The Crypto Currier 16th April

FTX founder SBF is trying to challenge his jail sentence, Nigeria's detention of two Binance execs isn't working out in its favour, and new crypto regulations are coming in to the UK

SBF isn’t giving up. Two weeks after a court?sentenced him to 25 years in prison for his role in stealing $8 billion from customers, FTX founder and former CEO SBF has challenged his conviction and sentencing.

Two US senators also haven’t given up. Two senators, including Elizabeth Warren, have demanded a full accounting of the interactions between?CFTC Chairman Rostin Behnam and SBF in the months before FTX’s collapse. In the letter, the senators expressed concern about the nature of the relationship, and are seeking records of all meetings, phone calls, and correspondence that happened between them by 29 April.

"Safeguarding the savings and retirements of Americans requires Congress and market regulators like the CFTC to determine how this multi-billion-dollar crime was allowed to happen," Warren and Grassley wrote?in the letter.

In more crypto exchange news, the Nigerian Government has reportedly traced Nadeem Arjarwalla, the Binance executive who fled to Kenya after escaping from custody, and is seeking his extradition. According?to local media outlet Punch, Arjarwalla went into hiding once he arrived in Kenya, but his cover has been blown. Anjarwalla reportedly left Nigeria on a Kenyan passport, despite not having any travel documents on him in custody. The Nigerian government is now collaborating with Interpol and the Kenyan Police in an attempt to bring him back to Nigeria to face charges.

To bring some cheer, above is a photo of a cute baby giraffe in Lewa Wildlife Conservancy in Kenya.

Nigeria’s governments’ play against Binance isn’t working out too well for the rest of the country. Nigeria is experiencing repercussions from its detention of the two Binance executives after a meeting regarding regulatory issues. Investors have reportedly been withdrawing from deals and partnerships, especially in the web3 sector, citing perceived business risks and government hostility. According to chairman of the Blockchain Industry Coordinating Committee, Lucky Uwakwe, this incident has heightened fears of similar repercussions for local Web3 investments, leading to a gradual divestment by stakeholders.

The victims of a $6.2 billion Chinese investment fraud are seeking to recover $4.3 billion in Bitcoin that was confiscated and that is now being held by the UK government. A group representing the victims submitted?a letter to the Ministry of Foreign Affairs of China requesting it demonstrate their rightful ownership of the Bitcoin and that it negotiate with the UK government to recover the Bitcoin. The fraud was carried out between 2014-2017 by Tianjin Lantian Gerui Electronic Technology in China and stole the money from Chinese citizens. The UK seized the cryptocurrency after Jian Wen, a former hospitality worker, failed to account for the funds while attempting to use $30 million of the stolen funds to buy a London house. The UK government has not yet said what it will do with the seized Bitcoin.

“We do not want, and will never accept, a situation where Bitcoins are confiscated by the UK and not returned to us,” the letter quite fairly writes.

The UK is set to roll out legislation to regulate crypto assets, including stablecoins, staking, and exchange and custody services by June or July this year, according to an announcement by Economic Secretary Bim Afolami. The UK’s FCA will oversee crypto activities, whereas the Bank of England will oversee stablecoin providers that will impact the financial system.

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