Singapore Jails Su Jianfeng for 17 Months, Forfeits $26.5M in Crypto in $3B Money Laundering Case

The party's over for Su Jianfeng, as Singapore threw the book at the money launderer, sentencing him to 17 months in jail for his involvement in Singapore's $3 billion money laundering case.

This week in crypto: Su Jianfeng gets 17 months in jail, Terraform Labs settles SEC charges

The party's over for Su Jianfeng, as Singapore threw the book at the money launderer, sentencing him to 17 months in jail for his involvement in Singapore's $3 billion money laundering case. He will have to forfeit $178.9 million of his assets including $26.5 million in cryptocurrency.

The TerraUSD drama just won't quit – The SEC continued its crypto crusade, settling with Terraform Labs and Do Kwon for a whopping $4.5 billion.

Taiwan isn't waiting for the government to catch up - their new VASP association is taking charge of self-regulation, and Thailand wasn't feeling the love for Zipmex, revoking their crypto exchange license after a string of regulatory no-nos.

Elsewhere,

Bitcoin staged a dramatic comeback after Wednesday's release of key economic data, surging to the $70,000 mark before paring its gains. It's now back to around $67,000, while Ethereum is down to $3,500 on the news that approvals for spot Ethereum ETFs would only come by the end of summer. At least we can enjoy our beach holidays uninterrupted 🤞🏼

The risk appetites on the Fear & Greed Index have lowered slightly, from 77 last week, "Extreme Greed," to 74, "Greed."

The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.

But what happens next? Our fine analysts at Blockhead said:

"We believe the market is overbearish and underestimates the positive impact of disinflation. Inflation has decreased for two consecutive months, suggesting that high interest rates are finally working, despite strong employment numbers. SEC chair Gary Gensler has also said that a spot Ethereum ETF approval will likely by approved 'by the end of summer' and not sooner, as most had been anticipating. This, combined with the hawkish FOMC stance, led ETH to another local low (-15% since the announcement of ETH ETFs) with no immediate signs of reversal."