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Changpeng ‘CZ’ Zhao faces reduced jail time as judge rejects DOJ request

  • The judge has diverged from DOJ’s 36-month proposal.
  • Some believe the judge is leaning towards a 10 to 16-month sentence.
  • Changpeng ‘CZ’ Zhao is accused of violating the Bank Secrecy Act.

In a pivotal turn of events, the sentencing hearing for Changpeng ‘CZ’ Zhao, the former CEO of Binance, has taken a surprising twist.

Judge Richard Jones has signalled a departure from the harsh sentencing proposed by the United States Department of Justice (DOJ), favouring a more lenient approach.

Judge Jones leans towards leniency

In the ongoing court hearing, Judge Jones expressed scepticism towards the DOJ’s push for a lengthy prison sentence, opting instead to align with the recommendation put forth by the Probation Office.

This recommendation suggests a jail term of 10 to 16 months for Zhao, a stark contrast to the 36 months sought by the DOJ.

Zhao’s guilty plea and community support

Zhao’s legal woes stem from a one-count charge of violating the Bank Secrecy Act, to which he pleaded guilty and resigned from Binance.US board.

After Changpeng ‘CZ’ Zhao’s admission of guilt, he garnered widespread support from the crypto community, with family and friends rallying behind him and sending letters of support.

What Zhao’s sentencing mean for Binance

The outcome of Zhao’s sentencing holds significant implications, particularly for Binance, the cryptocurrency exchange he co-founded.

With Zhao’s conviction potentially affecting the France outpost, where he maintains full ownership, Binance’s pursuit of a European License under Markets in Crypto Asset (MiCA) rules by 2025 could face hurdles.

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Ethereum drops below $3k as liquidations hit $320 million

  • Ethereum price has dropped below $3,000, hitting lows of $2,942 on Coinbase.
  • The decline in the price of Ethereum comes as spot ETH ETFs saw a tepid debut in Hong Kong.
  • Liquidations hit $320 across the crypto market, with over $96 million in ETH (over $78 million of it in liquidated longs).

Ethereum has declined to below $3,000 again as the broader crypto market reels from downside pressure.

As Bitcoin retested prices near $60,000 on Tuesday, ETH price moved lower and broke under the psychological $3k level.

On crypto exchange Bitstamp, ETH/USD reached lows of $2,945 while the second largest cryptocurrency by market cap’s value revisited $2,942 on US-based exchange Coinbase.

ETH price weakness amid key developments

ETH is seeing renewed downside pressure amid crucial developments around this cryptocurreny’s ecosystem and in the regulatory space. This past week, Consensys sued the US Securities and Exchange Commission (SEC), accusing the regulator of gross overreach in its enforcement actions.

Consensys also wanted the court to declare ETH not a security amid reports that the SEC has considered Ethereum an unregistered security for at least the past year.

Ethereum price remained steady above $3k despite these developments, with the anticipation around the debut of spot Bitcoin and Ethereum ETFs in Hong Kong providing optimism. However, on Tuesday, April 30, the spot ETH ETFs in Hong Kong did not match anticipated volume and assets.

Ethereum sees over $96 million in 24-hour  liquidations

While top ETF analysts say the market size of Hong Kong suggests the numbers are impressive, market reaction is largely negative. 

The result has been massive liquidations across the market, with Conglass data showing total liquidated assets in the past 24 hours stood at over $320 million at the time of writing.

Ethereum has seen the most liquidations in this period, with over $96 million. Of this, more than $78.3 million is in long positions and around $18.8 million in short positions.

More than 108,601 traders have been liquidated in 24 hours, with the single-largest liquidation order recorded on the Binance exchange at $5.03 million.

ETH price has declined by 6% in the past 24 hours, according to data from CoinGecko.

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Klaytn scores listing on the Philippines’ top crypto exchange

  • Klaytn token KLAY is now available for trading on Coins.ph, the Philippines’ largest crypto exchange.
  • The exchange has added support for KLAY/PHP.

Klaytn (KLAY) is now listed on Coins.ph, the largest crypto exchange in the Philippines.

The blockchain network for the metaverse, GameFi and the creator economy announced the major news on Tuesday. It noted that the native Klaytn token KLAY is now available for trading on the Bangko Sentral ng Pilipinas (BSP)-licensed crypto exchange.

BSP is the Philippines’ central bank.

Klaytn launched in 2019 and is one of the leading blockchain platforms in South Korea.

Coins.ph’s listing of KLAY means Filipinos now have a chance to trade one of the tokens underpinning a growing ecosystem in the metaverse and blockchain gaming market.

