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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.
Private Bitcoin transactions have surged threefold since 2022, driven by significant accumulations from Bitcoin whales linked to ETFs, MicroStrategy, and custodial wallets. Analysts highlight that these whales often utilize CoinJoin for privacy, despite concerns over its association with illicit activities. Speculation arises about unidentified entities amassing up to 420,000 Bitcoin, potentially including nation-states or sanctioned countries, as regulatory scrutiny on privacy tools intensifies.
The crypto industry faced significant challenges in 2023, highlighted by Binance executive Tigran Gambaryan's eight-month imprisonment in Nigeria and the conviction of Tornado Cash developer Alexey Pertsev for money laundering. As regulatory scrutiny intensified under SEC Chair Gary Gensler, the crypto lobby mobilized substantial funds for the 2024 elections, anticipating a shift in regulatory dynamics with the incoming Trump administration. The focus is expected to shift towards international regulations, particularly in the EU, while the US may become a more favorable environment for crypto entrepreneurship.
Roman Storm, co-founder of Tornado Cash, has requested a federal judge to dismiss his criminal charges following a Fifth Circuit Appeals Court ruling that deemed sanctions against the platform's smart contracts unlawful. Storm argues that the court's opinion undermines the charges of conspiring to violate the International Emergency Economic Powers Act, asserting that the smart contracts are not property of any foreign entity and cannot be sanctioned. He also contends that Tornado Cash is not a financial institution, further challenging the charges of operating an unlicensed money-transmitting business and money laundering conspiracy.
ZKsync aims to achieve over 10,000 transactions per second (TPS) and reduce fees to $0.0001 by 2025, enhancing Ethereum's scalability and usability. The roadmap emphasizes the development of its Elastic Network and ZK Stack, positioning them as essential tools for blockchain builders. Privacy-preserving technologies, including ZK-proofs, are gaining traction, potentially attracting mainstream institutions to decentralized finance (DeFi) by offering a more secure and private experience akin to Web2.
On November 14, 2024, 18 Republican state attorneys general and the DeFi Education Fund filed a landmark lawsuit against the U.S. Securities and Exchange Commission (SEC), marking a significant challenge to the agency's stance on cryptocurrency regulation. In related developments, President-elect Donald Trump has nominated Paul Atkins as the new SEC chairman, signaling a potential shift in regulatory approach. Meanwhile, Ripple's legal battles continue, with recent victories against the SEC, as the agency faces increasing scrutiny over its actions.
Alexey Pertsev
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crypto criminals face new year in prison as cases conclude
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