Judge Denies Bankman-Fried's Hearing Delay, Ledger Pledges Compensation, Senator Seeks Anti-Crypto Bill Help
Summary:
Judge Lewis Kaplan dismissed Sam Bankman-Fried's plea to postpone his sentencing hearing. Ledger pledged to compensate users following a Connect Kit exploit that resulted in the theft of roughly $600,000 in assets. US Senator Roger Marshall admitted to seeking help from the American Bankers Association to draft the Digital Asset Anti-Money Laundering Act.
Judge Lewis Kaplan has dismissed a plea by Sam Bankman-Fried to postpone his sentencing hearing, which was initially set for Dec. 21. In other news, Ledger has acknowledged that about $600,000 in assets were taken from users via blind signing on EVM DApps and pledged to fully compensate all the victims. United States Senator Roger Marshall has also admitted that he sought assistance from a banking lobby group to help draft new legislation against crypto.
The request of Sam Bankman-Fried to postpone his sentencing was denied by Judge Lewis Kaplan on Dec. 20. Former FTX CEO and convicted criminal, Bankman-Fried had put forward his request a day before his pre-sentencing meeting. His lawyer, Mark Cohen, explained to the judge that the defense team required more time to prepare for the meeting. Kaplan dismissed any effort to reschedule Bankman-Fried's hearing, reminding the defense that they had not opposed the original sentencing date.
On Nov. 7, Bankman-Fried was found guilty of seven counts associated with wire fraud, securities fraud, commodities fraud, and conspiracy to commit money laundering. Despite these charges, the ex-crypto exec maintained his innocence.
Following the exposure of the Ledger Connect Kit exploit, hardware cryptocurrency wallet provider, Ledger has affirmed it will compensate all affected users. On Dec. 20, Ledger announced on X (previously known as Twitter) that it was aware of assets approximately worth $600,000 being stolen from or impacted users through blind signing on Ethereum Virtual Machine (EVM) Decentralized Applications (DApps).
Numerous decentralized applications, including SushiSwap and Revoke.cash, that used Ledger's connector library were compromised on Dec. 14, 2023, causing significant losses by investors. Ledger promised to fully compensate all victims and work towards rectifying the situation by February, 2024. The hardware wallet company also intends to completely eliminate blind signing with Ledger devices by June 2024, whilst still allowing clear signing.
US Senator Roger Marshall publicly admitted to soliciting assistance from the American Bankers Association (ABA) — the biggest lobby group for U.S. banks — to help draft the Digital Asset Anti-Money Laundering Act. This legislation, introduced for the first time in December 2022, aims to place stringent regulations on non-custodial wallets, validators, and mining pools, similar to those on banks. The revelation stirred criticism from the crypto industry, with Coinbase CEO, Brian Armstrong expressing his displeasure.
Published At
12/20/2023 11:02:48 PM
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