What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a concise and compact weekly review.
Selected articles of the week:
In November 2022, the collapse of what was once the second-largest cryptocurrency exchange, FTX, rocked the industry. What founder Sam Bankman-Fried initially attempted to disguise as a short-term liquidity crisis was revealed to be fraud on a massive scale. The trading firm Alameda Research had access to all of FTX’s customer funds and used them for risky bets. When the market turned, the scheme went bankrupt. Millions of customers suffered total losses. Consequently, prosecutors sought a sentence of up to 50 years in prison for Bankman-Fried. The responsible US court opted for a 25-year sentence.
A U.S. court sentenced former FTX CEO Sam Bankman-Fried to 25 years in prison and forfeiture of $11 billion.
Traders flee Kucoin
Since the FTX collapse, traders have been extremely cautious with centralized exchanges. Even vague signs of abnormal activity can lead to billions in withdrawals. An example is the Altcoin exchange Kucoin. A week ago, the trading platform faced a lawsuit from the US Department of Justice for violating anti-money laundering laws. The exchange’s volume immediately plummeted by 75%, while cumulative outflows exceeded 600 million USD.
A summarizing review of what has been happening at the crypto markets of the past week. A weekly report in cooperation with Kaiko.
An interconnected Crypto Valley
In 2019, AMINA (formerly SEBA Bank), along with Sygnum, became one of the first two crypto startups to receive a banking license from the Swiss Financial Market Supervisory Authority (FINMA). Since then, Crypto Valley has seen significant growth. New service providers specializing in various subsectors have enriched the ecosystem. A renewed partnership between AMINA Bank and Taurus is set to further advance this connectivity.
The Zug-based crypto bank AMINA Bank and the Swiss service provider Taurus are strengthening their partnership with a multi-year agreement.
An exciting spring for the markets
March was an exciting month. It wasn’t just the price that made headlines; Bitcoin reached a new all-time high of 70,000 USD. Ethereum also made waves with an upgrade for Layer-2 solutions and was chosen as the blockchain platform for BlackRock’s tokenized bonds. Meanwhile, Solana established itself as the most popular network for trading Memecoins.
A summarizing monthly review of what’s happening in the crypto markets in cooperation with the Swiss specialist 21Shares AG.
