• SBF pleads not guilty in US District Court in New York
• Class action lawsuit filed against Genesis
• Erik Voorhees predicts bull market to return by 2026
On January 3, Sam Bankman-Fried, founder of FTX, entered his plea of “not guilty” to the eight charges filed against him at his hearing at the New York US District Court. In addition, Bankman-Fried requested the court to redact the names of the co-signers of his bail due to safety and privacy concerns. Former Alameda Research chief executive Caroline Ellison and FTX chief technology officer Gary Wang have pleaded guilty to fraud charges in cooperation agreements.
In other news, a class action lawsuit was filed against Genesis, a digital currency investment company, by several customers who allege that they were fraudulently sold digital currency investments. The lawsuit claims that Genesis misrepresented its services as being safe and secure, when in fact they were not. The lawsuit also claims that Genesis misled customers about the safety of their funds, the value of their investments, and the risks associated with investing in digital currencies.
Erik Voorhees, crypto pioneer and CEO of ShapeShift, believes that the bull market will return within three to six months. Voorhees believes that if it takes ten years for the bull market to return, then the whole industry will have failed. He also believes that the current bear market will have a positive effect on the industry in the long run, as it has forced companies to become more efficient and innovative.
Overall, the crypto market is still in a bear trend, but positive news like SBF’s not guilty plea, the class action lawsuit filed against Genesis, and Voorhees’ bullish prediction are providing some optimism. While the future of the industry still remains uncertain, these developments are sure to have a lasting impact on the cryptocurrency industry.