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'Bitcoin Jesus' Roger Ver Arrested in Spain, Former Binance CEO CZ Sentenced to Months in Prison, XRP Advocate Exposes Key SEC Weakness: Crypto News Digest by U.Today

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Wed, 1/05/2024 - 16:15
'Bitcoin Jesus' Roger Ver Arrested in Spain, Former Binance CEO CZ Sentenced to Months in Prison, XRP Advocate Exposes Key SEC Weakness: Crypto News Digest by U.Today
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U.Today has summarized the top three important news stories over the last day of April, check them out!

"Bitcoin Jesus" Roger Ver arrested

As reported by the U.S. Department of Justice, Roger Ver, early Bitcoin investor and enthusiast, was arrested in Spain last weekend based on U.S. charges of mail fraud, tax evasion and filing false tax returns. According to the report, the alleged loss to the Internal Revenue Service (IRS) caused by Ver is "at least $48 million." After his arrest in Spain, it is now expected that Ver will be extradited back to the United States. As a reminder, Ver discovered Bitcoin back in 2011, becoming one of its most fervent promoters, which earned him the "Bitcoin Jesus" moniker. Three years later, in 2014, Ver gave up his U.S. citizenship, obtaining citizenship of Saint Kitts and Nevis instead. Despite having left the country, Ver was required to pay an exit tax on capital gains from worldwide assets, including his crypto holdings. In order to pay substantially less in taxes, he gave false information about his U.S-based companies to his appraiser and law firm. Ver failed to inform his accountant that, in 2017, he had sold almost $240 million worth of Bitcoin from his companies. Also, the BTC promoter did not pay any taxes related to the distribution of these coins.

CZ sentenced to months in prison

Yesterday, April 30, after much anticipation, the verdict for former Binance CEO Changpeng Zhao, also known as CZ, was finally announced. Judge Richard Jones sentenced Zhao to four months in prison for violating U.S. anti-money laundering laws, describing the ruling as "appropriate" and "reasonable." According to the judge, Zhao could have complied with U.S. laws, having the personnel and financial capabilities, but he failed to do so. Interestingly, with a staggering $33 billion in net worth, CZ is going to be the richest prisoner in American history. During a sentencing hearing in Seattle, Judge Jones rejected the Department of Justice's request to increase the sentence to three years (above existing sentencing guidelines). He said there was no evidence that Zhao was made aware of the illegal activity taking place on the exchange. Following sentencing, CZ took to his X handle later today, thanking everyone for their care and support.

Related

Ripple v. SEC: XRP advocate exposes key SEC weakness

In a recent X post, Fred Rispoli, notable XRP enthusiast and legal expert, highlighted a potential weakness in the SEC's case following a major development in the ongoing Ripple-SEC legal battle. The focus of Rispoli's recent analysis lies in Ripple's motion to overturn the SEC's expert disclosure in its briefing. Surprised by the timing of Ripple's filing, Rispoli underscores an important oversight by the SEC: the failure to seek a deposition. The lack of such a procedure might undermine the SEC's position, especially if some witnesses were incorrectly listed in the disclosure statement. Rispoli stresses the importance of this omission and suggests possible implications for Ripple's defensive plan. According to the expert, Ripple's delayed response may carry repercussions, stressing that expeditious action is crucial. However, his analysis suggests a potential avenue for Ripple's defense team, speculating on Judge Netburn's potential considerations in light of the SEC's procedural lapse.

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