Donald Trump’s victory in the US presidential race was celebrated across the crypto industry, but one former boss wasn’t joining the party. Changpeng Zhao, the former chief executive of Binance, one of the world’s largest crypto currencies, was sentenced to four months in Jail.

He has pleaded guilty to “failing to establish adequate money laundering controls” during his time at at the firm, according to reports.

The allegations against the 47-year-old former executive and Binance founder included “failing to halt transactions that financed terrorist groups Hamas and al-Qaeda and sanctioned entities in Iran and Russia,” the report said.

US prosecutors were seeking a three-year sentence, but the fact that Zhao pleaded guilty and cooperated with the authorities meant his lawyers were able to get a shorter sentence.

“Binance remains the world’s biggest crypto exchange but its market share has eroded from 60 per cent at the start of last year, to 42 per cent, according to figures from CCData,” the FT has said.

White House bounce

But otherwise it has been a great week for the crypto industry, with Trump’s victory in the US election signalling the potential return of a more crypto-friendly administration to the White House.

Trading figures over the past few days indicate the optimism, with bitcoin reaching a record high of $80,000. In Asian markets the digital asset rose by 2.5% on Monday. Ethereum rose by 8.9% and solana also saw a 4.5% increase.

And it’s not just about the immediate market reaction. Standard Chartered has predicted the global crypto market will reach a staggering $10 trillion by the end of 2026, according to reports. That figure is four times higher than the current value of the crypto industry.

The bank’s forecast about bitcoin’s future is also positive, with values expected to reach $200,000. Ethereum could also reach $10,000, according to the report. These forecasts rely on potential policy shifts by the new US administration in relation to the crypto industry.

FTX liquidators sue binance

In more bad news for Binance, the now defunct FTX’s liquidators are suing the firm in an attempt to get back $1.8 billion which FTX paid to Binance the year before the former firm went bankrupt.

According to reports, “Binance owned a 20% stake in FTX, which FTX’s disgraced CEO Sam Bankman-Fried bought back on behalf of his company for $1.76 billion in July 2021.”

FTX liquidators are now arguing that “the company should have been considered insolvent at the time,” and that the transaction with binance was therefore fraudulent, the report adds.

FTX went bankrupt two years ago after it was revealed that more than $9 billion of investors’ money was missing. The firm’s sister company, Alameda Research, is said to have spent the deposits without informing customers.

New crypto exchange

And we might soon have a crypto version of the S&P 500. It will be called Coin50, and is being launched by Coinbase, one of the largest crypto exchanges in the US.

The platform will “provides investors with a broad and accessible tool to better understand how the market is performing as a whole,” according to reports.

The move comes as the crypto industry matures and seeks more institutional investment, increasing the need for a platform that provides “a reliable measurement that accurately portrays the growing size and diversity of the market,” the report says.

“What we’re trying to do is establish a benchmark that is not specific to any asset, that’s trying to give what is the broad basket of crypto assets doing, the same way that you gauge the performance of the equity markets through the S&P 500,” Creg Tusar, Head of institutional products at Coinbase, told Fortune.

Crypto fraud in South Korea

We conclude with news from South Korea, where police have arrested 215 people in relation to a crypto scam worth 320 billion won  ($228.4m), according to reports.

The report says those arrested include an alleged mastermind of the criminal group who had sold different types of virtual tokens to around 15,000 people, promising high returns.

Referred to as Mr A, he had reportedly escaped to Australia, where he was arrested and extradited. Police are said to have confiscated 22 bitcoins from his accounts and are aiming to seize millions more.

“Members of the alleged criminal ring are also accused of using personal information garnered through both digital advertising, including nearly nine million phone numbers, and theft to take out fraudulent loans,” The Guardian reported.