BitMEX CEO Arthur Hayes Leaves Role After US Charges
Coingecko's 2020 October Monthly Report
Topic: Largest crypto exchange CEO arrested! Anyone getting deja vu? - page 5. (Read 803 times)
Some information about BitMEX and their legal case in 2020. Their trading volume shrank a lot as consequence of the charge from the US. authorities.
BitMEX CEO Arthur Hayes Leaves Role After US Charges
Coingecko's 2020 October Monthly Report
BitMEX CEO Arthur Hayes Leaves Role After US Charges
Coingecko's 2020 October Monthly Report
I don't think BitMEX was as huge as Binance when the arrest happened. I also don't think Arthur Hayes was as influential as CZ. And whether they're equal or not, I can't see a reason how it would be beneficial to Bitcoin's price. As a matter of fact, the price has already reacted. And it's moving southward.
Anyway, these are harsh punishments. And the fact that it involved a cryptocurrency platform must have contributed to its severity. I'm not sure if this was a wise decision on the part of CZ. Probably, if only to make sure that Binance stays afloat in a largely hostile environment, but what if he actually ends up in jail and Binance went bankrupt just the same? All these so-called sacrifices would all be for naught.
Anyway, these are harsh punishments. And the fact that it involved a cryptocurrency platform must have contributed to its severity. I'm not sure if this was a wise decision on the part of CZ. Probably, if only to make sure that Binance stays afloat in a largely hostile environment, but what if he actually ends up in jail and Binance went bankrupt just the same? All these so-called sacrifices would all be for naught.
Binance didn't crashed, It just CZ pleading guilty to a crime and it cannot be compared to what FTX bankruptcy did to the cryptosphere.
I must admit that with everything been thrown at Binance by SEC right from the onset, I never saw this coming and its really took everyone by surprise. I'm still trying to figure out how this recent development is going to affect Binance and their standing in the crypto space, and I hope it's not going to be the beginning of its downfall.
I must admit that with everything been thrown at Binance by SEC right from the onset, I never saw this coming and its really took everyone by surprise. I'm still trying to figure out how this recent development is going to affect Binance and their standing in the crypto space, and I hope it's not going to be the beginning of its downfall.
The bad news is that Binance will have to pay over $4B and for that they will likely have to liquidate some BTC which would negative affect the price in short term. Also the largest crypto exchange admitting to violating the law is not good for the market, but at least Binance will only have to pay the fine and they are not getting shut down. Unless they don't have that kind of money and will file for bankruptcy.
So as you all know they charged CZ and he stepped down. Most likely he will get arrested as he goes on US soil.
from what i read he was charged a week ago and made a deal to plead in exchange for a cash settlement(punishment) to avoid jail/prison/extradition
a whopping $4.3billion penalty for binance and $50m for CZ personally
CZ has to pay his $50m plea settlement between now and february to get a reduced sentance (from years) to be instead 10-18months
binance has to pay(of the $4.3b):
$1.8Bill within 15 months (overall fine for crimes)
$1.6bill within 6 months (forfeiture of profits/fee's of running the business)
$0.9bill within 30days (clawback of funds sent to IRAN)
it only became unsealed and newsworthy today
(last weeks charges filing)
https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.1.0.pdf
(motion to unseal)
https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.7.0.pdf
(yesterdays motions to plea)
https://storage.courtlistener.com/recap/gov.uscourts.wawd.328551/gov.uscourts.wawd.328551.9.0.pdf
CZ's "crimes"
1. operating a money transmitter service
2. not registering a money transmitter service
3. facilitating money transmits to iran
binance "crime"
I'm still in shock that he accepted such crime but my concern is what will be the effects of this resignation on Bitcoin and the crypto space at large.
I'm even afraid that there could be some hackers in this exchange from now cause CZ really tries to keep people's assets very safe.
I'm even afraid that there could be some hackers in this exchange from now cause CZ really tries to keep people's assets very safe.
Damn, I just read the news. How often would a CEO confess to some crime they commit? Money laundering isn't that big of a crime, but if you do it with billions, you are in for a treat. I wonder how the crypto world is feeling about this right now, because I am honestly in shock that he admits to it. I know that they are doing these things and then some, and are expert in playing it safe. But to be accepting the charges? That's something.
Hopefully it brings in good numbers for bitcoin, but I doubt it. It may even cause ripples of uncertainties in the crypto space, but only time will tell.
Hopefully it brings in good numbers for bitcoin, but I doubt it. It may even cause ripples of uncertainties in the crypto space, but only time will tell.
So as you all know they charged CZ and he stepped down. Most likely he will get arrested as he goes on US soil.
What I find strange about all this, is that it’s all familiar. Anyone know what I am taking about?
Remember Bitmex and it’s CEO Arthur Hayes who was arrested. What happened right after? One of the biggest bull runs in Bitcoins history.
History doesn’t repeat itself but it often rhymes.
What I find strange about all this, is that it’s all familiar. Anyone know what I am taking about?
Remember Bitmex and it’s CEO Arthur Hayes who was arrested. What happened right after? One of the biggest bull runs in Bitcoins history.
History doesn’t repeat itself but it often rhymes.
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