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Today we have prepared for you a comprehensive digest of the most notable crypto news and events that occurred in the last seven days. Let’s dive in 👇
quick weekly news
Do Kwon criminal trial set for 2026 as lawyers deal with ‘massive’ trove of evidence
According to CoinDesk’s resources, the trial of Terra Luna’s founder, Do Kwon, has been set by judges for as far as 2026 due to the need to analyze his email and Twitter histories before reaching a final verdict. District Judge Paul Engelmayer of the Southern District of New York (SDNY) stated that this is the first time in his career the start date of a trial has been moved by more than a year. The delay is necessary because analyzing Do Kwon’s data not only involves “terabytes” of information but also requires accurate translation from Korean to English.
To recall the context: on May 9, 2022, UST, at that time the 4th largest stablecoin on the market, began to lose its peg to the US dollar. Over the next seven days, UST plunged to 10 cents, while Luna’s value dropped to almost zero. Since then, Do Kwon has attempted to rehabilitate the Terra Luna project via its Bitcoin and other cryptocurrency reserves but has failed to do so. In an August 2022 interview on the NFTV series Coinage, he remarked that his faith in Terra now “seems super irrational,” though he has not admitted that Terra Luna was a Ponzi scheme.
Later, on March 23, 2023, Kwon attempted to travel to Dubai using false Costa Rican and Belgian documents but was intercepted at Podgorica Airport in Montenegro. Since then, US and South Korean prosecutors have actively sought Kwon’s extradition to bring him to trial. In total, all the charges against Do Kwon carry a combined penalty of up to 130 years in prison. However, Kwon has not pleaded guilty to any charges related to the Terra Luna collapse.
As a result, US prosecutors have decided to analyze the massive amount of personal data to determine whether Kwon intentionally misled Terra Luna users about the project’s actual state and performance.
outgoing SEC chair Gary Gensler takes parting shots at crypto industry
Recently, the current SEC Chairman, Gary Gensler, participated in an interview hosted by Bloomberg, where he was asked if the arrests of Terra’s founder Do Kwon, FTX CEO Sam Bankman-Fried (SBF), and Binance CEO Changpeng Zhao (CZ) deterred unethical behavior in the crypto industry. In response, Gary Gensler described the entire industry as one that “was built up around noncompliance,” suggesting that blockchain technology could be inherently illegal.
He also added that in his four-decade career, he had never seen a financial industry so heavily reliant on market sentiment instead of fundamentals, implying that he continues to view crypto as an asset class lacking substance. “I’ve never seen a field that’s so much wrapped up in sentiment, and not so much about fundamentals,” he said in the interview.
Continuing his discussion with Bloomberg, Gensler also stated that his SEC’s current skepticism of crypto isn’t a stance he initiated, as he simply inherited the views of his Republican predecessor, Jay Clayton. “When Jay was trying to address it, he brought 80 enforcement actions in this area. We’ve brought about 100 in our four years, which is consistent,” he said. Moreover, considering the rising number of Web3 startups and their growing popularity, it’s fair to say that the relatively small increase in lawsuits over the last four years can’t be described as a significant shift.
However, it seems that Gensler has specifically attracted a great deal of vitriol from the crypto community over the last four years due to his aggressive stance on the legality and merits of blockchain technology. The main criticism of SEC Chairman Gary Gensler, however, isn’t just his skepticism toward the crypto industry but rather his inability to protect investors from real “Ponzi schemes” before their collapse, such as FTX or Terra Luna. Instead, he conducted multiple aggressive actions against established Web3 companies like Uniswap and Ripple – both of which have faced repeated allegations from the SEC – appear less focused on achieving justice and more on stifling these companies through a series of lawsuits.
Bitcoin whales have scooped up 34K BTC since December dump: analyst
On January 8th, Blocktrends’ head of research, Cauê Oliveira, wrote on CryptoQuant that Bitcoin whales and institutional investors are back to stacking Bitcoins after the massive selloff on December 21st, 2024.
Usually, the rising accumulation of $BTC among whales suggests more robust growth of the asset over the mid-term, similar to the accumulation phase of $BTC seen during summer 2024 through autumn 2024. During that period, some analysts on CryptoQuant highlighted the continuing accumulation of $BTC. Later, in November 2024, Bitcoin surged significantly as the crypto-friendly presidential nominee won the US presidential election.
Since then, $BTC nearly doubled in value, peaking at $108K on December 17. However, a few days after the new ATH, Bitcoin whales sold over 9,000 BTC in a single week, causing a $BTC correction to nearly $90K levels. Now, it seems the dynamic of accumulating Bitcoin has almost completely recovered, suggesting Bitcoin could potentially continue its bull run rally soon.
“Note that although we have seen periods of rebalancing in institutional portfolios, the trend remains one of on-chain accumulation since June 2023. This indicates that, at a time when retail demand is at a 5-year low, institutional interest remains high.”
Source: Cauê Oliveira on CryptoQuant
Hopefully, the recovering Bitcoin supply among whales will trigger the next Bitcoin surge, as the crypto community has high expectations for Donald Trump to advance crypto adoption in the US and incentivize other countries to participate in this “crypto adoption race.”
Oklahoma, Czech, and Thailand to adopt Bitcoin
On January 8th, Deevers, an Oklahoma senator, announced the Bitcoin Freedom Act for BTC payments, stating, “If Washington D.C. can ruin something, it likely will. And it is certainly ruining the US dollar,” in his legislation. According to the new legislation, employees and residents in the state will be able to receive salaries in $BTC, while vendors will be enabled to accept $BTC payments.
However, the bill does not force any resident or taxpayer in the state to use Bitcoin but rather allows anyone the option to do so. To recall, Oklahoma is not the first state to try to become “Bitcoin-friendly,” as Bitcoin-related bills have already been introduced in Ohio, Pennsylvania, and several other states.
Meanwhile, Bitcoin adoption was not limited to the United States this week. Aleš Michl, the Czech central bank governor, recently said he was considering investing in Bitcoin to diversify the bank’s investments during an interview with CNN Prima News. While such a move would require approval from the Czech National Bank’s board, this shift in narrative suggests a positive long-term outlook for Bitcoin, even if the initiative is declined for now.
Finally, Thailand announced a crypto payment pilot program in Phuket, driven by the growing popularity of cryptocurrencies among foreign tourists and their rising value. According to Pichai Chunhavajira, Deputy Prime Minister and Finance Minister of Thailand, the decision was also influenced by the increasing fragmentation of the global economy and financial systems, suggesting that for some tourists, traditional financial instruments like cash and Thailand’s own currency could be harder to use. “For instance, those who fled the Russia-Ukraine war and settled in Phuket might find it difficult to obtain 50 million baht to purchase a house. However, paying with Bitcoin could be a much simpler process,” said Chunhavajira.
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