In this weekly recap, we cover:
- Gemini’s Billion-Dollar Settlement: Gemini agrees to a substantial $1.1 billion repayment to its Earn program customers, coupled with a $37 million regulatory fine.
- SBF’s Sentence Reduction Effort: Sam Bankman-Fried’s attorneys propose a prison sentence of 63 to 78 months, significantly less than the century suggested by a pre-sentence report.
- Avalanche’s Technical Hurdle: A code bug temporarily stalls Avalanche’s network, resolved after a swift update by validators.
- Do Kwon’s Extradition: Legal hurdles in Montenegro may delay Do Kwon’s U.S. trial on fraud charges linked to Terraform Labs.
- UNI Token’s Price Surge: Uniswap’s proposal to distribute protocol fees to UNI token holders sparks a 62% price increase.
- Texas Halts Mining Survey: A judge issues a temporary order stopping the Department of Energy’s survey on crypto mining’s energy use.
- MicroStrategy’s Bitcoin Acquisition: The firm’s strategic purchase of 3,000 bitcoins reflects continued confidence in the cryptocurrency’s value.
- Yuga Labs Stands by NFT Royalties: In a push for creator compensation, Yuga Labs will only trade on marketplaces that enforce NFT royalties.
- BitForex Suspends Withdrawals: Following a mysterious $56.5 million withdrawal, the exchange halts transactions, raising exit scam fears.
