Source: Cointelegraph Original: "{title}"
The High Court of Singapore has approved the restructuring plan for the cryptocurrency exchange WazirX, allowing the platform to repay customers $235 million after being hacked in July 2024. WazirX estimates that users can recover up to 80% of their account balances.
The company will initiate a voting process, expected to conclude in three months. If the majority of users vote in favor of the plan, it will be implemented. This will enable the exchange to allocate liquid assets to users based on their requests, including bull market gains.
The Singapore court supports restructuring over liquidation, believing that a quick resolution and distribution of funds is in the best interest of users.
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The U.S. District Court for the Western District of Texas has overturned the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) sanctions against Tornado Cash, marking a significant legal advancement for cryptocurrency privacy technology.
The Office of Foreign Assets Control sanctioned the privacy protocol in 2022, accusing it of facilitating money laundering activities for North Korea's Lazarus Group. It is believed that the hacker organization has laundered over $455 million in stolen cryptocurrency through it.
Despite the sanctions being lifted, Tornado Cash developer Alexey Pertsev remains in police custody on money laundering-related charges.
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In a filing submitted on January 21, cryptocurrency exchange Coinbase is asking the U.S. Second Circuit Court of Appeals to rule that cryptocurrency trading is not a security, as it continues to battle a lawsuit with the U.S. Securities and Exchange Commission (SEC).
Coinbase states that understanding whether secondary market trading falls under the investment contract defined by securities law is crucial for the industry. The company believes this case provides a tool to address this issue and offers "clear rules" for the industry.
Coinbase added that without this ruling, market participants will face different rules in different courts.
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The U.S. Department of Government Efficiency (DOGE) was established by President Donald Trump through an executive order and is facing legal challenges following Trump's inauguration on January 20.
This organization, led by billionaire Elon Musk, is facing lawsuits from the ethics oversight group Citizens for Responsibility and Ethics and the consumer protection organization Public Citizen. A nonprofit membership organization called the Center for Biological Diversity has also filed a lawsuit against the ethics office.
Citizens for Responsibility and Ethics is asking the court to rule that the establishment of the ethics office is illegal. The ethics oversight organization wants the court to compel the ethics office to comply with the transparency, ethics, record-keeping, and equal representation requirements set forth in the Federal Advisory Committee Act.
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The U.S. Securities and Exchange Commission (SEC) has partially won, as a federal judge dismissed the legal defense presented by cryptocurrency exchange Kraken, which argued that Congress did not grant regulatory authority over digital assets to the securities regulator.
The Major Questions Doctrine—Kraken's defense—asserts that government agencies cannot exercise powers not granted by Congress. Other cryptocurrency companies, including Coinbase, Ripple, and Binance, have also cited this principle in their defenses against SEC lawsuits.
California federal judge William Orrick stated in an order that the SEC did not claim powers beyond those authorized by Congress that carry significant consequences.
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