Crypto News Highlights (29th January to 2nd February 2024)

Here are the top stories that happened in crypto this week.

Crypto News Highlights (29th January to 2nd February 2024)
Here are the top stories that happened in crypto this week.

Denver Pastor Accused of Crypto Fraud Preaches in Zambia After Missing Court Date

Denver-based Pastor Eli Regalado, accused of orchestrating a $3.2 million cryptocurrency scam, was reportedly seen delivering sermons in Zambia despite missing a mandatory court hearing in the United States.

Regalado intertwined biblical teachings with financial advice during his sermons, emphasizing his involvement in the crypto world. The civil fraud case against him involves INDXcoin, a crypto he and his wife promoted within the Christian community, promising divine financial returns.

Denver District Court Judge David Goldberg ordered the continued freezing of bank accounts belonging to Eli Regalado and his wife, Kaitlyn. The couple, facing allegations of a $3.2 million crypto fraud scheme involving INDXcoin, is also barred from selling any crypto or investments in Colorado. The court decision aims to secure funds for potential restitution to affected investors.

FTX Won't Reboot Exchange, Plans Full Repayment

FTX, the collapsed cryptocurrency exchange, has decided not to restart due to a lack of interest from buyers. FTX lawyer Andy Dietderich outlined the Chapter 11 plan, expressing the company's expectation to fully repay all "allowed" customers and "general unsecured creditors" amid ongoing bankruptcy proceedings. Dietderich acknowledged challenges in finding interested buyers for FTX and highlighted the difficulties in recovering substantial value from certain business aspects.

El Salvador to Continue with Bitcoin-Backed Bonds, Says Vice President

El Salvador’s Vice President, Felix Ulloa, affirmed that Bitcoin would continue as legal tender during President Nayib Bukele’s second term.

Ulloa emphasized the nation’s commitment to adopting Bitcoin and mentioned the recent U.S. Securities and Exchange Commission (SEC) announcement allowing U.S.-listed exchange-traded funds (ETFs) that track Bitcoin.

Plans for Bitcoin-backed bonds and the ambitious Bitcoin City project are expected to proceed if Bukele secures victory in the upcoming election.

Ethereum Founder Vitalik Buterin Doesn’t Want to Be the Face of Crypto

Ethereum founder Vitalik Buterin shared his reflections on the "end of his childhood" in crypto and expressed a desire not to be the face of the industry anymore. Buterin emphasized the need for the next generation to take up leading roles and called for the creation of an entire decentralized tech stack to compete with centralized tech companies.

He reflected on his role and decisions, including meeting Vladimir Putin in 2017, and highlighted the diversity of needs and ideals driving crypto adoption globally.

Bankrupt Genesis Global Resolves SEC’s Earn Lawsuit

Crypto lender Genesis Global reached a settlement with the U.S. Securities and Exchange Commission (SEC) in a lawsuit related to its bankrupt Gemini Earn lending program.

The settlement involves Genesis paying a $21 million civil penalty, contingent upon the full repayment of customers during the company's ongoing bankruptcy proceedings. The agreement is designed to expedite the resolution of legal challenges and streamline the bankruptcy process for Genesis.

UK Police Seized £1.4BN of Bitcoin from Chinese Investment Fraud

The UK Metropolitan Police seized more than £1.4 billion worth of Bitcoin in one of the largest crypto seizures globally.

The funds were linked to a massive investment fraud in China, and Jian Wen, accused of laundering Bitcoin for her former employer Yadi Zhang, is currently on trial. Zhang is allegedly a fugitive from Beijing authorities, accused of committing a £5 billion investment fraud in China.

Renowned crypto influencer BitBoy, also known as Ben Armstrong, announced the end of his daily crypto show on January 31. BitBoy attributed this decision to financial challenges and ongoing legal battles, mentioning significant weekly expenses for show production and legal fees.

The legal issues stemmed from the launch of $BEN coin, leading to disputes and his ousting from the BitBoy Crypto franchise business. BitBoy expressed gratitude to his followers but didn't hint at a possible comeback on his YouTube show or other platforms.

Disclaimer:  The information provided in this crypto news round-up is for informational purposes only and should not be considered financial or investment advice. Obiex will not be held liable for your investment decisions.