Daily Digest - 23 December 2022

Headlines

▌New York judge grants SBF $250 million bail

A New York judge granted FTX founder Bankman bail on $250 million, the judge said. FTX founder Bankman's next court appearance is January 3, 2023. SBF will be required to wear an electronic monitoring wristband after leaving the courthouse. After bail, he will be placed under house arrest at his parents' home in California.

Policy

▌Deputy Governor of the Bank of England: Cryptocurrencies must be regulated

Bank of England deputy governor Cunliffe has warned that cryptocurrency trading is "too dangerous" to break free from mainstream financial regulation and could cause systemic problems if no action is taken. Cunliffe, speaking for the first time since the FTX founder's arrest and charges, said the Bank of England was considering regulations to protect retail investors in crypto trading "casinos" and the wider financial system from potential cryptocurrencies. event shock.

▌The chairman of the US Securities and Exchange Commission: Encryption companies must take more measures to isolate customer funds

Gensler, chairman of the US Securities and Exchange Commission, said that the proof of reserve reporting of cryptocurrency companies is insufficient, and encryption companies must do more to isolate customer funds.

▌Marshall Islands New Law Recognizes DAOs as LLCs

The Republic of the Marshall Islands, a Pacific island country, passed the Decentralized Autonomous Organization Act 2022 on Thursday, recognizing DAOs as limited liability companies (LLCs). Marshall Islands' new law covers both for-profit and not-for-profit DAOs. The legal framework also recognizes the internal governance processes of these organizations, including voting and tokenizing proposals. As previously reported in February, the Marshall Islands officially recognized The DAO as a legal entity.

Cryptocurrency

▌Justin Sun once secretly stored more than $580 million in Bitcoin in Valkyrie

Most of Tron founder Justin Sun's bitcoins are stored at Valkyrie Investments. At one point in August, Justin Sun deposited more than $580 million in bitcoin with the crypto asset manager, according to a private financial document. That equates to more than 90% of the funding of Valkyrie Digital Assets LLC, Valkyrie's largest unit. The current status of Valkyrie's assets is unclear. Justin Sun also stated that he is one of Valkyrie's largest shareholders.

▌North Korean Hackers Steal Over a Billion Dollars in Cryptocurrencies in Five Years

State-sponsored North Korean hackers have stolen about $1.2 billion in crypto assets worldwide since 2017, according to data disclosed by South Korea’s National Intelligence Service. Of that, about $626 million this year alone. According to the National Intelligence Agency, Pyongyang's ability to steal digital assets is now considered the strongest in the world. It also said North Korea has been focusing on cybercrime since the United Nations tightened economic sanctions in 2017.

▌The former CEO of Alameda and FTX Lianchuang face up to 110 years and 50 years in prison respectively

According to newly released court documents, former Alameda Research CEO Caroline Ellison pleaded guilty to 7 charges, with a maximum sentence of 110 years in prison; FTX co-founder Gary Wang pleaded guilty to 4 charges, facing a maximum sentence of 50 years in prison. Among them, Caroline pleaded guilty to conspiracy to commit wire fraud against FTX customers, wire fraud against FTX customers, conspiracy to commit wire fraud against Alameda Research lenders, conspiracy to commit wire fraud against Alameda Research lenders, conspiracy to commit commodity fraud, conspiracy to commit securities fraud, and conspiracy to Money laundering, the seven counts carry a maximum penalty of 110 years in prison. Gary Wang pleaded guilty to conspiracy to commit wire fraud against FTX customers, wire fraud against FTX customers, conspiracy to commit commodity fraud and conspiracy to commit securities fraud and faces up to 50 years in prison.