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Binance, SEC Strike Deal to Move All U.S. Customer Funds, Wallet Keys Back Onshore

The proposed agreement still needs judicial sign-off.

Binance, Binance.US and the Securities and Exchange Commission (SEC) announced a deal to ensure that only Binance.US employees could access customer funds late Friday.

According to the proposed agreement, which still needs sign-off from the federal judge overseeing the case, Binance.US will take steps to make sure that no Binance Holdings (referring to the global exchange) officials have access to private keys for its various wallets, hardware wallets or root access to Binance.US’s Amazon Web Services tools. Moreover, the U.S.-based crypto trading platform will share detailed information about its business expenses, including estimated costs, in the coming weeks.

The proposed deal comes in response to an SEC motion to freeze all of Binance.US’s assets. The regulator said it was concerned that funds could be moved offshore or records destroyed if it was not granted a temporary restraining order (TRO). Binance.US’s attorneys pushed back, saying that freezing all of its assets would amount to the “death penalty.”

Judge Amy Berman Jackson, of the District Court for the District of Columbia, told the parties that it would be better for them to come to an agreement on a proposed stipulation than to have her craft a restraining order, noting that a TRO comes with a two week limit for a more in depth hearing. Two weeks would be insufficient time to prepare, given the more than 4,000 pages of exhibits the parties have already filed, she said during a hearing earlier this week.

Other provisions in the proposed agreement will see Binance.US create new crypto wallets that the global exchange’s employees have no access to, provide additional information to the SEC and agree to an expedited discovery schedule.

U.S.-based customers will still be allowed to withdraw funds during this time.

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Judge Punts on FTX Founder Sam Bankman-Fried’s Efforts to Dismiss Some Charges

A U.S. federal judge in New York revealed skepticism of the arguments from SBF’s defense attorneys in a hearing on their motions to dismiss several counts.

The judge overseeing Sam Bankman-Fried’s criminal trial seemed skeptical of his efforts to dismiss some of the charges he faces.

Judge Lewis Kaplan, of the U.S. District Court for the Southern District of New York, asked the FTX founder’s defense team several questions about their motion to dismiss bank fraud, wire fraud and campaign finance charges, though he did not make a decision on the motions to dismiss during Thursday’s hearing.

“I’d like to congratulate you on an extraordinarily imaginative [defense],” the judge told one defense attorney who argued that the U.S. Department of Justice was trying to insert new legal theories into its prosecution.

Mark Cohen, another attorney for Bankman-Fried, argued before a packed courtroom that the campaign finance charge should be dismissed, or at least severed alongside other charges, on a technical detail.

“The operative document in extradition is the warrant of surrender,” Cohen said. “It does not list the campaign finance charge.”

Bankman-Fried never consented to be extradited on that charge, Cohen contended.

A prosecutor pushed back against this assertion later on, saying the U.S. had included the charge in its extradition request.

The warrant in question was addressed to Bahamian police, and while it may not have included the charge, the Bahamian court itself was aware of it, the prosecutor said.

Judge Kaplan seemed unconvinced. He seemed similarly skeptical about the defense’s efforts to dismiss bank and wire fraud charges.

Part of Thursday’s hearings focused on the possible timeline through the start of the criminal trial. While the DOJ shared a proposed timeline, the judge said it didn’t give him enough time to review all of the materials he’d have to look at.

The judge also denied a number of motions made by the defense tied to discovery, including an effort to have the DOJ review FTX documents and materials.

Bankman-Fried’s attorneys filed to dismiss most of the charges laid out against him last month, arguing that there were a number of different reasons to grant the motions. Several of the motions to dismiss focused on claimed legal issues, including failure to state an offence or allege valid property rights.

Bankman-Fried also sought to dismiss some charges brought after he was extradited to the U.S. on grounds that the Bahamas hadn’t consented to them.

Bankman-Fried was arrested last December on eight initial charges, but prosecutors have added another five through multiple superseding indictments. Bankman-Fried’s attorneys have argued that under the U.S.’s extradition treaty with the Bahamas, the Bahamas’ government needs to sign off on the charges brought post-extradition. On Tuesday, the Bahamas Supreme Court ruled that he should have an opportunity to argue against the country approving the additional charges.

