Now that the biggest trial in the history of crypto crimes involving Sam Bankman-Fried is over, there are still some legal battles worth mentioning.
That said, Bankman-Fried’s lawyers have hinted at the possibility of him appealing his sentence. This process has been underway since his guilty verdict last November. With the recent charging of a 25-year sentence on March 28, the opportunity for an appeal has now opened.
Now, some important cases that are still pending in U.S. courts are shaking up the crypto world. A lot of prominent figures from the tech world will find themselves on the bench, and we will if there will be prosecutions.
Whatever happens, these cases will certainly be interesting for anyone in crypto, so let’s break down the biggest ones.
1. Ryan Salame – Former co-CEO of FTX Digital Markets
Salame admitted to making unlawful political contributions and conspiring to operate an unlicensed money-transmitting business. The court has scheduled sentencing for April 30 in a Seattle federal court.
2. Do Kwon – Co-founder of Terraform Labs
Charged with fraud and market manipulation related to Terraform’s stablecoin. Fighting extradition to the U.S. from Montenegro. Faces Securities and Exchange Commission (SEC) charges for selling unregistered securities.
3. Changpeng Zhao (CZ) – Former CEO of Binance
Pleaded guilty to money laundering last year, and faces up to 18 months in prison, with a potential maximum of 10 years. He will be sentenced on April 30 in a Seattle federal court.
4. Avraham Eisenberg
Authorities accuse Eisenberg of exploiting the DeFi protocol called Mango Markets. They have scheduled a trial for commodities fraud, manipulation, and wire fraud on April 8. He is facing charges from both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
5. Roman Storm and Roman Semenov – Developers of Tornado Cash
Legal bodies have scheduled Storm’s trial for September on money laundering charges. Semenov is currently evading capture and is believed to be in Russia. Semenov is on the run and believed to be in Russia.
6. Alex Mashinsky – Founder of Celsius
Mashinsky is facing a criminal trial in September on various fraud and market manipulation charges. He is also facing lawsuits from the SEC and CFTC.
7. Chun “Michael” Gan and Ke “Eric” Tang – Founders of KuCoin
Authorities have charged Gan and Tang with failure to maintain an anti-money laundering program and running an unlicensed money-transmitting business. Each faces a maximum of a decade in prison.
8. Braden John Karony – CEO of SafeMoon
Karony is charged with securities, wire fraud, and money laundering conspiracy. The trial is still pending, along with an SEC lawsuit for unregistered securities sales.
SEC Lawsuits
As for other lawsuits, you can say that the Securities and Exchange Commission (SEC) is coming for (almost) everyone. The SEC has filed lawsuits against Coinbase, Kraken, Tron, Gemini, Ripple, and Green United. Mainly, allegations include selling unregistered securities and operating unlicensed.
These cases are highlighting the increasing scrutiny and legal challenges facing the cryptocurrency industry. With regulatory authorities resolving various aspects of crypto operations, executives and firms are finding themselves involved in complex legal battles.
The legal process could have significant consequences for the industry in general. As these cases progress through the courts, we will see how the layout of regulation and compliance will change.
Disclaimer
FAQ
Sam Bankman-Fried was convicted and is currently appealing his 25-year sentence, highlighting ongoing legal battles in the crypto sphere.
Notable figures include Ryan Salame, Do Kwon, Changpeng Zhao, and others, with charges ranging from unlicensed money transmission to fraud and money laundering.
These trials are pivotal, potentially setting precedents for how cryptocurrencies are regulated and managed, influencing market confidence and legal frameworks.
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