of funds will be handled through Coinbase. Announcement:

5/ Following Mt. Gox, the collapsed company BlockFi will begin compensating clients in July 2024. Distribution of funds will be handled through Coinbase. Announcement: https://x.com/blockfi/status/1813611800426086431?s=46

6/ A US federal judge approved a $9 million settlement in a class-action lawsuit against Robinhood for its "refer-a-friend" text promotion program that sent ads without recipients' consent in Washington. More details:

6/ A US federal judge approved a $9 million settlement in a class-action lawsuit against Robinhood for its "refer-a-friend" text promotion program that sent ads without recipients' consent in Washington. More details: https://cointelegraph.com/news/judge-nods-robinhood-9-million-text-promo-lawsuit-settlement

2/ FTX has reached a settlement with US authorities in the fraud and collapse case. According to the agreement, the company must pay $12.7 billion to the CFTC: $4 billion in disgorgement fees and $8.7 billion in restitution. Full story: https://cointelegraph.com/news/ftx-cftc-reach-settlement-pending-court-approval