Former Alameda Research CEO Caroline Ellison, and former FTX executives Gary Wang and Nishad Singh, are barred from leadership roles for 8-10 years due to a court judgment for misusing investor funds from 2019-2022. Ellison faces a 10-year ban, while Wang and Singh face 8-year bans, with conduct-based injunctions, according to the SEC.
Former FTX CEO Sam Bankman-Fried received a 25-year sentence pending appeal for the exchange’s collapse. Ellison was sentenced to two years after testifying against Bankman-Fried, while Wang and Singh testified against him and served time. Ellison is set to be released early from prison, transferred to a reentry management office.
Caroline Ellison, after staying out of the public eye post-FTX collapse, has been transferred to a reentry management field office in NYC, set to be released on Feb. 20, nine months early. This suggests possible good-conduct credits. Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice.
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Bitcoin hits new all-time high of $50,000, fueled by increased institutional interest and growing adoption among retail investors. The cryptocurrency’s market cap now exceeds $900 billion, with analysts predicting further price gains in the coming weeks. Ethereum also surges to over $1,800, signaling a broader crypto market rally.
Tesla announces $1.5 billion investment in Bitcoin and plans to accept the cryptocurrency as payment for its products. The move boosts Bitcoin’s price by 20% and underscores the growing acceptance of digital assets by mainstream companies. Tesla’s CEO Elon Musk has been vocal about his support for cryptocurrencies in recent months.
Major banks like BNY Mellon, JPMorgan, and Citigroup are exploring ways to offer crypto services to their clients, signaling a shift in traditional finance towards digital assets. The banks cite increasing demand from customers for exposure to cryptocurrencies and blockchain technology as reasons for their foray into the industry.
Grayscale’s Bitcoin Trust surpasses $34 billion in assets under management, as institutional investors continue to flock to the cryptocurrency. The trust’s rapid growth reflects the increasing interest in Bitcoin as a store of value and a hedge against inflation. Grayscale’s CEO predicts even greater institutional adoption of Bitcoin in the future.: SEC Confirms Years-Long Director Bans for Former Alameda, FTX Execs