ChainCatcher news, according to market news, Sam Bankman-Fried's former deputy, FTX co-founder Gary Wang, has been spared from imprisonment by a U.S. judge due to his role in the FTX cryptocurrency fraud case.

According to ChainCatcher news, as reported by the Guangming Daily, the Ministry of State Security announced a case on November 8: Wang XX, a former public official at a sensitive unit, was considered a good young man by his unit and family. However, due to losses in virtual currency investments, he incurred huge debts and was lured and incited by foreign espionage intelligence agencies, gradually leading him down the path of crime.Through investigations by the national security agency, it was discovered that Wang XX provided top-secret and confidential national secrets to the other party, obtaining espionage funds equivalent to over 1 million yuan through methods such as virtual currency recharge and trading. Ultimately, Wang XX was sentenced to life imprisonment for espionage by the people's court, with lifelong deprivation of political rights.The unit where Wang XX worked did not strictly implement confidentiality management systems and protective measures, providing an opportunity for Wang XX to steal and supply secrets to foreign espionage intelligence agencies. The national security agency, in conjunction with relevant departments, will carry out joint law enforcement work on Wang XX's unit and order it to rectify within a specified time.

ChainCatcher news, Zhao Changpeng stated during an interview at the main venue of the Dubai Binance Blockchain Week: "In fact, several prison guards recognized me and asked me which tokens they should buy. I could only tell them that I am serving my sentence, without any internet connection to the outside world, and I cannot get any information."

ChainCatcher news, according to Decrypt, South Korean financial regulators have issued a stern warning, stating that a life sentence will be imposed for cryptocurrency fraud cases that profit over $4 million (approximately 5 billion won). This warning was issued following the enactment of the South Korean "Virtual Asset User Protection Act" in July 2024, which aims to prevent cryptocurrency crimes, partly inspired by the events involving Terra/Luna founder Do Kwon and the collapse of the FTX exchange.In addition, the new law stipulates other penalties, including fines of 3 to 5 times the illegal profits, as well as a maximum of one year of imprisonment.

ChainCatcher news, according to News.bitcoin, the Paraguayan Senate has passed a series of reforms that change the penalties for energy theft related to cryptocurrency mining. Now, individuals and companies found stealing energy for cryptocurrency mining activities will face up to 10 years in prison, while energy theft for other purposes will face a maximum penalty of 3 years.

ChainCatcher news, the Paraguayan government urges lawmakers to pass a bill that imposes up to 10 years of imprisonment on illegal Bitcoin miners to address the significant theft of electricity threatening the state-owned National Electricity Administration (ANDE).The bill stipulates that Paraguayan police and prosecutors can confiscate and sell illegal mining equipment to protect the National Electricity Administration from the enormous economic losses caused by energy theft. In this crackdown, more than 5,000 ASIC miners have already been confiscated this year, and the legislative momentum could potentially lead to a temporary ban on Bitcoin mining in the country.

ChainCatcher news, according to Protos, former Binance CEO Zhao Changpeng has not yet been incarcerated due to the procedural aspects of the criminal justice system and the Fifth Amendment's protection of due process. According to the judge's signed ruling, Zhao Changpeng "should surrender to serve his sentence upon notification from the probation or pretrial services office." However, the notification has not yet been issued.It is reported that the aforementioned office has been conducting a statutory review of the applicability of the SeaTac Federal Detention Center and Jail to Zhao Changpeng's personal circumstances, in order to avoid any legal remedies resulting from the failure to provide the constitutionally mandated due process.

ChainCatcher news, according to Coindesk, Binance founder CZ's lawyer rebutted in a filing submitted at noon that CZ should be sentenced to probation instead of imprisonment.Previously, the U.S. Department of Justice lawyers submitted a sentencing memo on Tuesday evening stating that after CZ admitted to violating the Bank Secrecy Act last November, he should be sentenced to 36 months in prison and pay a fine of $50 million.

ChainCatcher news, according to court documents, U.S. prosecutors are seeking a 36-month prison sentence for former Binance CEO Changpeng Zhao.

ChainCatcher news, according to Yonhap News Agency, the South Korean Financial Services Commission stated today that prior to the implementation of the "Virtual Asset User Protection Act" on July 19, a legislative notice for this law and the "Virtual Asset Industry Regulatory Guidelines" was issued on the 22nd of last month.According to the enforcement regulations and supervisory provisions, market manipulation, illegal trading, and trading based on undisclosed significant information related to virtual assets are prohibited. Violators may face criminal penalties of more than one year of imprisonment or fines ranging from three to five times the illegal gains. If the amount of improper benefits exceeds 5 billion won, the maximum penalty can be life imprisonment, along with a fine of twice the amount of improper benefits.

