Crypto Weekly Recap: SEC Granted Extension in Ripple Case; BitForex Halts Withdrawal; Do Kwon's Extradition Delayed; and More (Feb. 25-March 2, 2024)

By MelegaSwap | melegaswap | 3 Mar 2024

Bitcoin ($BTC) surged past $60,000, marking a significant milestone after over two years. This rise, fueled by a 20% increase this week, brought Bitcoin to over $63,000. The cryptocurrency's bullish momentum follows the spot Bitcoin ETFs breaking a record with $2.4 billion in daily trading volume on Feb. 26.

With Bitcoin's price performance linked to the upcoming halving event, experts speculate on a potential "pre-halving retracement." Additionally, memecoins like Dogecoin saw a remarkable 60% surge this week, driven by market trends and whale accumulation, hinting at further gains in March.

Let’s delve in for more insights in our weekly recap.

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  • SEC Granted Extension in Ripple Case by Judge Torres
  • FTX Founder SBF Requests 6.5-Year Sentence, Reportedly Advises Prison Guards to Invest in Solana
  • Nigerian Central Banker Throws Shade at Binance, Execs Reportedly in Hot Water
  • Shido Token Plummets 94% in 30 Minutes Due to Epic Exploit Drama
  • Cryptocurrency Exchange BitForex Halts Withdrawals Amidst $56 Million Outflow
  • Do Kwon's Extradition Drama: Delayed Departure to the U.S.

SEC Granted Extension in Ripple Case by Judge Torres

Judge Analisa Torres has approved the SEC's request for an extension in the Ripple case, allowing the regulator to submit its remedies-related discovery documents by March 22. The SEC accused Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen of conducting a $1.3 billion unregistered securities offering through XRP token sales.

In a significant ruling in July 2023, Judge Torres determined that XRP was not a security in some contexts but considered it a security when sold to institutional investors. The case has been marked by legal battles over XRP's classification and compliance with regulatory requirements.

FTX Founder SBF Requests 6.5-Year Sentence, Reportedly Advises Prison Guards to Invest in Solana

Former FTX exchange CEO Samuel Bankman-Fried (SBF) is facing potential prison time of up to 110 years after being found guilty of fraud and money laundering. His legal team is pushing for a more reasonable 6.5-year sentence, arguing against the proposed 100-year term as "barbaric."

While awaiting sentencing, SBF has been sharing investment tips in prison, notably suggesting that guards invest in Solana (SOL), a cryptocurrency he has a history with. Despite his legal troubles, SBF seems to maintain his crypto investment enthusiasm by turning his prison stay into a crypto investment seminar.

Nigerian Central Banker Throws Shade at Binance, Execs Reportedly in Hot Water

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has thrown shade at the Binance cryptocurrency exchange, claiming the platform facilitated mysterious fund movements totaling $26 billion through Nigeria in 2023. The CBN and other agencies are raising eyebrows at crypto exchanges, with reports surfacing of two Binance executives being nabbed in Abuja.

This crackdown comes after crypto exchanges allegedly tampered with Nigeria's currency, leading to internet restrictions and a plummeting naira value. Amidst the chaos, Binance withdrew the naira from its P2P service, signaling a stormy ride for the exchange in Nigeria's regulatory landscape.

Shido Token Plummets 94% in 30 Minutes Due to Epic Exploit Drama

Shido, a token on the layer-1 blockchain, experienced a rollercoaster ride when an exploit caused its value to plummet by a staggering 94% in just half an hour. The daring exploit saw an attacker make off with a whopping 4.3 billion Shido tokens, worth a cool $35 million.

As the drama unfolded, PeckShield uncovered a trail leading from Layerswap to Arbitrum, revealing a tangled web of crypto transfers. Amid the chaos, the Shido team scrambled to secure their platform, offering a bounty to the hacker and pledging to return assets to affected users.

However, Shido claims to be currently airdropping all holders of SHIDO with a new token, ensuring that all users receive their tokens directly into their DeFi wallets. This ongoing process will continue until every holder has been compensated.

Cryptocurrency Exchange BitForex Halts Withdrawals Amidst $56 Million Outflow

Hong Kong-based crypto exchange BitForex has suspended withdrawals for at least five days, following a significant outflow of around $56 million in cryptocurrencies from its wallets. Users have reported various issues with their accounts, such as being unable to access them or view their assets on the dashboard.

This development comes after BitForex faced scrutiny in April 2023 from Japan's Financial Services Agency for violating fund settlement laws. The exchange's CEO departure was announced in January, and concerns have been raised about its operational status and regulatory compliance following these recent events.

Do Kwon's Extradition Drama: Delayed Departure to the U.S.

Terraform Labs co-founder Do Kwon faces extradition woes as his lawyers predict he won't be jetting off to the U.S. before March ends. The Montenegrin High Court's ruling to send him across the pond was based on what his legal team calls "erroneous information."

Kwon's unexpected extended stay in Montenegro since March 2023 has left his attendance at the trial against the SEC in doubt. With legal paperwork snafus and a mix-up about extradition orders, it seems Kwon's travel itinerary is up in the air, much to the amusement of spectators.


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