Bitfinex Hacker Sentenced to 5 Years for 2016 Bitcoin Theft

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Table of Content

In today edition we talk about

• Bitfinex Hacker Sentenced to 5 Years for 2016 Bitcoin Theft

• SEC Chair Gensler Reaffirms Crypto Stance Amid Threat of Removal by Trump

• Arkham Introduces Points Program to Attract Derivatives Traders

• Pennsylvania Lawmaker Proposes Bitcoin Reserve for State Treasury

Bitfinex Hacker Sentenced to 5 Years for 2016 Bitcoin Theft

Ilya Lichtenstein, who admitted to hacking the crypto exchange Bitfinex in 2016, has been sentenced to five years in prison for laundering stolen Bitcoin. Judge Colleen Kollar-Kotelly of the U.S. District Court for the District of Columbia delivered the sentence on Nov. 14, following Lichtenstein’s guilty plea for conspiracy to commit money laundering. Prosecutors recommended leniency, noting Lichtenstein’s cooperation and lack of prior criminal history.

Lichtenstein and his wife, Heather Morgan, stole 119,754 BTC from Bitfinex, laundering roughly 95,000 BTC before their 2022 arrest. Morgan, also known as “Razzlekhan,” pleaded guilty to similar charges and is set to be sentenced on Nov. 18. She has requested no additional prison time beyond her husband’s sentence.

Meanwhile, in a separate crypto case, FTX co-founder Gary Wang will face sentencing on Nov. 20, where he may receive a lighter sentence due to his cooperation with authorities.

SEC Chair Gensler Reaffirms Crypto Stance Amid Threat of Removal by Trump

With the possibility of being replaced by President-elect Donald Trump, SEC Chair Gary Gensler reiterated his strict approach to crypto regulation in a Nov. 14 speech. Gensler highlighted the SEC's push for crypto firms to register and disclose information for around 10,000 tokens viewed as securities. He also noted the commission’s approvals of Bitcoin ETFs and futures but criticized some crypto companies for not following “common-sense rules.”

Gensler, whose term runs through 2026, has maintained that his actions aim to protect investors in a sector he believes is prone to speculative and potentially illicit activities. Trump, however, has promised to dismiss Gensler “on day one” of his presidency, which would shift the SEC's crypto policies. While experts say Trump cannot easily remove Gensler without cause, the president-elect has hinted at using recess appointments to fill key roles without Senate approval.

Arkham Introduces Points Program to Attract Derivatives Traders

Blockchain analytics firm Arkham Intelligence has launched a 30-day points program to attract users to its new crypto derivatives exchange, announced on Nov. 14. Traders can earn points by trading spot crypto and perpetual futures contracts, with points convertible to Arkham’s native token, ARKM.

The exchange, launched on Nov. 6, targets retail traders and aims to compete with major platforms like Binance. It integrates Arkham’s analytics, live on-chain audits, and proof-of-reserve (PoR) features but is not accessible to U.S. users.

Pennsylvania Lawmaker Proposes Bitcoin Reserve for State Treasury

Pennsylvania Representative Mike Cabell introduced a bill on Nov. 13 to allow the state treasury to invest up to 10% of its funds in Bitcoin as a hedge against inflation. If passed, this legislation would permit the State Treasurer to allocate a portion of the General Fund, Rainy Day Fund, and State Investment Fund—amounting to billions—in Bitcoin.

Cabell’s proposal, co-sponsored by Representative Aaron Kaufer, aligns with trends by investment firms like BlackRock and Fidelity that use Bitcoin to manage economic volatility. The bill, modeled after guidelines from the Satoshi Action Fund, builds on previous Pennsylvania legislation that supports crypto regulations and self-custody protections.

This state-level move echoes Republican plans at the national level, though experts doubt that President-elect Trump will implement a federal Bitcoin reserve.

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