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Happy new year, Chain Reaction! I am curious to see if the industry will live up to the slogan "New Year, New Me" or if history will repeat itself. I hope the latter. Let's get into it!
Alex Mashinsky, the co- founder and former CEO of Celsius, was sued by the New York Attorney General.
Hundreds of thousands of investors were deceived by Mashinsky. The announcement came after a judge ruled that Celsius owns users' interest-bearingcryptocurrencies.
Sam Bankman-Fried, the founder and former CEO of FTX, pled not guilty to all charges on Tuesday.
Prior to the announcement, he was expected to plead not guilty, so this wasn't a huge shock to most. If he is found guilty, Bankman-Fried could face up to 115 years in jail. His trial will take place on October 2, 2020.
The New York financial regulators found that the exchange failed to conduct adequate background checks.
There are more details to be found below.
The company reached a $100 million settlement over failures in background checks.
The New York financial regulators found that the popular coin exchange failed to conduct adequate background checks. The New York State Department of Financial Services has imposed a $50 million fine on the company.
The bankruptcy judge ruled that the Celsius Network owned users' interest-bearingcryptocurrencies.
The judgement gives Celsius ownership of the $4.2 billion in cryptocurrencies that users deposited into its high-interest Earn program, according to a filing from the U.S. bankruptcy court. As of July 10, 2022, the accounts held a collective value of over $4 billion, according to the filing. Stable coins made up about $23 million. The judge ruled that all of that is owned by the estate.
SBF was expected to plead not guilty.
Sam Bankman- Fried, the former CEO of FTX, pleaded not guilty to several federal fraud charges. Bankman-Fried pleaded not guilty because he had the right to do so, according to a professor of law. It was the right play.
The price of Solana goes up as the community hypes the new dog coin.
Solana dropped to its lowest level in more than a year. Its price has risen slightly this week and some are crediting it to interest from Solana community members in Bonk, a new meme token that air dropped about half of its 56 trillion token supply to users last week. The coin has risen in the last 24 hours.
According to investors, web3 and hype are going to happen in 2023. There is a new rating for (TC+).
Some think it will be the start of a venture winter and an economic downturn, while others think we could see some stabilization by the middle of the year. Who is going to make a statement? We asked more than 35 investors what they thought about the year ahead and what they planned to do.
The first season of Chain Reaction ended in December, but we will be releasing new content for the second season next week.
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The list was compiled with information from Messari.
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