By: Eva Baxter
Changezhao, the former CEO of Binance, is potentially facing deposition in a billion-dollar class action lawsuit known as Sizemore v. Zhao, according to a court filing submitted on Dec. 8. The lawsuit alleges that Zhao and others facilitated illegal securities offerings through Binance. NBA player Jimmy Butler and former BitboyCrypto host Ben Armstrong are also named as defendants, with allegations of paid endorsements.
On the other hand, blockchain analytics firm Spot On Chain reports that wallets associated with the defunct trading firms FTX and Alameda Research have moved digital assets worth $23.59 million to major cryptocurrency exchanges in a span of four days. A total of $591 million is reported to have been transferred using 59 different cryptocurrency tokens since Oct. 24.
These developments reveal a rising tide of legal and financial movements in the cryptocurrency sector, involving high-profile figures and major trading platforms. The impacts and outcomes of these events could significantly shape the future legal and regulatory landscape for cryptocurrencies.
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