Late Wednesday night, prosecutors agreed to hold off on these added charges until the Bahamas signed off.

Prosecutors pushed back against the other motions, saying the defense’s arguments didn’t carry enough weight on the procedural issues.

Jack Dorsey-Backed Bitcoin Wallet Bitkey To Integrate With Coinbase and Cash App

Public beta testing will begin in a few weeks according to parent company Block.

Jack Dorsey’s FinTech company Block (SQ) will integrate its new self-custody bitcoin wallet, Bitkey, with its financial services platform Cashapp and the cryptocurrency exchange Coinbase. Public beta testing for the wallet will commence in a few weeks with a global launch expected later this year, according to a blog post on Wednesday by the company.

Coinbase is the largest cryptocurrency exchange in the U.S. by trading volume and Cashapp is Block’s own financial services platform that offers payments, stocks and bitcoin in a single app. With its new integrations, Bitkey users will be able to buy and sell bitcoin (BTC) via Cashapp and Coinbase directly from within the wallet’s app.

Bitkey is a multi-signature hardware wallet device that comes with a set of recovery tools and a mobile app. The full Bitkey product suite is expected to launch later this year in the U.S., Canada, the U.K., Brazil, Australia and other global markets.

“Back in March, we explained how partners can contribute to Bitkey’s mission to empower the next 100 million people to truly own and manage their money with bitcoin,” the blog post states. “These partnerships represent a key step towards helping customers have more control and ownership over their financial lives with bitcoin self-custody.”

Binance.U.S. Cuts Staff After SEC Suit, Citing ‘Very Costly Litigation Process’

Reports suggest about 10% of the company’s employees were laid off.

Kripto borsası Binance’in ABD iştiraki Binance.US, ABD Menkul Kıymetler ve Borsa Komisyonu’nun (SEC) her iki kuruluşa karşı dava açmasından yaklaşık bir hafta sonra personelinin bir kısmını işten çıkardı.

CoinDesk tarafından görülen belgelerde yönetim, SEC’i “sadece kripto borsası” olmaya zorlayan “siyasi amaçlı bir düzenleyici” olarak tanımladı.

“As part of this transition, and because of our preparation for a multi-year and very costly litigation process, the Board has asked Management to shrink the size of our teams across the company and reduce our burn rate,” read the documents. “Unlike every other U.S. crypto company, we have been working to avoid this scenario, but circumstances have now shifted. This was a very hard decision – one that we didn’t take lightly. We are sad to see our colleagues depart, but we wish them the best and will do what we can to assist them in this transition.”

According to a report from Reuters, about 50 positions were cut. Binance.US’s LinkedIn page shows the company with 487 employees.

SEC geçen hafta Binance.US’a Binance ve kurucusu ve CEO’su Changpeng “CZ” Zhao ile birlikte halka kayıtsız menkul kıymetler sunduğu iddiasıyla dava açtı. Ayrıca Binance.US’a bağlı varlıkları dondurmak için geçici bir yasaklama emri istedi, ancak Perşembe günü bir yargıç emri reddederek borsanın ABD’de iş yapmaya devam etmesine izin verdi.

BlackRock’s iShares Files Paperwork for Spot Bitcoin ETF

The SEC has rejected numerous attempts by other fund companies to launch a spot bitcoin ETF.

The iShares unit of fund management giant BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission for the formation of a spot bitcoin (BTC) ETF.

To be named the iShares Bitcoin Trust, the fund’s assets are to “consist primarily of bitcoin held by a custodian on behalf of the Trust,” according to the filing.

CoinDesk earlier on Thursday reported on BlackRock’s intention to soon file for a bitcoin ETF.

Though approving a number of futures-based bitcoin ETFs, the SEC has notably rejected other fund management company attempts at opening a spot bitcoin ETF, including those from Grayscale, VanEck, and WisdomTree.

Bitcoin Jumps Past $25.7K After BlackRock iShares ETF Filing

The largest cryptocurrency rose more than 1.3% in the hour after the announcement.

