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Lawsuits aimed at recouping UST/Luna losses test uncharted waters

Quick Take A major South Korean law firm, LKB & Partners, is suing Do Kwon and co-founder Daniel Shin on behalf of five investors. Other investors are also organizing online to launch their own lawsuits; we may end up seeing cases centered around whether TFL represented its products and the risks of investing accurately. This feature story is available to subscribers of The Block News Plus. You can continue reading this News Plus feature on The Block.

FTX’s Bankman-Fried donated $16 Million to super PACs in April, Bloomberg Says

Samuel Bankman-Fried, founder of crypto derivatives exchange FTX,  gave $16 million to super PACs in April, making him one of the top donors to such outside political groups, according to the Federal Election Commission, Bloomberg reported on Saturday. The crypto billionaire gave $10 million to Protect Our Future, a super PAC that says it supports candidates who can help prevent the next pandemic, the report said. The group has spent $19 million to influence election primaries so far, all in …

BitMEX founder Arthur Hayes avoids jail time, sentenced to six months of home detention

Arthur Hayes, one of the founders of crypto exchange BitMEX, avoided jail time Friday during his sentencing hearing in New York. Hayes was handed a sentence of six months of home detention as part of a two-year probationary period. He had previously pleaded guilty to violating the US Bank Secrecy Act (BSA). “I’m ready to turn the page,” Hayes said before the sentencing hearing. A representative for Hayes declined to comment following the hearing’s conclusion. The prosecution had asked for …

Coinbase is launching an initiative to slash spending and grow revenue: The Information

After publicly announcing plans to slow hiring, tough market conditions have pushed crypto exchange Coinbase to look for ways to slash spending, according to emails obtained by The Information. Coinbase has felt the fallout of recent market conditions, incurring a net loss of $430 million in its first-quarter earnings and a plummet in its stock, $COIN. That led the firm to announce that it was reevaluating its previous plan to triple the size of the company and instead slow hiring …

Binance US hires former DOJ official as head of legal

Binance US has hired Krishna Juvvadi as vice president and head of legal, the crypto exchange operator announced on Thursday. Juvvadi has joined Binance US from Uber, where he served as global head of operations compliance. He also worked for the US Department of Justice’s Civil Rights Division as a trial attorney early in his career. At Binance US, Juvvadi will lead the day-to-day operations of the company’s legal department. He will report to Norman Reed, who joined Binance US …

FTX US launching zero-commission stock trading

FTX.US is going where no crypto exchange has gone before: US equities.  The firm — which is owned by billionaire wunderkind Sam Bankman-Fried — announced on Thursday the launch of a stock trading feature that would make the firm one of the most prominent companies in the crypto space to make the move into regulated securities. According to a press release, FTX Stocks will be offered through the FTX US mobile application. It is set to offer trading in hundreds …

Arthur Hayes faces up to five years in his Friday sentencing, but jail time is unlikely

Former BitMEX CEO Arthur Hayes is slated for sentencing this Friday after pleading guilty to violating the US Bank Secrecy Act (BSA). Though Hayes faces a possible maximum sentence of five years in prison, it’s uncommon for BSA violations to result in jail time. The sentencing will close a legal chapter that began in October 2020, when the Department of Justice and the Commodity Futures Trading Commission (CFTC) lodged parallel actions against crypto derivatives exchange BitMEX and its owner-operators. Those …

Bitso officially launches its app in Colombia

Latin American cryptocurrency exchange Bitso has officially launched its app in Colombia, allowing its residents to load pesos into their wallets using a widely-used online payment system connected to the country’s major banks. The company announced its expansion into the South American country in February and has been working on a pilot program for cash-in and cash-out operations with Banco de Bogotá. But now, Bitso’s product is officially available to the wider Colombian public. Using a popular online payment method …

Binance confirms its working to win German regulatory approval

Cryptocurrency exchange Binance said it’s in talks to become regulated in Germany as it engages with regulators across Europe, confirming reports from February that the company was looking to become regulated in the country. Speaking at the Finance FWD Conference in Hamburg, Binance CEO Changpeng Zhao said he was hopeful about the prospect of winning regulated status in Germany.  “We hope to get a licence in Germany,”  he said. “Our team is definitely talking to regulators and based on secondary …

Robinhood launches DeFi wallet to rival Metamask

Robinhood is taking the plunge in the nascent world of web3, launching a new wallet application that allows customers to access non-fungible token markets, decentralized exchanges and swap tokens.  The new wallet will be a standalone application from Robinhood’s existing stock and crypto platform and function similarly to other non-custodial wallets like MetaMask, the US brokerage announced at crypto conference Permissionless on Tuesday. Still, Robinhood is hoping that the sleek and intuitive design of its new app will make engaging …