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A judge will sentence Changpeng Zhao today for the crimes he committed at Binance. After he enters the US District Court for the Western District of Washington courthouse, he might proceed directly to prison for three years. Zhao admits that Binance processed trillions of dollars in unmonitored transactions and that failing to monitor those transactions violated the Bank Secrecy Act. He’s also admitted that he failed to stop or report on millions of dollars in illicit and sanctions-violating transactions that flowed through his exchange. A three-year prison sentence is prosecutors’ opening request and is double the initially estimated 18 months but far less than the once-threatened 10 years. Zhao’s lawyers, of course, are requesting zero time behind bars. Zhao says he’s no worse than BitMEX’s Arthur Hayes Zhao has already penned his heartfelt letter to Judge Richard Jones who will be determining the length and terms of his punishment. After Zhao chest-beat about his al...

Former Binance CEO Changpeng Zhao might face prison after admitting to criminal charges in the U.S., but his fortune remarkably increased to over $37 billion. The bounce-back of Bitcoin, which surged over 160% after a tough 2022, played a significant role in driving his net worth. Zhao now leads the pack among cryptocurrency entrepreneurs who have seen their fortunes swell this year. According to the Bloomberg Billionaires Index, this list includes notable names like Coinbase CEO Brian Armstrong and Tyler and Cameron Winklevoss. The ex-Binance CEO ranks 35th on the list, just less than a billion shy of Tadashi Yanai, the CEO of retail giant Uniqlo.  You might also like: Mt. Gox creditors finally getting paid after 10 years Zhao’s wealth mainly comes from his major stake in Binance. Despite a slight dip in its market share following the U.S. Department of Justice settlement, Binance benefited from higher trading volumes as the crypto market rebounded.  Zhao could face...

Former President of the Donald Trump has unveiled a new NFT collection called the ‘Mugshot Edition,’ a play on the recent legal woes mounting against the leading Republican candidate. A new NFT collection by former President Donald Trump is taking the internet by storm. On Dec. 12, 2023, Trump took to Truth Social to announce the drop of new NFT featuring an infamous mug shot taken of the former President after he was booked in an Atlanta-area jail last August on charges of conspiring to overthrow Georgia’s election results. With reactions to the NFT going viral on X, crypto.news has compiled some of the best reactions to the former President’s latest foray into NFTs, which Features 2,024 unique pieces of the suit he wore to get his mugshot taken in Georgia, available to buyers who purchase 47 NFTs priced at $99 each. “It was a great suit, believe me, a really good suit. It’s all cut up, and you’re gonna get a piece of it,” Trump said in a video on Truth Social. You might ...

Former FTX CEO, Sam Bankman-Fried, is set to face trial in October, with his defense team preparing to spotlight the role of previous legal counsel in key decisions made during his tenure. Sam Bankman-Fried, the former CEO of the now-bankrupt crypto exchange FTX, is set to go on trial in October, and new defense strategies have emerged. Bankman-Fried lawyers are gearing up to potentially place a portion of the blame on the previous legal counsel affiliated with the failed exchange. According to recent reports, the defense team intends to present evidence that legal representatives from Fenwick & West LLP, in conjunction with in-house lawyers, played a role in “reviewing and approving” pivotal decisions. The core argument is that these lawyers provided Bankman-Fried with advice on critical subjects, including auto-delete protocols and loans involving both FTX and Alameda Research. As a result of such counsel , the former FTX boss is believed to have thought he was ...