KLAY price outlook

Following the crypto exchange listing, KLAY is available in the KLAY/PHP trading pair. The listing adds to Klaytn’s availability on major exchanges that include Binance, OKX, Bitget and Crypto.com.

The price of KLAY was $0.17 at the time of writing, down 7% in the past 24 hours and -33% in the past month. KLAY has declined nearly 50% since surging well above $0.32 in early 2024 amid news of the blockchain network’s merger with Finschia (formerly LINE blockchain).

Klaytn price reached an all-time high of $4.34 in March 2021, which puts the current prices more than 90% off those highs.

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MilkyWay secures $5M in seed funding led by Binance Lab

  • MilkyWay secures $5M funding led by Binance Labs and Polychain Capital.
  • MilkyWay boasts 156,000+ milkTIA holders and integrates with 10+ DeFi protocols.
  • Binance co-founder emphasizes support for MilkyWay’s growth in the Celestia ecosystem.

MilkyWay, a liquid staking protocol operating within Celestia’s ecosystem, has achieved a significant milestone after successfully raising $5 million in its just concluded seed funding round.

The seed funding round was backed by notable investors like Binance Labs and Polychain Capital marking a pivotal moment in MilkyWay’s journey towards enhancing liquidity and utility for Celestia (TIA) token holders.

MilkyWay’s rise to prominence

MilkyWay, spearheaded by a team of seasoned engineers from various renowned projects, has swiftly emerged as a frontrunner in the liquid staking arena.

MilkyWay’s primary objective is to augment liquidity, composability, and utility for TIA token holders, ultimately driving capital efficiency. Through seamless integration with over ten DeFi protocols, the platform offers users a comprehensive suite of financial services, including trading, leveraging, lending, and borrowing.

Boasting over 156,000 milkTIA holders and facilitating the staking of over 2.6 million TIA tokens, the platform has garnered trust and recognition within the blockchain community.

Investor confidence and strategic backing

The $5 million seed round, led by Polychain Capital and with participation from Binance Labs and other prominent investors, underscores the robust confidence in MilkyWay’s vision.

Yi He, the Co-Founder of Binance and Head of Binance Labs, expressed strong support for MilkyWay’s growth trajectory, emphasizing the importance of fostering innovation within the Celestia ecosystem.

With its innovative approach and the strategic partnerships, MilkyWay is poised to lead the liquid staking revolution within the modular blockchain ecosystem. The platform’s commitment to enhancing liquidity and utility for TIA token holders reflects a broader trend towards unlocking the full potential of staked assets in decentralized finance.

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MSTR, COIN, RIOT and other crypto stocks down as Bitcoin dips

  • MicroStrategy stock was down 10% on Tuesday, while Coinbase and other crypto stocks also dumped.
  • Bitcoin price traded to lows of $60,600 before seeing a slight recovery.

MicroStrategy, Coinbase, Riot Platforms and Marathon Digital stocks are among crypto-related stocks seeing downside pressure amid Bitcoin’s price struggles.

MicroStrategy stock dumps 10%

Coinbase’s COIN was down 3% in early trading on Tuesday, hovering around $211.74 while MicroStrategy’s MSTR stock had dumped over 10% to $1,152. The share price of the Michael Saylor led company has declined more than 29% in the past 30 days.

Today’s double-digit dump for the MicroStrategy stock price comes a day after the company reported a net loss in Q1.

Despite the impairment loss, the BTC buying software intelligence firm reported adding more coins to its holdings. That includes the 122 BTC the company acquired for $7.8 million in April to bring its total haul to 214,400 BTC.

As BTC struggles, mining stocks see red

Bitcoin price has struggled since its recent halving and traded near $60k on Tuesday.

The declines came as spot ETF volumes fell, with Hong Kong’s debut of its spot BTC and spot ETH exchange-traded funds seeing volumes and assets that were much lower than anticipated in the days leading to their launch.

Read more here: BTC slips amid tough debut for Hong Kong spot ETFs

Crypto stocks that surged in the pre-halving rally are also seeing a retreat. BTC mining stocks Marathon Digital (MARA), Riot Platforms (RIOT) and Bitfarms (BITF) are all down between 4% and 6% in Tuesday trading.

Hut 8 Corp (HUT) and HIVE Digital (HIVE) are also down today, with their stock prices shedding 4% each. Elsewhere, Bitcoin mining machine maker Ebang International (EBON) was just in the green at +1%, while its competitor Canaan Inc (CAN) traded at -6%.

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