This week on CryptoWatch, we are looking back into November 2023 to bring you a round-up of the events that took place in the cryptocurrency and blockchain world to start this December. The top crypto news this month is the massive case of Binance and Changpeng Zhao, centering on money laundering charges on the platform.
(Photo : Tech Times)
Moreover, earlier this month also saw the end of Sam Bankman-Fried's criminal trial, which led to a guilty verdict against the FTX co-founder and disgraced CEO. Lastly, Jack Dorsey's blockchain-based social media, Bluesky, saw significant developments, including its growth to 2 million users.
Binance's Settlement and Changpeng Zhao
(Photo : David Ryder/Getty Images)
SEATTLE, WASHINGTON - NOVEMBER 21: Binance CEO Changpeng Zhao leaves the U.S. District Court on November 21, 2023 in Seattle, Washington. Zhao pleaded guilty to a money-laundering charge.
After the long crackdown against Binance, including massive investigations by the US Department of Justice, the Securities Exchange Commission, and more, the company is settling as much as $4 billion for it to continue its operations in the country.
However, there was a caveat, and this is with its former CEO, Changpeng Zhao, who agreed to plead guilty against the charges imposed upon him, centering on money laundering charges and operations on various unlicensed services.
Zhao took the fall for Binance via a plea deal by the US prosecution, and this will lead to the CEO being banned for at least three years for any involvement with the crypto exchange company.
Read Also: Binance DOJ Lawsuit Settlement: $4B Reportedly Set for Crypto Platform's Continued US Operations
Sam Bankman-Fried Found Guilty
After the long holdout of Sam Bankman-Fried and taking his case to court, maintaining his innocence, the former CEO was found guilty by the jury, concluding the long events of FTX's downfall. SBF was declared guilty for all seven charges against him, and this includes the controversial fraudulent acts he did, as well as misappropriating $8 billion of FTX customer funds.
In this case, former FTX executives were called upon to give their testimony to the court, and these were some of the nails to Bankman-Fried's coffin.
Moreover, the prosecution also had many receipts, records, and information which further strengthened their case against the disgraced CEO.
Jack Dorsey's Bluesky
The next-generation, decentralized internet saw a significant development when Jack Dorsey first introduced Bluesky, the latest platform from the renowned Twitter founder, towards a new experience. Recently, Bluesky saw astounding growth, with more than 2 million users now since it launched last year.
Despite being an invite-only app, it was able to see a significant user base, particularly those looking for an X alternative, best known as being the everything app from Elon Musk.
It is not yet specified when Bluesky will release the version accessible to the public, with the blockchain-based social platform growing by the numbers each day.
Related Article: CryptoWatch: Binance's Changpeng Zhao Resigns, HTX Global and Poloniex's Hack, and Apple's Lawsuit
