SEC Targets Coinbase, Do Kwon Arrested, and FTX Sells $95 Million to Mysten Labs: Hodler's Digest, March 19-25
Top stories this week Coinbase Could Face SEC Enforcement Actions for “Potential Securities Law Violations”
a U.S. Securities and Exchange Commission (SEC) Wells notice suggesting forthcoming enforcement action. According to Coinbase, the “legal threat” could potentially target its staking program, listed digital assets, wallet, or Coinbase Prime services. The exchange's chief legal officer, Paul Grewal, said the warning "comes after Coinbase provided several submissions to the SEC regarding registration over the months, to which the SEC ultimately declined to respond." Coinbase CEO Brian Armstrong asks crypto users to “elect pro-crypto candidates” after development.
FTX debtors agree to sell $95 million stake in Mysten Labs, debtors of the defunct crypto exchange have approved a deal to sell $95 million of its preferred stock in Mysten Labs, the company behind the Sui blockchain. Court approval is still pending, as is the possibility of further bids for the shares. In a related headline, client funds were allegedly diverted from venture capital firm Modulo Capital, which received a large investment from Alameda Research last year. The investment was reportedly led by Sam Bankman-Fried, who faces multiple charges in federal court for alleged fraud while CEO.
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Do Kwon faces fraud charges from US prosecutors hours after arrestTerraform Labs CEO Do Kwon has been charged with eight separate counts by US prosecutors in New York, including commodities fraud, securities fraud, wire fraud and conspiracy to defraud and engage in market manipulation. According to reports, Kwon also faces criminal charges in Montenegro for allegedly falsifying travel documents. South Korean prosecutors issued an arrest warrant for Kwon in September last year, followed by an Interpol red notice weeks later. The charges against him relate to his alleged role in the collapse of the $40 billion Terra Luna Classic token and TerraClassicUSD stablecoin in May 2022.
Mastercard will settle transactions for stablecoin wallet in APACDigital wallet integration to allow retail customers in the Asia-Pacific region to spend US dollar-pegged stablecoins anywhere Mastercard is accepted. The international payments company plans to convert USDC stablecoin to fiat and move into its network by partnering with Australian stablecoin platform Stables. The service will initially be available to Australia-based users before expanding to Europe, the US, the UK and most of Asia-Pacific.
Celsius deposit account holders can receive 72.5% of their crypto, says bankruptcy judgefor crypto credit company Celsius Network has approved a settlement plan that allows deposit account holders to recover 72.5% of their crypto assets. Holders will have 30 days to review the terms. If they choose to participate, the assets will be returned in two distributions – 36.25% up front and 36.25% upon resolution of the plan (or at the end of the year). The defunct platform announced in February that NovaWulf Digital Management for its restructuring plan, claiming that more than 85% of Celsius customers would recover around 70% of their crypto.
a U.S. Securities and Exchange Commission (SEC) Wells notice suggesting forthcoming enforcement action. According to Coinbase, the “legal threat” could potentially target its staking program, listed digital assets, wallet, or Coinbase Prime services. The exchange's chief legal officer, Paul Grewal, said the warning "comes after Coinbase provided several submissions to the SEC regarding registration over the months, to which the SEC ultimately declined to respond." Coinbase CEO Brian Armstrong asks crypto users to “elect pro-crypto candidates” after development.
FTX debtors agree to sell $95 million stake in Mysten Labs, debtors of the defunct crypto exchange have approved a deal to sell $95 million of its preferred stock in Mysten Labs, the company behind the Sui blockchain. Court approval is still pending, as is the possibility of further bids for the shares. In a related headline, client funds were allegedly diverted from venture capital firm Modulo Capital, which received a large investment from Alameda Research last year. The investment was reportedly led by Sam Bankman-Fried, who faces multiple charges in federal court for alleged fraud while CEO.
Read also
FeaturesBuilding blocks: Millennials can use tokens to scale properties
FeaturesHow to make your own DAO at home - With only 5 ingredients!
Do Kwon faces fraud charges from US prosecutors hours after arrestTerraform Labs CEO Do Kwon has been charged with eight separate counts by US prosecutors in New York, including commodities fraud, securities fraud, wire fraud and conspiracy to defraud and engage in market manipulation. According to reports, Kwon also faces criminal charges in Montenegro for allegedly falsifying travel documents. South Korean prosecutors issued an arrest warrant for Kwon in September last year, followed by an Interpol red notice weeks later. The charges against him relate to his alleged role in the collapse of the $40 billion Terra Luna Classic token and TerraClassicUSD stablecoin in May 2022.
Mastercard will settle transactions for stablecoin wallet in APACDigital wallet integration to allow retail customers in the Asia-Pacific region to spend US dollar-pegged stablecoins anywhere Mastercard is accepted. The international payments company plans to convert USDC stablecoin to fiat and move into its network by partnering with Australian stablecoin platform Stables. The service will initially be available to Australia-based users before expanding to Europe, the US, the UK and most of Asia-Pacific.
Celsius deposit account holders can receive 72.5% of their crypto, says bankruptcy judgefor crypto credit company Celsius Network has approved a settlement plan that allows deposit account holders to recover 72.5% of their crypto assets. Holders will have 30 days to review the terms. If they choose to participate, the assets will be returned in two distributions – 36.25% up front and 36.25% upon resolution of the plan (or at the end of the year). The defunct platform announced in February that NovaWulf Digital Management for its restructuring plan, claiming that more than 85% of Celsius customers would recover around 70% of their crypto.
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