Home Cryptocurrency Crypto Crashed as Russia Attacks Ukraine

Crypto Crashed as Russia Attacks Ukraine

The creators of the crypto trading platform, which has offices in Hong Kong and Singapore, avoided a trial by entering a guilty plea.

Crypto Crashed as Russia Attacks Ukraine iBase Trading.
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The creators of the crypto trading platform, which has offices in Hong Kong and Singapore, avoided a trial by entering a guilty plea. On Sunday, Bitcoin fell below $37,500 after Russian President Vladimir Putin activated his nuclear troops. After holding up well over the weekend, bitcoin and other major cryptos fell on Sunday as the Ukraine situation grew.

Satellite imagery shows columns of Russian troops marching toward Kyiv, Ukraine’s capital. On Sunday, Russian President Vladimir Putin used his nuclear weapons in response to US and EU sanctions aimed at punishing Russia and supporting Ukraine. Later that day, Ukraine announced it will conduct peace negotiations with Russia to end the invasion.


Bitcoin was trading for less than $37,800 at the time of writing, down more than 3%. Ether was trading at around $2,600, down more than 5%. The second-largest crypto by market capitalization began the weekend at more than $2,700. Almost all of the big altcoins had plummeted dramatically. Terra’s luna and Avalanche were both off by roughly 7% and 8.5 percent, respectively.

Bitcoin has rebounded to the $37,000 support line, according to Joe DiPasquale, CEO of fund manager BitBull Capital. A huge sell-off in risk-on assets prompted by larger economic forces might keep bitcoin below $37,000 or force it far lower in the future.

A new leadership team — Arthur Hayes, Ben Delo, Samuel Reed, and Gregory Dwyer — wanted to signal that this was a new era.

BitMEX Case

Remember that BitMEX is a Seychelles-based company with main offices in Hong Kong and Singapore. Hayes and Delo lived on the other side of the world. By agreement, the prosecution will drop its case against BitMEX and its separate case against Hayes and Delo. Those accused of a crime have the right to engage into a plea bargain to settle their case; judicial hearings are lengthy and stressful affairs.

It will still be a mystery, and we will never know how strong the DOJ is. BitMEX, unlike other exchanges, has never taken cash in the form of money. It used to only trade bitcoins until recently (BTC). To buy things like Tether (USDT), you need coins to buy them. They joined the list in November.

Ross Feingold, a lawyer, and expert on political risk in Taipei, said that the BSA had changed its rules. If the Secrecy Act used against a financial institution that was not a bank, it would have been very important.

It was used against Central States Capital Markets in 2018, which has the same KYC/AML flaws as BitMEX. In exchange for not being charged, CSCM said that it would change its ways. Based on what he said, the CFTC’s increasingly wide interpretation of its authority would almost certainly be challenged. Especially by offshore exchanges and participants.

If the court rules against BitMEX, Hayes and Delo, we won’t find out until all of their cases are over. Prosecution evidence will not be looked at in court because it is a process that is not friendly to one side or the other. At some point in the future, some of these questions may be asked about the United States when people go to court.

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Jane De Leon is a news writer covering all things related to DeFi and NFTs. In the past, she has worked for a well-known Business Newspaper. She originally began investing in Bitcoin after hearing about it from her brother and hasn’t looked back since.