This new meme coin presses on as most cryptocurrencies slide after CZ sentencing

• Changpeng Zhao sentenced to 4 months in jail regardless of DOJ’s request for a long run.
• Crypto market dips after Binance founder’s sentencing; BTC and ETH costs decline.
• Kangamoon presale features momentum elevating over $6 million with over 79% $KANG tokens offered.

The worldwide crypto market skilled a downturn, with a major 8.17% lower, following the sentencing of Changpeng Zhao, the previous CEO of Binance. Bitcoin (BTC) and Ethereum (ETH) costs are main, with BTC dropping by 9.03% and ETH by 9.16% during the last 24 hours.

At press time, BTC was priced at $57,454.33, whereas ETH stood at $2,867.59. However as most cryptocurrencies dip, Kangamoon, a brand new meme coin, is providing another alternative with its ongoing presale.

Changpeng Zhao’s sentence after DOJ’s request rejection

c, referred to as “CZ,” was sentenced to 4 months in jail after pleading responsible to cash laundering violations at Binance.

As reported earlier, Zhao’s sentencing got here after U.S. District Decide Richard Jones declined the Division of Justice’s (DOJ) request for an extended imprisonment of three years.

Regardless of the numerous penalties imposed on Binance, Zhao’s sentence was notably shorter, reflecting the choose’s determination.

The prosecution had argued for an extended sentence, emphasizing the severity of Binance’s misconduct. They accused Zhao of prioritizing the trade’s development and profitability over compliance with U.S. legal guidelines, resulting in a “Wild West” surroundings that welcomed criminals. Additionally they highlighted Binance’s failure to report suspicious transactions involving designated terrorist teams and its help for the sale of illicit supplies.

In response, the defence maintained that Zhao’s actions weren’t intentional legal acts however quite errors in judgment. They emphasised Zhao’s cooperation with authorities and his willingness to take duty for Binance’s shortcomings. They argued that Zhao had aimed to make a constructive affect within the crypto trade however had made errors alongside the best way.

Ultimately, the choose handed Zhao a 4 months jail sentence, which was seen as lenient in comparison with what the U.S. DOJ wished for.

Regardless of the choose’s determination to impose a shorter sentence, he criticized Zhao for neglecting regulatory compliance. Decide Jones emphasised that Zhao had the assets and capabilities to make sure Binance’s adherence to laws however had failed to take action successfully.

The choose’s remarks underscored the significance of upholding authorized requirements within the quickly evolving crypto panorama.

A brand new meme coin thrives in presale as market dips

Because the market reacts to the Changpeng Zhao sentencing, Kangamoon is contending for the subsequent prime meme coin place.

Opposite to different meme cash which have solely capitalized on neighborhood involvement, Kangamoon integrates SocialFi and Play To Earn (P2E) components to foster a vibrant neighborhood of meme lovers.

Kangamoon members can have interaction in actions like assembling champions, battling epic encounters, and betting on favorite fighters to earn the native $KANG tokens and unique rewards.

$KANG token is an ERC-20 token and operates on the Ethereum blockchain boasting a max provide of 1 billion tokens out of which 600 million tokens can be found for buy within the ongoing presale occasion.

Kangamoon presale

The Kangamoon presale has attracted appreciable consideration and has raised over $6 million, with 79.3% of tokens put aside for the presale offered and 20.7% remaining.

As members eagerly anticipate claiming their $KANG tokens post-presale, which will likely be accessible through the mission’s web site by a easy declare button buyers can nonetheless buy $KANG tokens at a value of $0.0196 earlier than the presale involves an finish.

Conclusion

The crypto market faces a downturn following Changpeng Zhao’s sentencing, with Bitcoin and Ethereum costs declining.

Nonetheless, whereas the remainder of the market slides into purple, the Kangamoon mission continues to realize momentum, with its $KANG token presale attracting vital funding curiosity.