Law & Policy

What happened in the crypto industry last week (November 11 - 17)?

1/ Ilya Lichtenstein has been sentenced to 5 years in prison for hacking and stealing 120,000 BTC from Bitfinex and conspiring to launder the funds.

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2/ The operator of the cryptocurrency mixer Helix has been sentenced to 3 years in prison, with over $700M in assets confiscated.

2/ The operator of the cryptocurrency mixer Helix has been sentenced to 3 years in prison, with over $700M in assets confiscated. https://www.justice.gov/usao-dc/pr/operator-helix-darknet-cryptocurrency-mixer-sentenced-money-laundering-conspiracy

3/ A Bitcoin miner successfully won a case against New York’s DEC, overturning an attempted crypto mining ban.

3/ A Bitcoin miner successfully won a case against New York’s DEC, overturning an attempted crypto mining ban. https://www.businesswire.com/news/home/20241114080605/en/New-York-Supreme-Court-Rules-for-Greenidge-Generation

4/ Polymarket is under investigation by the US Department of Justice.

4/ Polymarket is under investigation by the US Department of Justice. https://www.bloomberg.com/news/articles/2024-11-13/polymarket-investigated-by-doj-for-letting-us-users-bet-on-platform

5/ DOJ has filed a civil lawsuit to seize $16M in crypto assets tied to the former FTX CEO.

5/ DOJ has filed a civil lawsuit to seize $16M in crypto assets tied to the former FTX CEO. https://storage.courtlistener.com/recap/gov.uscourts.nysd.631459/gov.uscourts.nysd.631459.1.0.pdf

6/ 18 US states have filed a joint lawsuit against the SEC, accusing it of overreaching its authority on crypto regulations.

6/ 18 US states have filed a joint lawsuit against the SEC, accusing it of overreaching its authority on crypto regulations. https://x.com/EleanorTerrett/status/1857147653592936631

7/ Upbit risks losing its license due to 600,000 cases of improper KYC checks.

7/ Upbit risks losing its license due to 600,000 cases of improper KYC checks. https://www.mk.co.kr/news/economy/11168648

8/ The UK Treasury plans to regulate stablecoins with two new laws by November’s end.

8/ The UK Treasury plans to regulate stablecoins with two new laws by November’s end. https://www.bloomberg.com/news/articles/2024-11-14/uk-to-spell-out-crypto-plans-as-startups-eye-us-trump-benefits

1/ Ilya Lichtenstein has been sentenced to 5 years in prison for hacking and stealing 120,000 BTC from Bitfinex and conspiring to launder the funds. https://www.justice.gov/opa/pr/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen