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FTX and Alameda Research have unstaked approximately 182,421 Solana (SOL), valued at $32.35 million, transferring the funds to 20 different addresses. Since November, they have repaid a total of 4,445,000 SOL, while 6,470,000 SOL remains staked.
The CFTC's enforcement director Ian McGinley will leave the agency on Jan. 17, just days before Donald Trump's inauguration, amid a shift in regulatory focus towards the crypto industry. Meanwhile, decentralized exchange Mango Markets is winding down operations after a settlement with the SEC, and New York's Attorney General is pursuing over $2 million in crypto fraud cases. Additionally, FDIC Vice Chair Travis Hill criticized the debanking of crypto firms, advocating for a new direction that supports law-abiding customers.
Backpack, a crypto exchange founded by former FTX executives, has acquired FTX EU, gaining access to a MiFID II license under CySEC. This move allows Backpack to offer regulated crypto derivatives in Europe, addressing gaps left by unregulated exchanges while prioritizing customer restitution from FTX EU's bankruptcy. CEO Armani Ferrante emphasized the commitment to regulatory compliance and restoring trust in the industry.
As 2025 begins, several high-profile cryptocurrency criminals are spending their first New Year in prison. Sam Bankman-Fried, former CEO of FTX, was sentenced to 25 years, while Tornado Cash co-founder Alexey Pertsev received over five years for money laundering. Other notable figures include IcomTech founder David Carmona, sentenced to 10 years, and Bitfinex money launderers Ilya Lichtenstein and Heather Morgan, with Morgan set to report to prison later this month.
Stephen Akridge, co-founder of Solana, is facing a lawsuit from his ex-wife, Elisa Rossi, who claims he misappropriated millions in cryptocurrency from her digital wallet. The suit alleges he redirected her staking rewards for personal gain during their divorce proceedings. Rossi is seeking damages for breach of contract, unjust enrichment, and fraud.
Ryan Salame, the former co-CEO of FTX Digital Markets, has had his prison release date moved up to March 1, 2031, after serving a 7.5-year sentence for conspiracy to make unlawful political contributions and operate an unlicensed money-transmitting business. Initially set for release in April 2032, his sentence was shortened following a legal delay related to the indictment of his child's mother. The FTX exchange's collapse in November 2022 led to significant legal repercussions for its founder, Sam Bankman-Fried, who was sentenced to 25 years in prison.
Stephen Akridge, a co-founder of Solana, is facing a lawsuit from his ex-wife, Elisa Rossi, who accuses him of stealing millions in staking rewards from her digital wallet. The couple, who divorced in February 2023 after ten years of marriage, are embroiled in a dispute over the management of SOL tokens, with Rossi seeking damages for breach of contract, unjust enrichment, and fraud. The case highlights the complexities of cryptocurrency ownership and expertise disparities.
The US Commodity Futures Trading Commission (CFTC) has reported a record $17.1 billion in fines and investor relief, primarily due to its enforcement actions against the collapsed crypto exchange FTX and its affiliate, Alameda Research. This includes over $8.7 billion in restitution and $4 billion in disgorgement, marking the largest total in the agency's history.
Gary Wang, co-founder of FTX, was sentenced to time served and three years of supervised release after pleading guilty to multiple fraud charges. He was ordered to forfeit $11 billion and credited for his cooperation with authorities, which included testifying against founder Sam Bankman-Fried. Wang expressed remorse in court, stating he took the "cowardly path" and vowed to make amends.
Nishad Singh, former head of engineering at FTX, received no jail time but was sentenced to three years of supervised release and ordered to forfeit $11 billion for his role in the crypto fraud. His cooperation with authorities was deemed significant, leading to a lighter sentence compared to other FTX executives. Singh expressed remorse in court, acknowledging his straying from personal values while highlighting his assistance in the investigation.
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