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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
The U.S. Supreme Court has denied Binance's appeal to dismiss a lawsuit from investors alleging the exchange illegally sold unregistered tokens. The 2nd U.S. Circuit Court of Appeals ruled that U.S. securities laws could apply, as token purchases became irrevocable in the U.S. despite Binance's foreign status. Investors are seeking to recover losses from tokens purchased since 2017, while Binance contends that U.S. laws should not govern its operations.
Bill Hwang, founder of Archegos Capital Management, has been sentenced to 18 years in prison for fraud and market manipulation following the fund's collapse in 2021, which affected major banks like Credit Suisse and Nomura. Hwang was convicted on ten counts after misleading banks to finance risky investments, leading to a staggering $160 billion market exposure. A hearing regarding potential compensation is set for Thursday, while the former CFO, Patrick Halligan, awaits sentencing on January 27.
Jonathan Stempel
People
16:14 13.01.2025
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Jonathan Stempel
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09:26 21.11.2024
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