Gemini IPO, Do Kwon pleads guilty, OKX burns $26b worth of tokens | Weekly Recap

From Gemini’s bid to go public and Do Kwon’s guilty plea, to OKX erasing $26 billion worth of tokens and Hong Kong tightening custody standards, the crypto industry is seeing both bold moves and sobering reminders of risk.

Add in suspicious transfers in Turkey, new rules from Google, and major shifts in crypto policy and corporate treasuries, and the digital asset world proved last week once again that it never stays still for long.

Gemini IPO

The cryptocurrency exchange announced on Friday that it has filed a public S-1 registration with the Securities and Exchange Commission (SEC) for its planned initial public offering.

Do Kwon admits guilt

Terraform Labs founder pleaded guilty to conspiracy charges involving fraud and wire fraud.
Kwon stated that he “knowingly engaged in a scheme to defraud and did in fact defraud” buyers of the TerraUSD stablecoin.

OKX destroys $26 billion worth of tokens

The cryptocurrency exchange burned 278,999,999 OKB 12.69% tokens valued at more than $26 billion according to current market pricing.
This massive token destruction followed an announcement that approximately 65.26 million tokens accumulated through buyback programs and company reserves would be eliminated.