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Jump Crypto was one of the most active traders on Sam Bankman-Fried’s FTX and Do Kwon’s Terra/Luna/Anchor platforms. However, after losing at least $300 million after the collapse of FTX and untold civil ramifications for its role in Terra LUNA’s demise, Jump’s crypto heyday has passed. It has liquidated various DeFi positions on platforms like Lido and is sending tens of millions of dollars in proceeds to centralized exchanges. Jump is facing at least two class action lawsuits and a Commodity Futures Trading Commission (CFTC) investigation. Blockchain evidence from the weekend indicates that it might be trying to raise cash. According to work sponsored by Bitget, researchers claim to have deanonymized wallets belonging to Jump that have redeemed over half a billion dollars worth of Lido’s wrapped staked ether (wstETH) and sent tens of millions of dollars to centralized exchanges. Other rumors are circulating that Jump is shuttering its market-making business altogether. These ar...

In what is beginning to resemble a Legal Schrödinger’s Cat, Do Kwon has once again had his extradition paused and is being held at an il Legal migrant center. Do was set to be extradited to South Korea and the US, and was scheduled to be shipped from Montenegro shortly. According to Montenegrin media, the extradition stoppage is due to Legal wrangling between numerous Legal departments within the government. Do’s lawyers have already had their appeals denied and he has had his travel documents confiscated so that he cannot leave Montenegro pending a decision on his extradition . This weekend footage of Do was posted on X (formerly Twitter), where the cryptocurrency founder appeared thinner and in baggy clothes, led by a cadre of police officers after being interrogated . It’s official, Do Kwon is off to South Korea Read more: Somebody extradite Do Kwon already Do Kwon is both Extradited and Not-Extradited Do, who was apprehended a year ago in Montenegro af...

Day 11 of the Crypto Open Patent Alliance (COPA) v. Craig Wright trial featured cross-examination of Wright’s witnesses. On Monday, Qudos Bank CIO David Bridges, Wright’s cousin Max Lyman, and nChain co-founder Stefan Matthews took the stand. Among several revelations, Lyman admitted that he could not recall if Wright showed him Bitcoin’s original whitepaper . For context, COPA is requesting that the UK High Court of Justice issue an injunction against Wright, a litigious supporter of Bitcoin SV (BSV), a hard fork of Bitcoin worth 99% less than BTC. COPA’s lawsuit centers on Wright’s claim to be Satoshi Nakamoto, the creator of Bitcoin and author of its whitepaper. In this lawsuit, for the first time, a judge will determine whether Wright owns the copyright to Bitcoin’s whitepaper. As plaintiff, COPA wants a global ban on Wright asserting authorship or copyright over it. Monday was the beginning of the third week of proceedings — the most important of Wright’s career. Qudos B...

Legal teams for COPA called three expert witnesses to the stand.  The witnesses on Thursday are Craig Wright’s former coworkers. They testified via video from Australia. Eight days of testimony by Craig Wright in the UK High Court of Justice are complete. On Thursday, attention pivoted to cross-examination of expert witnesses.  Attorneys for the pro-Bitcoin plaintiff, the Crypto Open Patent Alliance (COPA), as well as the pro-BSV defendant, Craig Wright, began calling their opposition’s witnesses to the (virtual) stand. All witnesses from Thursday’s hearing testified via web conference from Australia. COPA members include Coinbase, Kraken, MicroStrategy, Block, and other well-capitalized crypto companies. They are suing Wright, who supports a forked version of BTC trading as BSV, and are hoping to gain an injunction that would prevent him from claiming he wrote or owns the copyright of Bitcoin’s whitepaper. On Thursday, COPA lawyers questioned bioinformatician Ignatius...

