Winners and Losers of Cryptocurrency in 2023: A Tale of Triumphs and Trials
Summary:
The cryptocurrency domain in 2023 witnessed a number of influential figures taking divergent routes, yielding various successes and failures. Among the winners were Ripple's CEO, Brad Garlinghouse, and Yuga Labs, both of whom achieved notable legal victories, alongside Real Bedford FC's triumphant year, and the consistent gain for crypto lawyers. Conversely, significant setbacks were faced by influential figures such as Changpeng “CZ” Zhao of Binance, Jesse Powell of Kraken, Do Kwon of Terraform Labs, and Sam Bankman-Fried, former CEO of FTX, who confronted various legal predicaments, marking notable losses in the crypto industry for the year.
The volatile world of cryptocurrency in 2023 saw numerous influential figures taking diverse routes, leading to various highs and lows throughout the industry. Amid this fluctuation, certain personalities shone by amassing tremendous accomplishments, while others observed their dominions crumble regardless of promising predictions. Let's take a look at crypto's major victories and significant setbacks during 2023.
Victorious Ones
Facing an equally opportunistic and unpredictable landscape, numerous crypto innovators stood out as resilient trailblazers, determining the course of 2023 and laying the groundwork for 2024.
Brad Garlinghouse
Ripple's CEO, Brad Garlinghouse, may not appeal to everyone, however, through a series of legal wins against the United States Securities and Exchange Commission, he managed to win favor in the wider crypto space this year. In July, Ripple was victorious in an essential ruling where the XRP token was deemed not conflicting securities laws against the regulatory agency. Yet, the issue is not entirely resolved as the SEC persists in pursuing Ripple over a hefty $770 million in fines.
Yuga Labs
Another firm that made significant headways in the courtrooms in 2023 was Yuga Labs. The company came out on top in a drawn-out dispute against Ryder Ripps and Jeremy Cahen, who wrongly claimed that Yuga Labs' Bored Ape Yacht Club NFTs were racially offensive and anti-Semitic, only to plagiarize those same NFTs. The court ordered Ripps and Cahan to pay damages and legal costs amounting to $1.57 million to Yuga Labs.
Real Bedford FC
Meanwhile, Real Bedford secured a victory in the UK's South Midlands League in April, exhibiting a great year for the soccer team owned by Bitcoin-focused podcaster Peter McCormack. He aspires to witness his team playing in the Premier League one day.
Crypto Lawyers
Lastly, amid the flurry of legal issues in the crypto world, one group that consistently reaped gains was crypto lawyers. Their resilience was a testament to their ability to navigate turbulent waters.
Noteworthy Losses
However, several of the most respected and popular crypto entrepreneurs found themselves ensnared in a variety of legal predicaments over charges ranging from embezzlement of investor funds to facilitation of cross-border money laundering routes.
Changpeng Zhao
As for Changpeng “CZ” Zhao, whether he emerged a winner or a loser in 2023 is subject to one's perspective. Encountering pressures from the U.S. Department of Justice, the Binance chief was compelled to step down and pay a personal fine of $50 million. Also, Binance was slapped with a record-breaking $4.3 billion fine.
Jesse Powell
Another significant player facing regulatory tussle, Jesse Powell, saw his Kraken settling with the SEC, only to come under the radar again later in the year. Though the settlement gave him momentary respite, he quickly found himself back under regulatory scrutiny.
Do Kwon
Terraform Labs co-founder Do Kwon was another major player who experienced a major setback in 2023 after being convicted for forgery of official documents and sentenced to prison time.
Sam Bankman-Fried
Lastly, former FTX CEO Sam Bankman-Fried faced one of the most dramatic downfalls in crypto's history. Having been found guilty of defrauding FTX's consumers, he now faces extensive prison time, marking him arguably as the most significant loss in 2023's crypto world.
Published At
1/1/2024 2:00:00 AM
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