Gotbit Founder Sentenced to Prison for Illegally Boosting Meme Coins

The German Financial Intelligence Unit reported an 8.2% year-over-year increase in anti-money laundering reports related to cryptocurrencies in 2024, with Bitcoin being the most reported digital asset. The rise in crypto-related reports indicates a growing challenge for traditional financial institutions in combating money laundering.

Roman Storm, an original developer of Tornado Cash, faces trial in July on charges related to money laundering and violating US sanctions. The Ethereum Foundation donated $500,000 for his legal defense, claiming prosecutors withheld crucial evidence in the case.

Circle's stock surged to new highs this week, settling over the course of the week after being added to Sam Altman's World Chain. Despite tensions in the Middle East, the stock surged 25% on Friday, nearing its peak price in after-hours trading.

GameStop announced an increase in its convertible senior notes offering to $2.25 billion from $1.75 billion. The company's shares fell 24% throughout the week, closing at $22.14, after revealing plans for more convertible bonds.

Coinbase plans to integrate decentralized exchanges into its app, allowing users to trade a wide range of crypto tokens beyond the current selection. CEO Brian Armstrong expressed concerns about the company's ability to keep up with the growing number of crypto assets.

Sen. Elizabeth Warren and consumer advocacy groups criticized Amazon and Walmart for considering issuing stablecoins (according to a Wall Street Journal report), warning of potential exploitation and monopolization. The GENIUS Act, pending in the Senate, could allow tech giants to launch private currencies.

Dogecoin, the top meme coin, has dropped nearly 6% in the last 24 hours amid broader market sell-off due to tensions between Israel and Iran. The meme category, including coins like Fartcoin and Bonk, is underperforming major assets like Bitcoin and Ethereum.

Bitcoin and Ethereum prices dropped due to escalating tensions between Israel and Iran, causing a massive risk-off move in cryptocurrency markets. The selloff wiped out over $420 billion from the total crypto market cap and triggered $1.2 billion in leveraged liquidations.

Roman Storm, co-founder of Tornado Cash, faces DOJ charges for money laundering and operating an unlicensed money transmitter business. Storm believes a conviction could destroy decentralized finance, arguing against holding developers accountable for users' actions.