Gemini Sued By SEC [ Crypto Espresso 1.13.22 ]

It's Friday Friday and I am getting down On Friday because I am your host Andrew And this is crypto espresso your teeny Tiny daily shot of caffeinated crypto Headlines this is a gigantic episode of Crypto espresso so buckle up and get Ready to have all the news rolled up Into a hard ball and just thrown at your Face first up in another blow to 340 000 Customers who are frozen out of their 900 million dollars the U.S Securities And Exchange Commission have announced They're suing Genesis and Gemini Accusing them of selling unregistered Securities SEC chair Gary Gensler claims They bypassed disclosure rules designed To protect investors adding crypto Lending platforms and their Intermediaries need to comply with our Time-tested security laws doing so best Protects investors it promotes trust in Markets it's not optional it's the law Officials have suggested that the crisis Engulfing Genesis may be partly Responsible for the earn program being Targeted Gemini for their part is Threatening to sue Genesis as it Attempts to recoup customer funds as Surely as the sun rises in the East Sam Bankman freed will continue to talk too Much or in this case type too much Although he's under house arrest in California he's launched a sub stack Writing a lengthy post about the

Collapse of FTX don't expect much Introspection though the 30 year old has Insisted that he could have saved the Exchange if he had been given only a few More weeks though and doesn't really Explain the illegitimis use of customer Funds by Sister trading for melometer Research the alleged entrepreneur went On to deny stashing billions away and Said his personal Robin Hood shares Which have been seized by the feds Should have been used to make customers Whole he once again questioned why FTX U.S customers haven't had their payouts Arguing this exchange has always been Solvent sbf's blog post also detailed His favorite game to play no it's not League of Legends it's the blame game Shifting responsibility for ftx's demise Spf's pointing his clammy fingers at his Own lawyers the man who replaced him as The exchange's CEO and even and finances Chiang Peng Zao he claims he was Strong-armed into declaring bankruptcy Prematurely and his legal team piled Pressure on his friends and family SPF Again alleges that CZ initiated a quick Targeted crash but finance's leader has Long refuted this and says FTX only has Itself to blame he also warns that the Crypto Market also had a role in how Things imploded with countless projects Collapsing and bitcoin's price Plummeting the pity party post may lead

To accusations that SPF is attempting to Rewrite history ahead of his criminal Trial in October bitcoin's bullish Momentum is continuing to plow forward With the world's biggest cryptocurrency Briefly cracking nineteen thousand Dollars on Thursday please take this Opportunity to knock on the nearest Piece of wood this is a pretty Significant Milestone considering that Bitcoin hasn't been Above This level Since the FTX exchange collapsed back in November this isn't coming from nowhere Though U.S inflation has stood at 6.5 Percent in December which is the Smallest increase in over a year on Twitter mean meanwhile crypto analyst Michelle Von de Pope expressed doubt That Bitcoin can crack that Psychologically significant threshold of Twenty thousand dollars more than ten Thousand people voted in his Twitter Poll on Thursday that asked whether we Were in a new bull market and 64 of People said no Bitcoin has comfortably Outperformed other top currencies ether Xrp and cardano over the last 24 hours When crypto projects freeze or limit Withdrawals it's normally a warning sign That a bankruptcy is imminent however a Twitter update from wire it thankfully Suggests that this might not always be The case the crypto payments platform Had spooked users by announcing that

They would only be able to withdraw 90 Of their balances amid reports that a Shutdown was imminent but in a new Update on Thursday wire revealed that it Has now received financing from a Strategic partner meaning that its Operations can return to normal wire Hopes the new capital will help us Continue to deliver on our mission to Simplify and revolutionize the Global Financial ecosystem but it remains Unclear whether users will want to join Them them for that ride bitconnect was One of the biggest crypto Ponzi schemes Of all time with thousands of investors Losing at least 2.4 billion dollars well It's years later and the U.S justice Department has now revealed that 17 Million dollars is going to be paid in Restitution to just 800 people it is Unclear how those who receive Compensation will be chosen but we do Know that they will be spread across 40 Countries prosecutors are continuing in Their attempts to bring those involved In big connect to Justice the Project's Top promoter in the US recently pleaded Guilty to conspiracy to commit wire Fraud and admitted that he misled Investors meanwhile bitconnect's founder Has been indicted by a grand jury in California and charged with Orchestrating the Ponzi scheme nexo's Offices have been raided by Bulgarian

Authorities following some pretty Serious allegations which include tax And money laundering violations the Establishment of an organized crime Group and unlicensed banking it's also Claimed that the crypto lending platform Had been used to transfer digital assets By someone financing terrorism nexo for Their part has denied wrongdoing and Even suggested Bulgaria is corrupt Accusing Regulators of adopting a kick First ask questions later approach the Dramatic developments caused nexo's Token to slide by more than five percent With unchain intelligence showing large Outflows worth millions of dollars as Users pull their money from the platform The proceeds of crypto crime hit an All-time high last year reaching a Whopping 20 billion dollars but there is More than initially meets the eye According to the chain nellis's 2023 Crypto crime report 8.8 billion dollars Of this figure involved sanctions Violations following Russia's invasion Of Ukraine the overall percentage of Illicit crypto transactions remains tiny With a share of just 0.24 percent Chanel Says said there was another big Challenge as it crunched the numbers Some in the industry feel transaction Volumes from Celsius 3 arrows Capital FTX and others should have been included With some of these bankrupt projects

Facing allegations of fraud the Blockchain intelligence firm has chosen Not to include this and said it was best To leave questions of criminality to the Legal system and finally we'll leave you With this Miss Universe is currently Underway in New Orleans and El Salvador's contestant couldn't resist Paying tribute to bitcoin during the Costume pageant Alejandra guajardo's Outfit presented a history of the Country's currency beginning with cocoa Beans on her back then there was a nod To the Salvadorian cologne which was Later replaced by the US dollar in 2001 But last and certainly not least since We're talking about it guajardo smiled As she carried a glitter in Golden staff That was adorned with bitcoin's logo Reflecting president naibu Kelly's Decision to make Bitcoin legal tender Back in September of 2021. it's a pretty Surreal clip with an announcer Approvingly declaring you don't need a Sash to walk around dressed in cash and This announcer approvingly declares you Don't need Andrew's invitation tool like This video subscribe to our YouTube Channel and click on that little bell Icon again World whenever a new crypto Espresso video goes live seriously you Could do it anytime I don't need to tell You and what did you think about today's Video let us know by yelling your

Feedback into a pillow because we still Don't have comments enabled spam Bots Have taken over the robots have won Something something John Connor Something about Skynet I don't know Terminator questions about our headlines Or crypto in general ask Alex in that Description below Alex is a great Resource for all things web 3 and the Metaverse and that about does it for Today and this week again I've been your Host Andrew these have been your Headlines and ladies and gentlemen The weekend see you Monday