Weekly Recap: CZ’s Sentence, DeFi Tokens Tumble, and Tether’s Triumph

Cryptocurrency of the Week: Stablecoin regulatory impasse, Hong Kong’s spot ETF debut, a16z’s acquisition of Optimism, FTX’s sale of its Solana holdings, and more!

Posted on May 3, 2024 at 10:07 AM ET.

In this weekly roundup, we’ll cover:

  • Zhao Changpeng sentenced to 4 months in prison: Former Binance CEO Qiao Changpeng, also known as “CZ,” was sentenced to four months in prison for violating the Bank Secrecy Act, leading to a lengthy Justice Department investigation into Binance’s anti-money laundering practices. has ended.
  • Decrease in DeFi tokens after airdrop: DeFi protocols Renzo and Camino tokens suffered a sharp decline after their market debut.
  • Tether records impressive first quarter performance: Tether achieved a record profit of $4.52 billion in the first quarter due to its large holdings in US Treasuries, Bitcoin and gold.
  • Regulatory hurdles for stablecoins: Efforts to regulate stablecoins in the US faced a setback when the proposed bill was not attached to the FAA reauthorization bill.
  • Hong Kong leads in Bitcoin and Ethereum spot ETFs: Hong Kong’s financial market successfully launched six spot Bitcoin and Ethereum ETFs, a first in Asia.
  • Strategic investment in A16z optimism: Venture capital firm a16z has invested $90 million in Optimism’s OP token, increasing its commitment to Ethereum’s Layer 2 scalability solution.
  • Tax fraud charges against Bitcoin Jesus: Roger Ver, also known as “Bitcoin Jesus,” is facing tax evasion charges for failing to report capital gains from the sale of a large amount of Bitcoin in 2017.
  • FTX continues liquidation with Solana token sale: FTX Real Estate has proceeded with the liquidation process and concluded the second auction of locked Solana tokens that attracted significant investor interest.
  • Legal oversight of crypto privacy tools: Samourai Wallet co-founder Keonne Rodriguez has pleaded not guilty to charges related to operating a privacy-focused crypto service.

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