Binance Exec Leaves, BitoPro Hacked, Gemini Eyes IPO: Crypto Turmoil Unfolds

Binance Official Detained in Nigeria Leaves Crypto Exchange

According to Bloomberg, Tigran Gambaryan, Binance Holdings Ltd.’s head of financial crime compliance, is leaving the world’s largest crypto exchange. Gambaryan, a former US Internal Revenue Service agent who joined Binance in 2021, was detained in Nigeria for about eight months on allegations of money laundering and currency manipulation while traveling to the country on behalf of Binance.

Gambaryan was released on humanitarian grounds in October after his health deteriorated while in jail. The Nigerian government has since dropped the charges against him.

Tigran Gambaryan was detained for approximately eight months in Nigeria.
He was released in October on humanitarian grounds due to health concerns.
The Nigerian government dropped all charges against him.

The case highlights the legal and regulatory risks faced by crypto executives operating internationally.

Summary: Tigran Gambaryan, Binance’s head of financial crime compliance, has left the company after being detained in Nigeria for eight months. He was released on humanitarian grounds and all charges were dropped, as reported by Bloomberg.

BitoPro Confirms $11 Million Hack and Replenishes Lost Funds

CoinDesk reports that BitoPro, a Taiwan-based crypto exchange, confirmed a cyberattack on an old hot wallet in May, resulting in losses of over $11 million. The breach occurred on May 8 during a wallet system upgrade and was first flagged by blockchain investigator ZachXBT. The stolen funds were laundered through decentralized exchanges and privacy protocols before being deposited into Wasabi Wallet, a popular Bitcoin mixer.

BitoPro stated that it immediately replenished the stolen funds and moved assets to new wallets to prevent further losses. The company emphasized that user assets were unaffected, with all deposits, withdrawals, and trading functions continuing as normal. BitoPro is working with a third-party cybersecurity firm to investigate the hack and will soon publish new hot wallet addresses to improve transparency. The majority of its assets are held in offline cold wallets to protect against similar incidents in the future. BitoPro, operated by BitoGroup, has served Taiwan’s crypto market since 2018 and processed over $20 million in trading volume in the past 24 hours.

Incident	Details
Hack Date	May 8
Amount Stolen	Over $11 million
Trading Volume (24h)	Over $20 million

User assets were not affected by the hack.
BitoPro moved assets to new wallets and is increasing transparency.
Majority of assets are now held in cold wallets.

Summary: BitoPro suffered a cyberattack resulting in over $11 million in losses but quickly replenished the funds and assured users that their assets were safe. The exchange is enhancing security and transparency, according to CoinDesk.

Gemini Files for IPO Following Circle’s Successful Listing

The Wall Street Journal (WSJ) reports that Gemini, the crypto company controlled by the Winklevoss twins, has filed its IPO plans with securities regulators. The company made its intentions known through a confidential filing with the Securities and Exchange Commission. Gemini has not yet determined how many Class A shares it will offer or the price range for the offering.

This move comes after shares of Circle more than doubled during its first day of trading, indicating strong investor interest in crypto-related public offerings.

Gemini filed a confidential IPO with the SEC.
The number of shares and price range have not been disclosed.
The decision follows Circle’s successful IPO, where shares more than doubled on the first day.

Summary: Gemini is preparing to go public, following the positive market response to Circle’s IPO. Details on share count and pricing remain confidential, as reported by WSJ.

Details on Gemini’s Business and Regulatory History

SiliconANGLE provides further details on Gemini’s operations and regulatory background. Gemini Space Station Inc., founded in 2014 by Tyler and Cameron Winklevoss, operates an exchange that allows users to buy and sell more than 70 cryptocurrencies and provides access to crypto derivatives. The company also offers the Gemini dollar, a stablecoin pegged to the US dollar and running on the Ethereum blockchain, as well as the Gemini Credit Card, which offers cryptocurrency cashback on purchases.

Gemini previously offered a lending service called Gemini Earn, which was shut down after its partner became insolvent. The collapse of Gemini Earn led to an investigation by the U.S. Securities and Exchange Commission (SEC), which accused Gemini of misleading users about the risks. The SEC closed the probe after Gemini returned $2.18 billion to users. Around the same time, Gemini settled a separate probe by the U.S. Commodity Futures Trading Commission for $5 million.

The company’s decision to go public may have been influenced by these favorable regulatory outcomes and the successful IPO of Circle Internet Group Inc., which raised nearly $1.1 billion by selling 34 million shares. Circle’s stock jumped more than 160% on its first day of trading. Gemini’s most recent funding round valued the company at $7.1 billion.

Key Facts	Details
Founded	2014
Cryptocurrencies Supported	70+
Returned to Earn Users	$2.18 billion
CFTC Settlement	$5 million
Latest Private Valuation	$7.1 billion
Circle IPO Proceeds	Nearly $1.1 billion (34 million shares)
Circle Stock First Day Jump	More than 160%

Gemini offers a wide range of crypto products, including a stablecoin and credit card.
The company resolved major regulatory investigations before filing for IPO.
Circle’s IPO success likely influenced Gemini’s decision to go public.

Summary: Gemini’s confidential IPO filing follows a period of regulatory resolution and strong market signals from Circle’s IPO. The company is valued at $7.1 billion and has returned significant funds to users affected by the collapse of its lending service, as detailed by SiliconANGLE.

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