Mashinsky's Trial Set for September 2024, Stolen Tokens Sold at Discount, Ethereum ETFs Launch Disappoints
Summary:
Alex Mashinsky's trial for alleged securities fraud is set for September 2024 while he remains on bail. Furthermore, an individual linked to the CoinEx and Stake hacks is reportedly selling stolen tokens at discounted prices. Finally, the US launch of nine Ethereum futures ETFs failed to meet expected first-day investment volumes.
The court trial of Alex Mashinsky is set to take place in September 2024. Current findings indicate that a party believed to be involved in the recent breaches of CoinEx and Stake is attempting to sell related tokens at marked down prices, as informed by blockchain analysis company, Match Systems. Amidst this, launch of Ethereum futures Exchange Traded Funds (ETFs) in the U.S didn't receive much fervor in terms of initial investiture.
The date for courtroom proceedings against Alex Mashinsky, previously presiding as CEO of Celsius Network, has been announced to be the 17th of September, 2024. He has been formally charged with suspicions of securities fraud. Until these legal proceedings commence, Mashinsky, whose arrest took place in July, is out on a $40 million bail, as recorded by Cointelegraph. Numerous personal assets of Mashinsky, like bank accounts and property, are seized as per the court's directive, giving a negative impression of him on social media platforms.
As per investigations from Match Systems, an individual allegedly involved in cryptocurrency laundering linked to recent major hacks is offering stolen tokens at discounted prices. This individual, identified from the traces left by multiple breached actions in summer 2023, has been selling these tokens through direct peer-to-peer transfers. Current evidence indicates the individual in question to be located somewhere within the European timezone.
The individual, whose identity hasn't been completely confirmed, is known to accept Bitcoin in exchange for the discounted stolen tokens. Prior sales include $6 million worth of TRON tokens and the recently listed offering includes $50 million worth of TRON, Ether, and Binance Smart Chain tokens.
As per CertiK, a blockchain security firm, approximately $4.8 million out of the total stolen $41 million from the Stake heist has been laundered through different token transfers and cross-chain swaps. The perpetrators of Stake and CoinEx breaches have been identified to have slightly different patterns than previous breaches attributed to the Lazarus Group.
On the 2nd of October, the U.S saw the launch of nine Ethereum futures ETFs, the first of its kind. However, the inaugural trading volumes for these new ETFs lacked the impressive numbers initially anticipated, with all nine ETFs cumulatively witnessing less than $2 million worth of trading.
Despite the hype surrounding its approval, the futures ETFs could not replicate the initial success of its Bitcoin counterpart from 2021. However, the ETH futures ETF launch was not completely dismal when compared to regular traditional finance ETFs according to a Bloomberg ETFs analyst. This news is for informational purposes only and does not propose investment guidance or suggestions. Reflection on your personal circumstances is advised prior to undertaking any trading or investment action.
Published At
10/3/2023 7:09:29 PM
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