“The rise of extreme greed in the crypto market showcases the boundless potential for wealth, but also raises concerns about the moral compass of the industry.”
This week in the world of cryptocurrency, extreme greed continues to support the market. Sam Bankman-Fried, the former CEO of FTX, testified privately in his trial, defending his actions and decisions. The Securities and Exchange Commission (SEC) disclosed that its enforcement actions this year have resulted in $5 billion in judgments and orders, with $930 million returned to affected investors. Turkey plans to establish a crypto framework, including regulations and taxation rules for crypto assets. In Australia, a major money laundering operation involving Changjiang Currency Exchange was uncovered, resulting in several arrests. Lastly, Binance founder, Changpeng Zhao, experienced a significant drop in his net worth due to declining volumes and market share. Stay tuned for more updates in the world of cryptocurrency.