Cryptocurrency Entrepreneurs 2023: Some Cry, Some Laugh

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In 2023, luminaries in the cryptocurrency space will take different paths, contributing to the ups and downs of the ecosystem.

While some have achieved great success, others have seen their empires crumble despite their high expectations.

Here are some of the biggest winners and losers in the cryptocurrency space in 2023.

winner

In an environment filled with uncertainty and opportunity, many crypto entrepreneurs have proven themselves to be resilient pioneers, shaping the narrative of 2023 while laying the groundwork for 2024.

Brad Garlinghouse

Ripple may not be to everyone’s tastes, but the company’s CEO, Brad Garlinghouse, has endeared himself to the broader crypto community with a series of legal victories this year before the U.S. Securities and Exchange Commission (SEC).

In July, Ripple won a major ruling against regulators after the XRP token was found not to violate securities laws. However, this is not the end of the story. The U.S. Securities and Exchange Commission continues to seek more than $770 million in fines from Ripple, saying the company is obligated to pay the penalty.

For now, Garlinghouse looks fine, but the battle continues.

uga laboratory

Yuga Labs is another company that got a big win in court this year. In April, a judge ruled in favor of Yuga Labs in its long-running dispute with Ryder Ripps and Jeremy Cahen, who claimed that Yuga Labs’ NFT Bored Ape Yacht Club token was racist and anti-Semitic. , and then copy similar NFT tokens to make them believe that this is their job.

Needless to say, the court didn’t take Ripps and Cahan’s shenanigans seriously, ordering the duo to pay Yuga Labs $1.57 million in damages and attorneys’ fees.

The exact statutory total has not yet been determined, but Yuga Labs wants $7.9 million.

royal bedford football club

2023 has been a great year for Royal Bedford, who won the English South Midlands League title in April. The football team is owned by Bitcoin podcaster Peter McCormack and the goal is to take the club into the Premier League.

While such lofty goals may seem far away, the club’s promotion this year is a small step in the right direction. Real Bedford depicts Bitcoin on the orange band and has multiple cryptocurrency sponsors, including Compass Mining and Gemini.

Cryptocurrency Lawyer

Between bankruptcies, scams, copyright infringement, and everything else, one group of people who have benefited every step of the way are cryptocurrency attorneys. In January 2023, the law firm Sullivan & Cromwell had 150 employees dedicated to FTX cases, including 30 billing partners, with hourly wages of up to $2,000.

Guy loser

Some of the most trusted and popular cryptocurrency entrepreneurs have faced varying degrees of legal trouble over a variety of accusations, from misappropriating investor funds to facilitating cross-border routes for money laundering.

Zhao Changpeng

Whether Changpeng Zhao (CZ) wins or loses in 2023 is just a matter of perspective. On the one hand, the U.S. Department of Justice forced Binance’s directors to resign and personally pay a $50 million fine after admitting to failing to adequately prevent money laundering.

In addition, Binance must pay a $4.3 billion fine, which is the largest compensation in the history of the U.S. Treasury Department.For all these reasons, CZ appears to have loss 2023 is going to be bigger.

On the other hand, however, the fact that CZ was able to avoid jail time for the crimes for which he was charged is also significant. If this is the case, CZ may be a lucky man. With plenty of money, time, and resources, CZ can still turn things around again.

Maybe that’s not enough to call this year a victory, but maybe it’s an acceptable defeat.

Jesse Powell

In further regulatory troubles, Jesse Powell’s Kraken settled with the SEC in February, with the U.S.-based exchange paying $30 million, leading to the Kraken co-founder’s mistaken belief in regulatory concerns. Worry no longer lurks.

The SEC subsequently filed another lawsuit against Kraken in November, claiming the company was operating as an unregistered national securities exchange, broker-dealer and clearing house.This angered Powell, who Write On X (formerly Twitter):

“The message is clear: You get $30 million in about 10 months before the SEC blackmails you again.”

While Powell’s righteous outrage is noteworthy, it now appears that paying the fine will not prevent the SEC from taking further action.

Daoquan

This year’s list of losers includes Terraform Labs co-founder Do Kwon, who was arrested in Montenegro in March and convicted in June of forging official documents. The Montenegrin judicial system therefore sentenced Kwon to 4 months in prison. Doesn’t mean his problems are over.

Both the United States and South Korea have attempted to extradite Kwon following the collapse of the Terra ecosystem and its stablecoin TerraUSD (UST) worth billions of dollars.

Sam Bankman-Freed

In November, former FTX CEO Sam Bankman-Fried was convicted of defrauding FTX customers. Bankman-Fried (SBF) currently faces up to 110 years in prison. Some analysts believe his tenure will only last about 20 to 30 years.

The SBF trust marked one of the worst collapses in cryptocurrency history. The exchange tycoon’s fortune was once estimated at $16 billion. Today, that number is close to $0.

Without a doubt, the biggest loser in crypto in 2023 is SBF. His sentencing will be announced around March 2024.