Malaya Ruiz
This Wednesday, The Shib Daily highlights key developments focused on increased regulatory scrutiny and its impact on investor trust in the crypto sector. Emerging vulnerabilities in crypto security raise questions about the future stability and security of digital assets. Plus, the market’s response to political events adds another layer of complexity.
The Legal Woes of Alex Mashinsky and Bitcoin Jesus
Alex Mashinsky, the founder and former CEO of Celsius Network, has pleaded guilty to two counts of fraud related to the company’s collapse. The DOJ accused him of misleading customers about Celsius’ financial health and manipulating the market for its token, CEL. In July 2023, he was indicted on seven charges, including fraud and market manipulation. Mashinsky agreed not to appeal any sentence of 30 years or less, with his sentencing set for April 8, 2025.
In another controversial case, Roger Ver, also known as Bitcoin Jesus, is facing tax evasion charges and has filed a motion to dismiss. He argues that the case is unconstitutional, involving accusations of not paying nearly $50 million in taxes. The DOJ claims he misreported Bitcoin sales in 2017 to evade a higher exit tax. The motion is under review by the U.S. District Court for the Central District of California.
Related: Strategy Sells $1.4B in Stock to Cover Bills Amid Bitcoin Slump
Malicious Code Targets Solana’s web3.js Library
A supply chain attack on the Solana web3.js library has caused about $190,000 in losses, but the core Solana protocol and major wallets are safe. The attack affected versions 1.95.6 and 1.95.7, where malicious code was injected to expose private keys on backend servers. This primarily impacted automated JavaScript bots rather than user wallets. Community members and the Solana Foundation quickly mobilized to mitigate the breach’s effects.
Crypto Market Rebounds as South Korea Lifts Martial Law
The cryptocurrency market has stabilized after South Korean President Yoon Suk Yeol quickly lifted martial law. The law was rescinded during a Cabinet meeting shortly after the parliament voted against it. This led to a surge in trading activity on local exchanges, causing service disruptions. The value of major cryptocurrencies like Bitcoin, Ether, and XRP saw a significant decline in value before showing signs of recovery according to the latest data from CoinMarketCap.
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MALAYA RUIZ
Malaya is dedicated to helping individuals share meaningful narratives about crypto, blockchain, and future tech. Her extensive experience in editing, copywriting, and publishing gives her a deep understanding of the craft of storytelling and collaboration, which she channels through Shiba Inu's official publications. Malaya owns two dogs and therefore has a special admiration for the Shiba Inu breed.
