CZ sentenced to 4 months prison, Roger Ver arrested in Spain, Bitcoin dips below $58.000

3 min read

Former Binance CEO Changpeng Zhao was sentenced to four months in prison after pleading guilty to anti-money laundering violations in Seattle. Prosecutors had sought a 36-month sentence, citing intentional violations of U.S. laws to attract users and profit. However, the judge decided against a three-year sentence, noting Zhao was not directly informed of illegal activities.

Zhao, expressing regret and highlighting Binance’s cooperation with authorities and its compliance efforts, was also fined $50 million personally and agreed to a historic $4.3 billion corporate settlement with Binance. Over 160 letters supported Zhao, portraying him as capable of positive contributions. The case has sparked criticism regarding the justice served, given Zhao’s substantial wealth and the limited scope of the charges and penalties relative to the alleged crimes.

Source: The Block

Roger Ver, an early bitcoin investor, has been arrested and charged with mail fraud, tax evasion, and filing false tax returns, according to a U.S. Department of Justice statement. The charges, which were revealed in a freshly unsealed indictment, relate to Ver allegedly concealing bitcoin ownership from the U.S. Internal Revenue Service, leading to an alleged $48 million loss. Despite no longer being a U.S. citizen, Ver was still required to report and pay taxes on certain earnings from U.S. corporations. He is accused of selling about 70,000 bitcoins in November 2017 for approximately $240 million, without reporting the gains or paying taxes related to the transactions. Additionally, Ver allegedly filed false tax returns that undervalued his companies and omitted significant bitcoin holdings. Ver, who renounced his U.S. citizenship in 2014 and became known as “bitcoin Jesus,” was arrested in Spain with potential extradition to the United States.

Source: The Block

Bitcoin dropped below $58,000, marking its lowest point since the end of February and recording a nearly 9% decline in the last 24 hours. This downturn occurred as BTC fell beneath the $60,000 support level late Tuesday. The broader crypto market also suffered, losing over 8.5% as tracked by the CoinDesk 20 Index. This market slump aligns with a broader financial downtrend influenced by a mix of slow economic growth and persistent inflation in the U.S., which has diminished hopes for an imminent Federal Reserve interest rate cut.

Other major cryptocurrencies like Ether, Solana, Dogecoin, and Avalanche also experienced significant losses, some dropping more than 10%. This decline was part of a difficult month for Bitcoin, which saw a 16% drop in April, its most significant monthly loss since the FTX crisis in November 2022.

Source: Coindesk

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