Mango Markets Exploit Leads to Guilty Verdict; Binance Earns Dubai Trading Approval, Bitcoin Halving Searches Surge
Summary:
Avi Eisenberg may serve up to 20 years in prison after being found guilty for his role in the Mango Markets exploit. Meanwhile, Binance garnered trading approval in Dubai after former CEO Changpeng Zhao surrendered his voting rights in the local trading unit. Separately, Google recorded a surge in searches related to Bitcoin's halving. The consensus algorithm's next halving is scheduled for April 20, which will see the miners' reward drop from 6.25 BTC to 3.125 BTC.
A verdict of guilt in a fraud case leaves Avi Eisenberg potentially facing a two-decade prison sentence for his role in the Mango Markets exploit. Simultaneously, after relinquishing his voting privileges in the regional trading unit, former CEO Changpeng Zhao has cleared the way for Binance to procure trading approval in Dubai. In another development, Google has recorded an uptick in searches related to Bitcoin halving.
The Mango Markets exploit involving Avraham “Avi” Eisenberg, which led to a loss of $110 million, resulted in a guilty verdict for the perpetrator, pressing charges of fraud and market manipulation, as ruled by the United States District Court for the Southern District of New York on April 18. Eisenberg’s conviction covers wire fraud, commodities manipulation and commodities fraud, carrying a maximum potential penalty of 20 years in prison. Eisenberg’s defense maintained that no crime was committed, asserting that his trading strategy, albeit successful and legal, accrued him around $110 million. Eisenberg would later return about $67 million of this money. The date for Judge Richard Berman's sentencing of Eisenberg is yet to be finalized.
In Dubai, Binance, a major cryptocurrency exchange, has acquired a desperately anticipated regulatory license after co-founder Changpeng Zhao relinquished his voting rights in Binance’s local entity. Reports from the Virtual Assets Regulatory Authority (VARA) of Dubai suggest their primary motive was to exclude any impending intrusion with Binance's current settlement with the U.S. authorities that saw Zhao's resignation as Binance's CEO. Since Zhao has forfeited his voting rights in Dubai FZE, VARA has been inspecting rigorously the services Binance plans to extend in Dubai.
Even as interest in Bitcoin's ‘halving’ reaches its peak on Google's search trend, the digital currency’s scheduled halving will take place on April 20. In this event, Bitcoin (BTC) miners' reward will dip from 6.25 BTC to 3.125 BTC. As of this year, Bitcoin has observed a surge of approximately 44%, initially priced around $42,200 at the start of this year, it reached a record high of $73,600 on March 13, and it presently hovers around $61,000, as per CoinMarketCap data.
Readers are advised to conduct rigorous research before making any investment and trading decisions, as they entail inherent risks. All findings are attributed to the comprehensive reporting by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
4/18/2024 10:09:12 PM
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