This week in crypto, big events unfolded from the Gotbit case to Bitcoin forecasts by Peter Schiff. Let's dive into the key highlights.
Biggest Story: Gotbit Case
Gotbit founder Aleksei Andriunin struck a deal with U.S. prosecutors to plead guilty to market manipulation and wire fraud, agreeing to forfeit $23 million in crypto assets. In return, his prison sentence is capped at 24 months, and he will be prohibited from participating in crypto activities for three years post-release. This case involved a years-long wash trading scheme inflating trading volumes between 2018 and 2024.
Other Significant News
Coinbase has cemented its status as Ethereum's largest node operator, controlling 11.42% of staked ETH. The Ethereum Foundation considers a more founder-driven network growth model amid criticism. Ripple's CEO predicts XRP ETFs will launch in the U.S. by late 2025. In cinema, filmmaker Carl Erik Rinsch is indicted for allegedly trading crypto with funds allocated for producing his sci-fi series. Meanwhile, Cumberland has received in-principle approval for a Major Payment Institution license in Singapore.
Global Actions and Crypto Regulation
Pakistan moves toward legalizing crypto trading to attract foreign investment. South Korea's central bank dismisses Bitcoin as foreign reserves due to its volatility. Dubai opens its first Tokenization Regulatory Sandbox to trial tokenized investment products. The North Dakota Senate passed a bill tightening crypto ATM regulations by requiring licenses and capping transactions to curb scams.
In the past week, the crypto industry saw numerous events that may lead to significant changes in the sector. From the Gotbit case to new approaches in crypto regulation worldwide, the space continues to evolve at a rapid pace.
