Former FTX CEO Defends Actions, Tether Buys 9,000 BTC & Tron Challenges SEC Overreach
Summary:
Sam Bankman-Fried, former FTX CEO, has publicly defended his actions after being handed a 25-year prison sentence, claiming he never acted illegally. In the meantime, stablecoin firm Tether has significantly increased its Bitcoin holdings with a recent purchase of 9,000 BTC. Tron, however, has accused the U.S. Securities and Exchange Commission (SEC) of excessive overreach as it contests a lawsuit that it believes crosses international legal boundaries.
In recent communication with press outlets, Sam Bankman-Fried has stated via email that he was not aware of any illegal activities during his tenure as CEO of F. The stablecoin company, Tether, on the other hand, has augmented its Bitcoin reserves with the purchasing of an additional 9,000 BTC. In contrast, Tron has taken a bold stance against the US Securities and Exchange Commission (SEC), accusing it of overreaching its authority with lawsuits that purport to cross international boundaries.
Sam Bankman-Fried, previously at the helm of FTX, has spoken out following his 25-year imprisonment sentence, expressing, “In no way did I see my actions as going against the law.” ABC News reports that the erstwhile CEO fielded queries via digital correspondence from his current residency in Brooklyn’s Metropolitan Detention Center, where he has been since the prior August.
“I am persistently plagued with regrets about the losses. My actions were never meant to cause harm or misappropriate funds,” SBF purportedly disclosed. Citing “misguided choices” as FTX and its sibling organization, Alameda Research's downfall, he denied any self-serving tendencies. In light of the previous week's judgment, SBF is projected to serve his term in federal confinement until his late 50s. Judge Lewis Kaplan labeled SBF a “crook” and dismissed his pursuits in cryptocurrency regulation as pretense.
SBF's legal team has made known its intentions to contest the decision as of last week. Meanwhile, Tether, the firm responsible for the Tether (USDT) stablecoin, integrated 8,888 Bitcoin (BTC) worth $618 million into its reserves on the final day of March. Following the recent procurement, the contents of Tether’s wallet weigh in at 75,354 Bitcoin with an average cost of $30,305, totaling approximately $5.2 billion based on current rates, as derived from blockchain data.
With amassed unrealized earnings exceeding $2.94 billion and an increase of over 128%, Tether now ranks seventh amongst the world's Bitcoin holders, based on records from BitInfoCharts. The primary Bitcoin holder recognizable from their data is Binance's cold wallet, containing over 248,597 Bitcoin equating to $17.31 billion as per the latest data.
In a contrasting episode, the organization behind layer-1 blockchain Tron has beseeched a federal court in New York to disregard the SEC's lawsuit filed against them, asserting that the agency is overstepping its bounds in prosecuting “predominantly international activities.”
In a dismissal motion filed on March 28, Tron Foundation insisted, “The SEC cannot govern globally," and went on to criticize its attempt to apply US security laws to mostly extraterritorial conduct as an overextension of its jurisdiction.
The regulatory body filed a lawsuit against Justin Sun, the Tron Foundation, and affiliates such as the BitTorrent Foundation and its stateside parent company Rainberry (acquired by Tron in 2018) back in March of 2023. The lawsuit alleged the offering of Tron (TRX) and BitTorrent (BTT) tokens as unregistered securities.
Denying these allegations, the Singapore-based organization argued that their digital asset offerings are primarily sold overseas, with measures in place to exclude the US market. They also assert that no evidence has been presented by the SEC proving that these tokens were "ever sold or offered initially to any US residents."
Investment-related decisions should not be based on this article. Each trading and investment move comes with its own degree of risk, and it is advised that individuals carry out proper research before making their decision.
This report derives information from work by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
4/1/2024 9:58:15 PM
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