Changpeng Zhao sentenced to four months in prison despite DOJ’s request for a longer term.
Crypto market dips after Binance founder’s sentencing; BTC and ETH prices decline.
Kangamoon presale gains momentum raising over $6 million with over 79% $KANG tokens sold.
The global crypto market experienced a downturn, with a significant 8.17% decrease, following the sentencing of Changpeng Zhao, the former CEO of Binance. Bitcoin (BTC) and Ethereum (ETH) prices are leading, with BTC dropping by 9.03% and ETH by 9.16% over the last 24 hours.
At press time, BTC was priced at $57,454.33, while ETH stood at $2,867.59. But as most cryptocurrencies dip, Kangamoon, a new meme coin, is offering an alternative opportunity with its ongoing presale.
Changpeng Zhao’s sentence after DOJ’s request rejection
c, known as “CZ,” was sentenced to four months in prison after pleading guilty to money laundering violations at Binance.
As reported earlier, Zhao’s sentencing came after U.S. District Judge Richard Jones declined the Department of Justice’s (DOJ) request for a longer imprisonment of three years.
Despite the significant penalties imposed on Binance, Zhao’s sentence was notably shorter, reflecting the judge’s decision.
The prosecution had argued for a longer sentence, emphasizing the severity of Binance’s misconduct. They accused Zhao of prioritizing the exchange’s growth and profitability over compliance with U.S. laws, leading to a “Wild West” environment that welcomed criminals. They also highlighted Binance’s failure to report suspicious transactions involving designated terrorist groups and its support for the sale of illicit materials.
In response, the defence maintained that Zhao’s actions were not intentional criminal acts but rather mistakes in judgment. They emphasized Zhao’s cooperation with authorities and his willingness to take responsibility for Binance’s shortcomings. They argued that Zhao had aimed to make a positive impact in the crypto industry but had made errors along the way.
In the end, the judge handed Zhao a 4 months prison sentence, which was viewed as lenient compared to what the U.S. DOJ wished for.
Despite the judge’s decision to impose a shorter sentence, he criticized Zhao for neglecting regulatory compliance. Judge Jones emphasized that Zhao had the resources and capabilities to ensure Binance’s adherence to regulations but had failed to do so effectively.
The judge’s remarks underscored the importance of upholding legal standards in the rapidly evolving crypto landscape.
A new meme coin thrives in presale as market dips
As the market reacts to the Changpeng Zhao sentencing, Kangamoon is contending for the next top meme coin position.
Contrary to other meme coins that have only capitalized on community involvement, Kangamoon integrates SocialFi and Play To Earn (P2E) elements to foster a vibrant community of meme enthusiasts.
Kangamoon participants can engage in activities like assembling champions, battling epic encounters, and betting on favourite fighters to earn the native $KANG tokens and exclusive rewards.
$KANG token is an ERC-20 token and operates on the Ethereum blockchain boasting a max supply of 1 billion tokens out of which 600 million tokens are available for purchase in the ongoing presale event.
Kangamoon presale
The Kangamoon presale has attracted considerable attention and has raised over $6 million, with 79.3% of tokens set aside for the presale sold and 20.7% remaining.
As participants eagerly anticipate claiming their $KANG tokens post-presale, which will be accessible via the project’s website through a simple claim button interested investors can still purchase $KANG tokens at a price of $0.0196 before the presale comes to an end.
Conclusion
The crypto market faces a downturn following Changpeng Zhao’s sentencing, with Bitcoin and Ethereum prices declining.
However, while the rest of the market slides into red, the Kangamoon project continues to gain momentum, with its $KANG token presale attracting significant investment interest.
The post This new meme coin presses on as most cryptocurrencies slide after CZ sentencing appeared first on CoinJournal.