Bitcoin jumped past $25.700, a more than 1.3% gain, in the hour after the iShares unit of fund management powerhouse BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) ETF.

Bitcoin dipped below $25,000 just a day earlier for the first time in three months and spent most of Thursday prior to the BlackRock announcement hovering just over that threshold. BTC’s price has sunk amid concerns about U.S. central bank hawkishness and increasing U.S. regulatory scrutiny of the crypto industry.

But the BlackRock announcement rekindled optimism about the possibility of a spot bitcoin ETF, even after the SEC has rejected multiple applications over the past 18 months.

To be named the iShares Bitcoin Trust, the fund’s assets are to “consist primarily of bitcoin held by a custodian on behalf of the Trust,” according to the filing. That custodian will by crypto exchange Coinbase (COIN), said the filing.

CoinDesk earlier on Thursday reported on BlackRock’s intention to soon file for a bitcoin ETF.

Do Kwon to Remain in Custody While Montenegro Courts Consider Extradition Request: Report

Courts in the country approved bail for the Terraform Labs founder, but a South Korean extradition request is set to keep him in jail.

Terraform Labs co-founder Do Kwon is to remain in Montenegro custody for six months while the country’s courts consider an extradition request from South Korea, local news outlet RFE reported on Thursday.

The report, later confirmed by DL News, followed a high court announcement on the approval of bail for a case involving document forgery. Kwon’s bail request was approved after a previous rejection by the same court.

In March, the South Korean national was arrested in Montenegro over the alleged possession of falsified documents along with fellow Terra executive Han Chang-Joon. South Korean officials were already searching for Kwon, and following his arrest, the country requested Kwon’s extradition, as did the U.S. Kwon also faces possible jail time in Montenegro over the document forgery case.

Kwon and Han are due to appear in a Montenegro court on Friday.

Curve Finance CEO Egorov Sued by Three DeFi-Focused Venture Capital Firms

A complaint filed in San Francisco alleges Egorov defrauded ParaFi Capital, Framework Ventures and 1kx.

Michael Egorov, the CEO of decentralized finance (DeFi) firm Curve Finance, is being sued for fraud by venture capital firms ParaFi Capital, Framework Ventures and 1kx in the U.S.

A complaint filed in the Superior Court of California, San Francisco, alleges Egorov misappropriated trade secrets of the three VC firms, and defrauded the firms out of close to $1 million in funds while dangling the false promise of a possible stake in Curve to gain the investors’ trust and support.

The lawsuit, filed in April, also alleges that Egorov moved to Switzerland to insulate himself from the inevitable legal fallout. The three firms have been pursuing a breach-of-contract case in Switzerland against Egorov and his company Swiss Stake since 2020.

Curve Finance, a decentralized exchange built on the Ethereum blockchain, ranks among the biggest DeFi trading platforms, with some $4.07 billion in total locked value, according to DeFi Llama. Curve operates in the form of a decentralized autonomous organization (DAO), controlled by the CRV token, which can be bought or earned by contributing to Curve’s liquidity pools.

Beginning in early 2020, Framework Ventures, ParaFi Capital and 1kx claim that Egorov “engaged in a brazen, multi-faceted scheme to defraud” them over a six-month period, according to the complaint. The VCs also allege Egorov “misappropriated” the firms’ “trade secrets,” including “information that proved to be critical to the development of Curve, such as key industry contacts, potential investors, and knowledge of how to manage an investment round – all while falsely promising that Plaintiffs would benefit from the fruits of their labor, not just Egorov.”

The VC’s also claim Egorov offered to sell shares of Swiss Stake to Plaintiffs for close to $1 million (alleging that a combined $925,233.54 worth of USDC was sent to a wallet specified by Egorov), but had no intention of transferring shares of Swiss Stake to the firms.

Egorov’s lawyers said in May 22 filing that the allegations of fraud derive from the termination of a contract between the VCs and Swiss Stake, and that the “trade secrets” in question were really the names of widely known investors. Egorov’s side also claims Swiss Stake promptly offered to return the roughly $1 million of invested funds.