ChainCatcher news, according to China News Network, the Hangzhou Intermediate People's Court in Zhejiang Province publicly sentenced Xiao Yi, former member of the Standing Committee and Vice Chairman of the Jiangxi Provincial Political Consultative Conference, for bribery and abuse of power. The defendant Xiao Yi was sentenced to life imprisonment for bribery, deprived of political rights for life, and had all personal property confiscated. He was also sentenced to six years in prison for abuse of power, with the decision to execute life imprisonment, depriving him of political rights for life, and confiscating all personal property. The property obtained from bribery and its proceeds that were sealed and seized will be recovered according to law and turned over to the national treasury.The court found that from 2008 to 2021, the defendant Xiao Yi took advantage of his positions as the director of the Jiangxi Provincial Government's Beijing Office, the secretary of the Fuzhou Municipal Committee, and the vice chairman of the Jiangxi Provincial Political Consultative Conference to provide assistance to relevant units and individuals in matters such as project contracting, project development, and promotion, illegally accepting property totaling more than 125 million yuan, of which more than 57.82 million yuan had not yet been actually obtained. From 2017 to 2021, during his tenure as the secretary of the Fuzhou Municipal Committee, Xiao Yi violated the new development concept and national regulations by providing assistance to enterprises engaged in virtual currency mining in terms of financial subsidies, funding support, and power supply, resulting in significant losses to public property, national, and people's interests, with particularly serious circumstances and extremely adverse effects.Previous report, former vice chairman of the Jiangxi Provincial Political Consultative Conference Xiao Yi was expelled from the party for abusing his power to support enterprises engaged in virtual currency mining activities.

ChainCatcher News, the lawyer for SBF claimed that "revoking bail would violate SBF's right to free speech," in a letter to Judge Lewis A. Kaplan of the Southern District of New York on Thursday, stating: "Former CEO of the cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), has exceeded the good faith exercise of his constitutional right to speak to the media. SBF has taken covert actions aimed at improperly discrediting trial witnesses and tainting jury members. The government seeks to revoke the defendant's bail and detain him pending trial."

ChainCatcher message, The New York Times wrote to Judge Lewis A. Kaplan stating that The New York Times opposes the imprisonment of SBF, as this action violates the First Amendment rights of the public to obtain information about financial scandals protected by the U.S. Constitution.The New York Times pointed out that SBF's provision of his ex-girlfriend Caroline Ellison's private diary to The New York Times was considered by the judicial department as an attempt to interfere with the trial, but this overlooks the public's legitimate interest in Ellison and her activities at the cryptocurrency trading company. The public has the right to know more about her identity and actions, and news organizations will strive to provide timely, relevant, and fair reporting to the public. Article 23.1 of the Constitution will provide appropriate protection and balance of interests for the free speech of relevant witnesses. Imprisonment restrictions on SBF can only be imposed when permitted by the First Amendment and Rules 23.1(a) and (h).

ChainCatcher news, according to reports from the Southern Newspaper Client, recently the People's Court of Dapu County made a ruling on a cash transaction case involving virtual currency. The principal offender, Chen, was sentenced to eight months in prison for illegal business operations and fined 20,000 yuan; the accomplice, Li, was sentenced to six months and ten days in prison and fined 1,000 yuan; 5,101,770 yuan of illicit funds were confiscated and turned over to the national treasury.It is reported that in November 2021, Chen started a cash transaction business for virtual currency, purchasing USDT from acquaintances in the cryptocurrency community and reselling it to buyers, earning a profit from the price difference. The price for each transaction was set by the buyer, who compared the price of 1 USDT with the market prices of other cryptocurrencies on that day to calculate a profitable price. Due to the large amounts of cash involved in each transaction, Chen, fearing robbery, hired Li as a bodyguard to escort the cash during transactions with retail investors.After the trial, the court found that Chen and Li used the form of buying and selling virtual currency to engage in disguised foreign exchange transactions, which was serious in nature and constituted illegal business operations. (source link)

ChainCatcher news, according to market data, SONM (SNM) is currently priced at $4.01, with a 24-hour increase of 1901.48%.It is reported that SONM is a decentralized fog computing platform that provides cloud services based on distributed customer-grade hardware. Users can rent out their hardware or utilize the computing power of others for their own needs. (Source link)