Digital Assets Recent Updates: November 2024

The latest updates in the world of digital assets have been eventful, with various enforcement actions and regulatory developments taking place in November 2024. Here’s a summary of key updates you should be aware of:

In the United States:
– FTX Co-Founder Zixiao “Gary” Wang avoided prison time after cooperating with authorities in the Bankman-Fried case and providing technical information. He was sentenced to time-served with three years of supervised release and ordered to forfeit over $11 billion.
– Defendants involved in hacking a cryptocurrency exchange and money laundering were sentenced to prison terms, with Ilya Lichtenstein receiving five years and Heather Morgan receiving 18 months.
– Federal prosecutors sought to forfeit digital assets linked to alleged bribes from Sam Bankman-Fried to Chinese officials to unfreeze frozen assets.
– The operator of cryptocurrency money laundering service Bitcoin Fog, Roman Sterlingov, was sentenced to over 12 years in prison for his involvement in money laundering activities.

Internationally:
– UK authorities secured convictions for crypto-investment fraud, with two individuals defrauding investors out of £1.5 million.
– South Korean authorities arrested 215 individuals in an alleged $232 million crypto fraud scheme involving promises of high returns.
– Upbit, a leading South Korean crypto exchange, is under investigation for failure to implement proper Know Your Customer (KYC) measures as required by law.

These updates highlight the importance of staying informed about the digital assets landscape and the regulatory measures being taken to protect investors and combat fraudulent activities. Stay tuned for more updates as the digital assets industry continues to evolve. Thank you for reading.