Browsing:Market

FBI and Ukraine join forces to seize 9 exchange domains over money laundering accusations
1 year ago 1 min read

FBI and Ukraine take down 9 crypto exchange websites over suspected money laundering

The Federal Bureau of Investigation (FBI) and Ukrainian authorities have seized the domains of nine digital currency exchanges accused of aiding cybercriminals in money laundering activities. The seizure notice will appear on the websites of 24xbtc.com, 100btc.pro, pridechange.com, trust-exchange.org, and bitcoin24.exchange. These exchanges were accused of offering entirely anonymous digital currency exchange services and lax anti-money laundering measures. The FBI believes that these rogue exchanges serve as significant hubs in the cybercrime ecosystem and are advertised on online forums dedicated to discussing criminal activity. The FBI and other agencies have been involved in various cryptocurrency-related issues, including conducting a search

Bankrupt FTX firm charged $103M in Q1 by advisors, according to reports
1 year ago 1 min read

FTX advisors charge bankrupt crypto exchange $103M in Q1, raising eyebrows

FTX advisors are set to earn $103 million in Q1 as they guide the cryptocurrency exchange through its bankruptcy proceedings. In March alone, five firms billed FTX a total of $36.4 million, slightly higher than the previous months. New York-based law firm Sullivan & Cromwell received the highest paycheck, billing $14.1 million in fees and expenses for March and a total of $44.4 million for Q1. Alvarez & Marsal, FTX’s restructuring advisor, invoiced over $13.8 million in March, while Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb billed FTX $3.19 million and $644,000 respectively. AlixPartners, which analyzed FTX’s

The lawsuit filed by The Moskowitz Law Firm alleged that Nash and nine other influencers promoted FTX
1 year ago 1 min read

FTX lawsuit against crypto influencer served via Twitter

Influencer Tom Nash has been served a class-action lawsuit through a tweet after a US court allowed the action since lawyers claimed they could not serve him through other means. The lawsuit filed by The Moskowitz Law Firm alleged that Nash and nine other influencers promoted FTX, which later went bankrupt, without disclosing their compensation. According to a May 2 order from a Florida District Court Judge, Nash was served the notice through Twitter since he is believed to reside in Georgia, and previous emails sent by the law firm did not bounce back. The legal notice URL was shared

The Biden administration is proposing a tax on crypto miners
1 year ago 1 min read

US government considers 30% electricity tax for crypto miners

The Biden administration is proposing a tax on cryptocurrency miners, with the White House’s Council of Economic Advisers campaigning for a tax equal to 30% of the cost of the power used by crypto miners. The proposed tax, known as the “Digital Asset Mining Energy excise tax,” would be effective for taxable years beginning after December 31, 2023, and would be phased in over three years. The tax is aimed at offsetting the “negative spillovers” of crypto mining, such as the high energy consumption, impact on the environment, quality of life, and electricity grids. However, some states like Arkansas, Montana,

BitFlyer USA Faces $1.2M Penalty from NYDFS for Cybersecurity Lapses
1 year ago 2 mins read

BitFlyer US Slapped with $1.2M Fine by NYDFS for Breaching Cybersecurity Standards

BitFlyer USA, a cryptocurrency exchange, has been slapped with a $1.2 million fine by the New York State Department of Financial Services (NYDFS) for failing to comply with the state’s cybersecurity regulations. The NYDFS stated that the exchange had a license to operate in New York, but it failed to meet the state’s cybersecurity standards. The NYDFS acknowledged that bitFlyer USA has taken measures to improve its cybersecurity and presented a remediation plan to the regulator. The plan aims to make bitFlyer USA compliant with the state’s cybersecurity laws by the end of the year. This latest development adds bitFlyer

MicroStrategy Remains Committed to Bitcoin, Doubles Down on Investment Despite Volatility
1 year ago 1 min read

MicroStrategy Doubles Down on Bitcoin Despite Market Volatility

Business intelligence firm MicroStrategy has announced its commitment to continue purchasing Bitcoin, despite cryptocurrency prices experiencing recent fluctuations. During an earnings call earlier this week, Phong Le, CEO of MicroStrategy, stated that the firm’s strategy is to acquire and hold Bitcoin with its excess cash and capital market transactions. Le noted that MicroStrategy’s core business remains unaffected by near-term Bitcoin price fluctuations and added that the firm’s commitment to its Bitcoin acquisition strategy remains firm. Since 2020, MicroStrategy has continued to purchase Bitcoin, with its most recent purchase being for 1045 Bitcoins last month. Currently, MicroStrategy holds 140,000 Bitcoins with

