Meanwhile, spot BTC ETFs saw inflows, and Bitcoin (BTC) recovered $70,000.

FTX founder receives a 25-year sentence

• Sam Bankman-Fried, the founder of FTX, was given a 25-year jail term.

• The former CEO of FTX caused significant harm, as evidenced by the document the U.S. Department of Justice (DoJ) released shortly before the sentencing that included 52 testimonials from victims of the company's failure.

The US SEC is requesting $2 billion from Ripple.

• In the SEC v. Ripple litigation, the U.S. SEC submitted its opening brief for the remedies discovery phase. With the exception of earlier sales to institutions, the court already ruled that Ripple did not violate securities laws in its SEC dealings.

• After the summary judgment, the lawsuit proceeded to the remedies phase. This week, the SEC revealed that it is requesting that the judge punish Ripple $2 billion for sales that came close to $800 million to institutions.

• In response to the SEC's demand, Ripple is anticipated to file its rebuttal brief the following month. Executives at the corporation, including as CEO Brad Garlinghouse and CLO Stuart Alderoty, retaliated against the SEC's requests. View below.

KuCoin and Coinbase are being examined

• Together with the CFTC, the U.S. Justice Department filed accusations against KuCoin on March 26. The claims claimed that the exchange enabled money laundering operations.

• The accusations also included KuCoin's two co-founders, alleging that KuCoin willfully let American nationals to use its exchange for transactions without imposing stringent AML and KYC requirements.

• Customers started taking out $350 million in Ethereum (ETH) and stablecoins in the 24 hours before March 27 shortly after the charges were made public.

• KuCoin promised its clients that their valuables would be secure. According to reports dated March 28, KuCoin reorganized its personnel, giving its U.S. compliance team greater precedence in the wake of the DoJ allegations.

• Caroline Pharm, a commissioner of the CFTC, openly questioned her organization for the allegations against KuCoin and alluded to potential overreach by the commodities and futures regulating body.

• This week, the court's decision on Coinbase's move to have the SEC's charges against company dismissed made headlines in the SEC v. Coinbase dispute.

• The judge rejected the application over its cryptocurrency exchange offers but approved the motion for its Wallet and Staking programs. The court has now allowed both sides to plead their case after making this ruling.

Nigerian authorities versus Binance executives

• The ongoing conflict involves Nigeria and Binance executives Nadeem Anjarwalla and Tigran Gambaryan. Notably, on March 22, it was reported that Anjarwalla, Binance's regional officer for Africa, had absconded from Nigeria.

• In a later development, the two Binance executives who were arrested by Nigeria filed a lawsuit in a local court against the Nigerian government, arguing that they had infringed their rights. The executives asked to be released from detention, to have their passports returned, and to issue a public apology.

• In Southeast Asia, Binance is also having problems with regulations.The National Telecommunications Commission of the Philippines granted the Filipino SEC permission to restrict local access to Binance's websites.

Bitcoin recovers $70,000 while inflows into spot BTC ETFs

• The previous week had seen a prolonged spell of bearishness in the cryptocurrency market, but now positive feelings have returned. These positive feelings were aided by the inflows observed by spot Bitcoin ETFs.

• $15 million in net inflows into these investment products occurred on March 25, ending the previous week's 5-day losing run. The next day, March 26, the products continued their trend of inflows, posting inflows of $418 million.

• On March 27, there were positive capital flows of $214.5 million in the spot BTC ETFs, marking the third day in a row of inflows for the week. Remarkably, the ARK 21Shares Bitcoin ETF had record-breaking inflows of $200 million, accounting for the largest portion of this total. As the virtual currency finally broke above $70,000 and increased 5.4% to reach $70,500 on March 26, mood surrounding bitcoin progressively turned optimistic.