Law professor David Mills, who defended FTX ’s Sam Bankman-Fried in his high-profile Crypto fraud trial earlier this year, has claimed that his friendship with the disgraced former CEO’s parents may not survive the case. He has also suggested that Bankman-Fried, who was found guilty of seven fraud and conspiracy charges in November, may be “at the very top of the list as the worst person I’ve ever seen do a cross-examination.” As reported by Bloomberg, Mills, out of loyalty to the FTX chief’s parents, agreed to fight Bankman-Fried’s corner in December 2022. He also told them that he would “see this through for you and do my best.” However, the legal veteran claimed that he believed the case to be virtually unwinnable from the get-go . He pointed specifically to pre-trial rulings by US District Judge Lewis Kaplan, and the fact that Bankman-Fried would be up against three strong prosecution witnesses, namely Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and ...

Major Binance rival Coinbase took advantage of the problems of its competitor to alert users on the need to regulate the crypto market. According to Brian Armstrong, CEO of Coinbase, the need for transparency and clarity in crypto is more greater than ever before. These principles, he added, were critical in providing Coinbase regulatory and legal compliance departments that have made Coinbase unique since its founding in 2012. Since the founding of Coinbase back in 2012 we have taken a long-term view. I knew we needed to embrace compliance to become a generational company that stood the test of time. We got the licenses, hired the compliance and legal teams, and made it clear our brand was about trust… — Brian Armstrong ️ (@brian_armstrong) November 21, 2023 Armstrong noted that Coinbase, unlike Binance, is a public company. You might also like: Coingecko: Coinbase tops crypto lobbying spenders in 2023 On Nov. 21, Binance Holdings Limited pled guilty and agreed ...

Platypus Finance, a decentralized finance protocol on the Avalanche blockchain, has recovered 90% of its assets following a recent security breach involving flash loan attacks. Platypus Finance, a DeFi protocol operating on the Avalanche blockchain, announced the recovery of 90% of the assets lost to a security breach last week. On Oct. 12, the platform fell victim to three flash loan attacks, which resulted in the theft of $2.23 million. A flash loan attack is an exploitation in which hackers manipulate vulnerabilities to borrow cryptocurrency without the requisite collateral, effectively draining the protocol of its assets and causing bad debt for its users or treasury. 2/ Along with the recovery on Oct 12, over 90% of the funds have been recovered. The net loss has been minimized to approximately 18k AVAX. We will release further information on withdrawal arrangement as we progress. — Platypus (+🦦+🦫) (@Platypusdefi) October 17, 2023 By Oct. 17, the protocol’s develop...

UK citizens hoping to access legal aid through the proposed Help with Fees (HwF) scheme will not have crypto currency assets classified as disposable income. A new report from the UK Ministry of Justice includes commentary in response to a public consultation on a proposed legal aid scheme aimed at ensuring equal access to the justice system. The scheme aims to ensure that individuals do not lose access to courts and tribunals due to an inability to pay the relevant fees. The ministry also proposes to ensure access to justice for low-income earners, provide money to taxpayers who ultimately bear the cost of fee waivers under the scheme , and ensure that the scheme is accessible and eligibility criteria are clear. You might also like: UK politician calls on FCA to be less aggressive on crypto ads The Ministry indicates that the majority of respondents supported this proposal. It also helps attract investments that are not available as liquid assets. However, some res...

The duo’s paper says self-contracts can help you quit smoking or lose weight, but incentives such as putting a bomb in your skull would surely test the limits of the law. New York University School of Law professors Max Raskin and Jack Millman recently published a paper in the Journal on Emerging Technologies discussing the legalities surrounding the use of blockchain-based smart contracts for the purpose of ‘personal growth bets.’  According to the duo, personal growth bets are single-party contracts that a person would engage in with themselves. The purpose of these contracts would generally be for the purpose of self improvement — to either start or stop a certain act during a given period of time or by a certain date. The researchers use the notions of quitting smoking or losing weight to describe the concept. Per their paper: “For example, a rough outline of such a bet would be: if Max does not lose 10 pounds over the next six months, he must pay Jack $1,000. Whereas, if he does ...