Bitcoin bounced back in a big way this year, and the market is showing signs of recovery. 2023 was marked by big wins and major losses – it definitely wasn’t without its fair share of events. Here are some highlights.
Binance pays $4.3B fine, CZ steps down
The world’s largest crypto exchange by trading volume and its founder and CEO Changpeng “CZ” Zhao had been under US regulators’ loop for years. In November, the company agreed to pay a $4.3 billion fine – a historic record – to the US Department of Justice and two other federal agencies. Zhao stepped down as CEO and awaits trial on money laundering charges.
Legal victory for Ripple
This summer, Ripple scored a landmark victory against the US Securities and Exchange Commission (SEC) after a federal judge ruled the company’s XRP token was not a security. A federal judge also ruled in October that the SEC could not appeal the decision. Later, SEC dropped charges against two top Ripple execs.
SBF guilty on all counts
Former FTX CEO Sam Bankman-Fried was found guilty of seven charges related to the collapse of his exchange and its sister firm Alameda Research. The exchange was worth $32 billion at its peak. During the trial, it emerged that SBF and his top executives, some of whom testified as witnesses for the prosecution, siphoned off billions in customer money to buy luxury properties and fund risky trades at Alameda.
Silicon Valley and Silvergate Bank collapse
In March 2023, Silicon Valley Bank became one of the biggest US banks to go bankrupt since 2008. The collapse had a domino effect, with almost half a dozen other banks going insolvent too. Among them was the crypto-friendly Silvergate, which served Coinbase, FTX, and other major crypto-focused entities.
Signature Bank, also crypto-friendly, went under days later. Citizens Bank and First Republic Bank toppled as well.
The end of the bear market?
Bitcoin has added 150% to its value since the beginning of 2023. Does this signal the end of the bear market? We truly hope so and pray these dark days never return.
Image: Adobe Stock Photos