288 dark web vendors apprehended, $55M in crypto and cash seized
1 year ago 1 min read

Massive crackdown: Over 280 dark web vendors arrested, $55M worth of crypto and cash seized

Europol has dealt a significant blow to the dark web’s drug trade, arresting 288 drug vendors, shutting down Monopoly Market, and seizing over EUR 50.8 million (USD $55.69 million) in cash and cryptocurrencies, 850 kg of drugs, and 117 firearms. Codenamed SpecTor, this operation involved the coordinated efforts of nine countries – the United States, United Kingdom, Germany, Netherlands, Austria, France, Switzerland, Poland, and Brazil. Monopoly Market’s criminal infrastructure was seized in December 2021, and Europol’s compilation of intelligence packages using this evidence was the basis for hundreds of national investigations. In total, the 288 suspects arrested were active on

Poloniex Resolves OFAC Sanctions Violation Charges with $7.6M Settlement
1 year ago 1 min read

Poloniex Agrees to Pay $7.6 Million to Settle OFAC Charges

Cryptocurrency exchange Poloniex has agreed to pay a $7.6 million settlement to the Office of Foreign Assets Control (OFAC) for allowing customers in sanctioned countries to trade and transact digital currencies. OFAC found that Poloniex facilitated over $15.3 million worth of transactions for customers in Iran, Cuba, Sudan, and Syria between 2014 and 2019. The company did not voluntarily disclose these violations and only started blocking prohibited IP addresses in 2017, despite having KYC information and IP address data. In addition to the OFAC settlement, Poloniex has previously settled with the US Securities and Exchange Commission (SEC) and Canada’s Ontario

Coinbase Hit with Lawsuit Over Alleged Privacy Violations in Biometrics Collection
1 year ago 1 min read

Coinbase Sued Over Biometrics Collection: Privacy Breach Allegations

Cryptocurrency exchange Coinbase is facing a proposed class-action lawsuit over allegations of violating Illinois biometric privacy laws by collecting and storing customer fingerprints and facial templates. According to a filing in a California District Court by a Coinbase user, the exchange’s requirement for customers to upload pictures of a valid ID and a self-portrait for Know Your Customer (KYC) checks violates certain provisions of the Biometric Information Privacy Act (BIPA) in Illinois. The lawsuit argues that BIPA required Coinbase to obtain permission from users when collecting their biometrics and provide the purpose for collecting such data, how long it would

Ripple Labs and the US SEC continue their legal battle without a verdict
1 year ago 1 min read

Ripple Vs. SEC: Speculation Arises Over Undisclosed Meeting Next Week

Ripple Labs and the US Securities and Exchange Commission (SEC) continue their legal battle without a verdict, but rumors suggest a potential undisclosed meeting between the parties on May 8. The meeting has led to speculation about a possible settlement. However, XRP community attorney John E. Deaton doubts the rumor’s validity, believing that Ripple and the SEC can meet anytime they want. Deaton suggests that a settlement would only happen after a ruling by Judge Torres and if Ripple wins a big victory. Moreover, Ripple could be concerned about the regulatory safety of its partners. Deaton believes Ripple CEO Brad

Peter Brandt Forecasts Dominance of Bitcoin Over Altcoins, Expects Market Shift
1 year ago 1 min read

Trader Peter Brandt Says Bitcoin Will Outperform Altcoins, Leave Pretenders in the Dust

Renowned trader Peter Brandt, known for accurately predicting the 2017 Bitcoin (BTC) crash, has shared his thoughts on the future of Bitcoin in the current crypto market. In a recent tweet to his 696,000 followers, Brandt stated that BTC is set to outperform all other digital assets, and the Bitcoin dominance chart (BTC.D) could hold the key. Brandt’s attention is focused on BTC.D, which tracks how much of the total crypto market capitalization belongs to BTC. According to him, BTC.D has been consolidating in a large rectangle for about two years, and a decisive breakout from this range could have

Crypto lender Celsius has been embroiled in a court fight
1 year ago 1 min read

Celsius Plans to Merge UK and US Entities Following Accusations of Misrepresentation

Crypto lender Celsius has been embroiled in a court fight over the mingling of its UK and US entities. Court filings allege that the distinction between the two entities was a “sham” and that billions of dollars transferred between them were fraudulent. The firm has faced accusations of poor record-keeping in its corporate structure, with a lack of internal records making it difficult to disentangle each entity’s affairs. In 2021, Celsius set up a Limited Liability Company in Delaware and sought to transfer assets through a series of financial transactions, which regular customers were not fully informed of. The court

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