FTX founder receives 25-year jail sentence, SEC seeks $2b from Ripple, Bitcoin reclaims $70k | Weekly Recap 

Last week marked significant legal developments in the cryptocurrency sector, including the sentencing of Sam Bankman-Fried, regulators’ demand for $2 billion from Ripple, and an indictment against KuCoin.

FTX founder sentenced to 25 years

Sam Bankman-Fried, the founder of FTX, received a 25-year prison sentence. Prior to the sentencing, the U.S. Department of Justice (DoJ) submitted a document containing 52 statements from victims of the FTX collapse, emphasizing the damage caused by the company’s former CEO.

U.S. SEC demands $2 billion from Ripple

The U.S. SEC filed its opening brief for the remedies discovery phase of the SEC vs. Ripple lawsuit. Following the summary judgment, the SEC disclosed its intention to impose a $2 billion fine on Ripple for sales of nearly $800 million to institutions. Ripple is expected to submit its reply brief next month.

KuCoin, Coinbase under scrutiny

The U.S. Justice Department filed charges against KuCoin, alleging that the exchange facilitated money laundering transactions. KuCoin reassured its customers of the security of their assets and implemented organizational changes following the charges. The SEC vs. Coinbase lawsuit saw the court grant Coinbase’s motion to dismiss charges regarding its Wallet and Staking projects.

Binance executives vs. Nigerian authorities

Binance executives Nadeem Anjarwalla and Tigran Gambaryan sued Nigerian authorities, claiming violations of their rights. The executives demanded their release from custody, return of their passports, and a public apology. Binance also faces regulatory issues in Southeast Asia.

Bitcoin reclaims $70k as spot BTC ETFs see inflows

The crypto market saw bullish sentiments as spot Bitcoin ETFs recorded inflows, breaking a 5-day losing streak. On March 26, spot BTC ETFs saw inflows of $418 million, followed by $214.5 million on March 27. The ARK 21Shares Bitcoin ETF contributed significantly to this trend, reaching a record high of $200 million in inflows. Bitcoin rallied to above $70,000, reaching $70,500 on March 26.