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    Statement of U.S. Attorney Damian Williams on the Sentencing of Sam Bankman-Fried

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    The scale of his crimes is measured not just by the amount of money that was stolen, but by the extraordinary harm caused to victims, who in some cases had their life savings wiped out overnight. As a result of his unprecedented fraud, Bankman-Fried faces 25 years in prison, forfeiture of over a billion dollars and restitution to his victims.

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    OKX’s Global Compliance Chief Patrick Donegan Left After Six Months

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    Donegan managed a team of 300 people around the world, joined OKX in August 2023 and left in January 2024, his profile states. He described himself as a regulatory specialist on AML with "skills in creating policies and procedures, meeting regulatory expectations while promoting business initiatives and establishing strong relationships with regulators."

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    MicroStrategy Stock (MSTR) Trades at an Unjustifiable Premium to Bitcoin (BTC) Price: Kerrisdale Capital

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    “The days when MicroStrategy shares represented a rare, unique way to gain access to bitcoin are long over,” the note said, adding that “bitcoin is now easily obtainable through brokerages, crypto exchanges and more recently low fee exchange-traded products (ETPs) and exchange-traded funds (ETFs).”

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    Dogecoin (DOGE) Surges to $0.21, Bullish Bets Rise to $2B on Twitter Payments Speculation

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    “Dear #Dogecoin, with X's new payment branch being awarded more licenses in the U.S., many are speculating about the implementation of crypto payments in the platform,” Dogecoin developer @@mishaboar said in an X post Thursday. “Early this month, Elon said X is very close to landing a money transmitter license in California. Getting the license in NY will still take a few months,” he added.

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    Ethereum’s Rising Validator Count Is Causing Concerns, Fidelity Digital Assets Says

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    The rapidly rising validator count on the Ethereum blockchain following the Shapella upgrade in April last year is causing concerns about technical capacity and centralization, Fidelity Digital Assets wrote in a research report on Thursday.

    Fidelity noted that “with the lowered risk from increased liquidity, the active validator count has risen by 74%,” and said “future roadmap upgrades will become more difficult” with this larger set.

    The Shapella upgrade enabled withdrawals, for the first time, for validators who staked their ether (ETH) to secure and validate transactions on the blockchain.

    A large validator count is a concern because “bandwidth and latency are critical in a large validator set network, where each validator must independently download the latest data and verify state change proposals within a small time frame,” analyst Daniel Gray wrote, adding that “the larger the block (data), the more computing power needed to process and re-execute the transactions before the next slot.”

    Every new validator adds a further connection to the network which increases the overall bandwidth that is needed to maintain consensus, the note said.

    “The potential concern is that as the bandwidth requirements grow, the validators that are unable to keep pace will drop from the network - those that drop are more likely to be the self-hosted nodes,” Gray wrote. “If the average household struggles to keep up with the network, there is a risk of increased centralization over time, as the only hardware to survive may live within institution-owned data centers,” he added.

    While the growth in the size of the validator set has slowed recently, it's unclear what the situation may be in a year from now, the report said; “therefore, the possibility of rapid growth could be a problem due to centralization and bandwidth risks.”

    The challenge of an expanding validator count has always been viewed as a “good problem” as it represents increased adoption and security for the Ethereum blockchain. Still “it is impossible to accurately predict the staking demand in the future,” the report added.

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    Bitcoin (BTC) Reward Halving Could Bolster ETF Tailwinds for the Cryptocurrency: Canaccord

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    “While the macro outlook and timing of potential rate cuts remain uncertain, the upcoming halving event could add to the ETF tailwinds for bitcoin,” analysts led by Michael Graham wrote, adding that “for the rest of the ecosystem, activity levels continue to rebound from 2023 lows.” The quadrennial halving is when miner rewards are slashed by 50%, thereby reducing the supply of bitcoin. The next halving is expected in April. Canaccord says it is encouraged by the Securities and Exchange Commission’s (SEC) approval of 11 U.S. spot bitcoin ETFs in the quarter. “While bitcoin’s increase in value during Q1 was far greater than ETF inflows, this tailwind should persist as retail investors look to add crypto exposure to IRAs and other tax-advantaged accounts, and we expect spot ETFs could become a more meaningful part of bitcoin’s price action going forward,” the authors wrote. IRAs are a way of saving for retirement in the U.S.

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    Over $1B in U.S. Treasuries (UST) Has Been Tokenized on Public Blockchains

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    The rapid rise in Treasury yields in the past two years has fueled demand for their tokenized versions. The 10-year yield, the so-called risk-free rate, has risen to 4.22% from 1.69% since March 2022, denting the appeal of lending and borrowing the dollar-pegged stablecoins in the decentralized finance market.

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    Indonesia Regulator OJK Says Crypto Products Must Be Evaluated in a Sandbox Before Licensing

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    "This aligns with our spirit at OJK, particularly in consumer protection and education," Hasan Fawzi, the regulator's head of supervision for financial technology, digital financial assets and crypto, said at a media briefing on Tuesday. "We expect our regulatory mechanisms to directly impact the prevention of fraudulent investments."

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    British Columbia Targets QuadrigaCX Co-Founder Michael Patryn With Unexplained Wealth Order

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    The order was used to seize a safety deposit box at CIBC Bank as well as an account. The safety deposit box contained C$250,200 ($184,250) in cash, gold bars, two Rolex watches, a Chanel J12 Black Diamond watch, and other jewelry. A 45-caliber Ruger 1911 pistol with ammunition was also found in the box, as well as identity documents under the names of Omar Dhanani and Omar Patryn, the Order says.

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