• FTX files a complaint to retrieve $700M from Bankman-Fried, who was courted for connections.
• Stably pauses withdrawals and minting after Prime Trust halts deposits.
• Binance’s legal woes intensify as Brazil lawmaker seeks to question general manager.
FTX Files Complaint
FTX has filed a complaint to retrieve $700 million from “super-networker” Bankman-Fried, who was courted for his connections. The funds were allegedly obtained through fraudulent means.
Stably Pauses Withdrawals and Minting
Stably has paused all withdrawals and minting of its coins after Prime Trust halted its deposits. This is likely due to the uncertainty surrounding the investigation into the company’s financial activities.
Binance’s Legal Woes Intensify
Binance’s legal woes have been further intensified as a Brazilian lawmaker is now seeking to question its general manager about alleged money laundering activities that took place within the firm. The SEC is currently investigating the matter and it remains unclear what will happen next with regards to this case.
IMF Warnings
The International Monetary Fund (IMF) has warned that banning crypto may not be an effective long-term strategy for countries looking to regulate digital assets. According to IMF officials, such measures could potentially lead to more illicit activities taking place in the crypto space instead of providing an adequate level of regulation or protection for users and investors alike.
BitGo Backs Out Of Deal To Acquire Prime Trust
BitGo has backed out of its deal to acquire Prime Trust, citing concerns over potential regulatory issues associated with the acquisition process. This follows similar moves by other major players in the cryptocurrency industry such as Coinbase and Kraken who have recently refused offers from institutional investors due to similar concerns regarding their business operations being targeted by regulators in light of ongoing investigations into their respective platforms‘ activities.