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Global crypto enforcement, Ripple co-founder hacked, FTX plans full customer repayment | Weekly Recap

Press Releases Crypto News Crypto-News Global crypto enforcement, Ripple co-founder hacked, FTX plans full customer repayment | Weekly Recap

This week saw a surge in global crypto enforcement actions, with the U.S., Germany and Hong Kong taking center stage. Ripple co-founder and chairman Chris Larsen suffered a massive hack. Meanwhile, FTX disclosed plans to fully repay its customers.

Enforcement actions

Multiple enforcement actions rocked the crypto scene this week, with the U.S. accounting for a substantial amount. The U.S. Department of Justice (DoJ) leveled charges against Belarusian national Aliaksandr Klimenka in a case involving Russian crypto exchange platform BTC-e.
In a subsequent enforcement action, the DoJ also brought charges against Jeffrey Menge and Eric Drabert, two staff members of a New Jersey school, for allegedly running an illicit crypto mining farm in the country.
The U.S. Securities and Exchange Commission (SEC) joined the party on Feb. 3, bringing up an indictment against the founder of the American Bitcoin Academy Brian Sewell, alleging that he ran a scheme that stole $1.2 million from unsuspecting students.

Regulatory climate

Amid these enforcement actions, the U.S. regulatory climate still tells the story of uncertainty. On Jan. 30, Coinbase challenged the SEC’s rejection of a petition from the exchange for clear rules-making, deeming the basis of the rejection inadequate.
The SEC’s legal woes spilled into this week, with the securities regulator withdrawing its case against Debt Box in an attempt to evade potential penalties. This development came shortly after the court requested justification for the penalties a

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Author: Wahid Pessarlay

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