SBF Behind Bars, KuCoin in Court: Crypto’s Legal Quake

3 min readMar 29, 2024

Reflect on a seismic week for cryptocurrency, highlighting Sam Bankman-Fried’s sentencing and KuCoin’s legal showdown.

DOJ Charges KuCoin Founders in $9B Money Laundering Case

The Department of Justice (DOJ) this week, charged crypto exchange KuCoin and its founders Chun Gan and Ke Tang with violating anti-money laundering laws.

The indictment alleges KuCoin operated an unlicensed money-transmitting business and facilitated money laundering of over $9 billion.

Crypto Industry Faces $336M Loss to Hacks in Q1

The crypto sector has experienced significant security breaches in the first quarter, incurring losses amounting to $336 million, with January witnessing nearly half of this total, as per Immunefi’s latest findings.

The DeFi sector, with its substantial $100 billion TVL, has emerged as a primary target for malicious activities, attributed to the prevalence of decentralized exchanges. Immunefi’s report highlights a concerning trend, with DeFi platforms accounting for all identified exploits in Q1

Mystery Malware Targets Call of Duty Cheaters, Stealing their Bitcoin

A new malware campaign is targeting video gamers, especially cheaters, to steal Bitcoin from their wallets. Vx-underground reported on March 28 that an unidentified hacker is using malware to steal credentials from users of pay-to-cheat video game software.

Elon Musk Announces Premium Perks for 𝕏’s Top Users

Elon Musk has introduced an innovative incentive program on 𝕏 targeting high-profile users. Accounts with more than 2,500 verified subscriber followers will now gain free access to Premium features, while those surpassing the 5,000-follower mark will be eligible for the more exclusive Premium+ tier at no additional cost.

In a related development, Elon Musk has also announced that xAI’s chatbot, Grok, will now be accessible to all premium subscribers of X.

American Celebrity Kevin Hart Loses Over 66 ETH in BAYC NFT Sale

Kevin Hart sold his Bored Ape for a mere 13.2 ETH, marking an 83% plunge from the initial 79.5 ETH. Amidst ongoing market woes and legal battles facing BAYC creators, this sale underscores the volatile nature of digital assets.

US Government Implements New AI Regulations

The US government is taking significant steps to bolster the safe use of Artificial Intelligence (AI) within federal agencies. Vice President Kamala Harris has announced new Office of Management and Budget (OMB) guidelines, mandating each agency to appoint a senior leader responsible for overseeing AI systems. Additionally, agencies are required to establish AI governance boards to coordinate AI usage and submit an annual report to the OMB detailing AI systems in use, associated risks, and mitigation strategies.

Sam Bankman-Fried Receives 25-Years Sentence

In a landmark ruling, Judge Lewis Kaplan of the United States District Court for the Southern District of New York has sentenced Sam Bankman-Fried, the founder of the infamous crypto exchange; FTX, to a total of 25 years in prison. This decision comes after his conviction on seven felony charges, with the sentence comprising 240 months and an additional 60 months.




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