Last week, the cryptocurrency sector witnessed significant legal developments, including the sentencing of FTX founder Sam Bankman-Fried, the U.S. SEC demanding $2 billion from Ripple, and an indictment against KuCoin. Additionally, Bitcoin (BTC) reclaimed $70,000 as spot BTC ETFs recorded inflows.

FTX founder Sam Bankman-Fried received a 25-year prison sentence. The U.S. Department of Justice submitted a document containing 52 statements from victims of the FTX collapse, highlighting the damage done by the company’s former CEO.

The U.S. SEC filed its opening brief for the remedies discovery phase of the SEC vs. Ripple lawsuit, seeking a $2 billion fine on Ripple for sales of nearly $800 million to institutions. Ripple is expected to respond next month.

Charges were filed against KuCoin by the U.S. Justice Department and the CFTC for facilitating money laundering transactions. KuCoin assured its customers of the security of their assets following the charges and implemented organizational changes.

The SEC vs. Coinbase lawsuit made headlines as the court ruled on Coinbase’s motion to dismiss the charges, granting the motion regarding its Wallet and Staking projects but denying it regarding its exchange offerings.

Binance executives Nadeem Anjarwalla and Tigran Gambaryan faced legal issues in Nigeria, with Anjarwalla reportedly escaping the country. The executives sued Nigerian authorities, demanding their release, the return of their passports, and a public apology.

Bitcoin’s bullish sentiments returned as spot BTC ETFs saw inflows totaling $15 million on March 25, $418 million on March 26, and $214.5 million on March 27. The ARK 21Shares Bitcoin ETF contributed the most to these inflows, reaching a record high of $200 million.

Overall, the cryptocurrency sector experienced legal challenges and regulatory issues last week, alongside Bitcoin’s price rally above $70,000. Stay informed about the latest developments in the cryptocurrency world on Global Crypto News.

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