“To justify their blatant forum shopping, Plaintiffs concocted a new and compelling story painting Egorov as an evil villain who duped three naïve VC firms into giving up ‘trade secrets,’” according to a May 22 filing by Egorov’s lawyers. The case against Egorov amounts to “nothing more than a clever narrative,” his attorneys said.

Law firm Latham & Watkins, representing the three VC firms provided CoinDesk with a statement via email: “It is regrettable this has reached the point of litigation, but we strongly believe the facts are on our side. In that respect, the complaint speaks for itself. Our clients are resolved to seek full accountability of Michael Egorov for his behavior.”

Egorov’s lawyers, DLA Piper, had not responded to an emailed request for comment by press time.

Ether Options Market Makers Are ‘Long Gamma’ at $1.8K

Traders said market makers are holding options with a $1,800 strike price and are likely to influence prices as they try to keep their portfolios direction-neutral.

Ether (ETH), the second largest cryptocurrency by market value, has been largely locked in a narrow price range around $1,800 since mid-May and is unlikely to move much in the short term, market makers’ positions in the options market indicate.

That’s because the market makers, the dealers tasked with providing liquidity to an exchange’s order book and who are always on the opposite side of investors’ bets, are forced to hedge their options exposure through offsetting positions in the spot or futures market in order to run a market-neutral, or delta-neutral, portfolio. Their so-called delta hedging actions as the underlying asset moves can influence the spot market price and are known to arrest price swings.

According to Jeff Anderson, a senior trader at STS Digital, market makers are currently stuffed with what’s known as long gamma positions in the $1,800 strike price ether options due to expire on June 30. Market makers are said to be long gamma at a particular price level when they have bought options at that level.

“So, as we go higher, market makers will likely sell ETH. On the flip side, market makers would buy the cryptocurrency on price dips,” Anderson told CoinDesk. “So, the spot price could stay close to $1,800.”

Options are contracts that give the purchaser the right, but not the obligation, to trade the underlying asset at a predetermined price on or before a specific date. A call option gives the right to buy while put the put option offers the right to sell. Being long gamma means holding a buy position in call or put options.

The long gamma positioning forces market makers to snap up the underlying asset when the price falls below the said level to keep the overall portfolio market-neutral. Similarly, they sell the asset when the price rallies. Gamma refers to the rate of change in options delta per one-point move in the underlying asset.

Griffin Ardern, a volatility trader from crypto asset management firm Blofin, said the delta hedging by market makers could strongly influence the spot price.

“Considering the lack of enthusiasm among futures and perpetual futures traders right now, the impact of market maker hedging could be significant,” Ardern said.

Mt. Gox’s Hackers Are 2 Russian Nationals, U.S. DOJ Alleges in Indictment

One of the individuals also operated BTC-e, the DOJ alleged.

The U.S. Department of Justice charged Russian nationals Alexey Bilyuchenko and Aleksandr Verner with hacking Mt. Gox in 2011, at the time one of the biggest thefts in the crypto industry.

The two “gained unauthorized access” to Mt. Gox’s wallets around September 2011, the DOJ said in a press release Friday announcing the unsealing of a 2019 indictment, stealing 647,000 over the course of nearly three years. These funds were then laundered.

The DOJ alleged that Bilyuchenko was also an operator of defunct crypto exchange BTC-e, alongside Alexander Vinnick who was previously charged with operating BTC-e.

Both face charges of conspiracy to commit money laundering, while Bilyuchenko also faces a charge of operating an unlicensed money services business. The DOJ’s Southern District of New York and Northern District of California offices both brought cases tied to the Mt. Gox hack.

In a statement, DOJ Assistant Attorney Kenneth Polite said, “This announcement marks an important milestone in two major cryptocurrency investigations. As alleged in the indictments, starting in 2011, Bilyuchenko and Verner stole a massive amount of cryptocurrency from Mt. Gox, contributing to the exchange’s ultimate insolvency. Armed with the ill-gotten gains from Mt. Gox, Bilyuchenko allegedly went on to help set up the notorious BTC-e virtual currency exchange, which laundered funds for cyber criminals worldwide. These indictments highlight the department’s unwavering commitment to bring to justice bad actors in the cryptocurrency ecosystem and prevent the abuse of the financial system.”