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Ontario’s superior court has green-lit a class action Lawsuit against Binance that accuses the crypto exchange of selling unregistered crypto derivative products and violating securities law.  The lawsuit, brought by Christopher Lochan and Jeremy Leeder, claims that Binance sold crypto-derivative products to thousands of retail traders while failing to register with the Ontario Securities Commission, as required by law.  As reported by Advisor.ca, the Lawsuit received a certification of motion on April 19 allowing it to proceed as a ‘class action’ Lawsuit and represent a wide basis of people without each individual having to take legal action. Judge E.M. Morgan noted that Lochan and Leeder claim “they are two of the tens of thousands of Canadian users of the Binance website who invested in cryptocurrency products and who claim that those products were sold by the Defendants illegally.” Unanswered questions about the Binance Industry Recovery Fund R...

Calvin Ayre , a gambling magnate who has funded many Bitcoin Satoshi Vision ( BSV ) projects, has taken to X (formerly Twitter) to announce that he is taking a break the day after the UK High Court ruled that Craig Wright is not Satoshi Nakamoto.  Earlier this month, Ayre was confident that “Craig is winning” the lawsuit he has since lost. Despite this court ruling, Ayre claimed that he still knows that Wright is Satoshi.  Ayre has been the principal financier behind nChain, a firm that has attempted to market a collection of ‘intellectual property’ it contends is related to ‘blockchain.’  Ayre has also reportedly provided the funding behind various other lawsuits related to BSV, including a class action lawsuit that accuses Binance and other exchanges of hurting investors by not describing BSV as ‘Bitcoin.’ Read more: Former nChain CEO claims Craig Wright is lying about Satoshi BSV has fallen nearly 20% to less than $90, or appr...

The FTX founder participates in ‘ prison omics’ at a Brooklyn detention center where demand for mackerel pouches outshines interest in Bitcoin and crypto. Convicted FTX founder Sam Bankman-Fried has battered seafood delicacies with fellow inmates during his time at the Brooklyn Metropolitan Detention Center (MDC). He exchanged it for services while awaiting his sentencing, according to the Wall Street Journal citing people familiar with the matter.  Bankman-Fried paid four mackerel pouches to a detainee for the haircut he carried at his trial in a New York federal courthouse, per the report. Bankman-Fried has seemingly substituted his crypto-investing days for prison economics as his conviction may probably bar him from leading a digital asset business for a considerable time period.  “The mack currency system is far more stable than crypto.” Bill Baroni, a prison consultant Baroni added that Bankman-Fried has also delivered crypto tips to prison guards on occasion. Ahea...

Genesis agrees to a $33 million settlement with Three Arrows Capital, significantly less than the original $1 billion claim, amid ongoing crypto turmoil. Bankrupt crypto lender Genesis has consented to a settlement with the now-defunct crypto hedge fund Three Arrows Capital (3AC), culminating in a $33 million payment against a staggering $1 billion claim . This development, revealed through court documents, underscores the volatility and the inherent risks in the crypto market. The settlement, a product of “extensive negotiations,” is still pending approval from a New York bankruptcy court. The downfall of 3AC in June 2022 heralded a prolonged period of instability in the crypto sector, aptly termed a crypto winter. The claims against Genesis, which succumbed to bankruptcy in January, pertain to transactions preceding its financial collapse. You might also like: Genesis ordered to comply with subpoena in TerraUSD collapse case Notably, the agreement entails a...

U.S. prosecutors state FTX founder Sam Bankman-Fried has proposed extensive and intrusive jury questions for his upcoming fraud trial. On Sept. 15, prosecutors from the Southern District of New York requested the judge overseeing the upcoming criminal trial to reject the defense’s proposed questions for the voir dire, the preliminary juror screening before the trial. They argue that these questions might extend the selection timeframe and bias jurors toward the defense’s client. “The defendant’s proposed voir dire contains numerous unnecessary and time-consuming questions, often soliciting open-ended discussion, as well as questions that are repetitive, prejudicial, and argumentative.” Prosecutors from the Southern District of New York Earlier last week, both parties presented their proposed questions for prospective jurors, with significant similarities, particularly regarding potential connections to individuals involved in the case or preconceived opinions about th...