Browsing:Crypto

Do Kwon Faces Extradition to South Korea, Prosecutors Seek 40-Year Sentence
12 months ago 1 min read

Do Kwon Faces Possible 40-Year Sentence as Prosecutors Seek Extradition to South Korea

Authorities in South Korea and the United States are vying to extradite Do Kwon, founder of Terraform Labs, after his arrest in March. Kwon was apprehended by Montenegrin police as he attempted to flee to Dubai using fake travel documents. Both South Korean and U.S. authorities want to prosecute Kwon for fraud charges relating to the LUNA and UST tokens, which were designed by Kwon and other employees of Terraform Labs. The Securities and Exchange Commission had already charged Kwon with fraud and securities law violations, but he attempted to delay regulators by filing a court motion. However, Dan Sung-han,

Terraform Labs
12 months ago 1 min read

Terraform Labs Fights Back Against Class Action Lawsuit Challenging U.S. Laws

Terraform Labs, the company behind the Terra/Luna ecosystem, is seeking to dismiss a class action lawsuit filed by an investor, Nick Patterson, citing the inapplicability of United States securities laws to its foreign-developed protocols. The investor suit claimed that the company sold unregistered securities and misled investors. Terraform’s attorneys argued that federal securities laws do not apply to the protocols, which were developed and used outside of the United States. The lawsuit was filed in June 2022, after the Terra/Luna ecosystem collapsed in May 2022, causing billions in losses to the crypto markets and sparking a raft of lawsuits against

Israel's Crackdown on Crypto Terror Financing: 190 Binance Accounts Seized Since 2021
12 months ago 1 min read

Israel Seizes 190 Binance Accounts Linked to Terrorism, Says Reuters Report

According to a recent Reuters report, Israeli authorities have seized almost 190 Binance accounts that were allegedly linked to terrorist groups like Hamas and Daesh since 2021. The National Bureau for Counter-Terror Financing (NBCTF), a counter-terrorism division of the Israeli Defense Ministry, confiscated an undisclosed amount of crypto in January from two accounts with links to Daesh, a terrorist group based in Syria and Iraq. Other government records dating back to 2021 alleged that over 100 seized Binance accounts had ties to Hamas, an armed Palestinian group that has often clashed with the Israeli Defense Forces. Israeli authorities seized the

Kenya proposes taxing cryptocurrency, NFTs, and online influencer transactions
12 months ago 1 min read

Kenya to impose taxes on crypto, NFTs, and social media influencers

Kenya is considering a new bill that proposes a 3% tax on cryptocurrency and nonfungible token (NFT) transfers and a 15% tax on digital content monetization. Introduced on May 4, the Finance Bill 2023 aims to collect income from the transfer or exchange of digital assets, and its language specifically includes NFTs. Crypto exchanges or those initiating crypto or NFT transfers will have to deduct 3% of the transfer value to pay to the government. The bill also levies a 15% tax on digital content monetization including sponsorships, merchandise sales, and paid subscriptions. The bill will undergo five rounds of

Creditors of Voyager Digital may finally receive their funds
12 months ago 1 min read

Bankruptcy Filing: Voyager Creditors May Finally See Payments in the Near Future

Creditors of Voyager Digital may finally receive their funds as the bankrupt crypto broker enters the final stages of liquidation procedures. According to the Voyager Official Committee of Unsecured Creditors (UCC), initial distributions of the funds may begin in a few weeks. Binance.US had previously backed out of a $1.02 billion deal to purchase Voyager’s assets, citing the uncertain regulatory climate in the US as the reason. However, Voyager’s restructuring plan includes a “toggle option” that allows for self-liquidation, which allows the bankrupt broker to distribute cash and crypto to customers directly via the Voyager platform. The UCC stated it

CertiK, a blockchain security company
12 months ago 2 mins read

$160K Stolen in Merlin DEX Rug Pull Frozen by Blockchain Security Firm

CertiK, a blockchain security company, recently claimed that it has successfully frozen $160,000 in stolen funds from Merlin, a decentralized exchange based on zkSync, that experienced an insider “rug pull” last week, costing users $1.8 million. In a recent update, CertiK confirmed that it was able to block the stolen funds with the assistance of its partners and is closely monitoring the movement of these funds. However, the firm noted that its attempts to recover the funds through collaboration with Merlin proved unsuccessful. CertiK has since reached out to law enforcement agencies in the United States and the United Kingdom

Mainstream Media Renews Call for Disclosure of Non-US FTX User Identities
12 months ago 1 min read

Mainstream Media Intensifies Call for Non-US FTX User Identities to be Disclosed

Four major U.S. media outlets, including Bloomberg, Dow Jones, The New York Times, and the Financial Times, have renewed their efforts to obtain the identities of non-U.S. customers of crypto exchange FTX. The media firms filed a new objection to the motion to seal their identities on May 3, citing the lack of legal basis to redact the names according to non-U.S. data privacy laws. The media outlets argue that section 105 of the Bankruptcy Code, which grants the bankruptcy court judicial power, does not permit foreign law to override the right of access to information under U.S. constitutional and

WSB Coin (WSB)
12 months ago 1 min read

WallStreetBets’ WSB Token Loses 86% in Value After Alleged RugpullWallStreetBets’ WSB Token

WSB Coin (WSB), a token associated with the Wall Street Bets community, has plummeted by 86% following allegations of a rug pull. The drop in price comes after the token experienced a sudden surge in value, increasing by about 320% in just one day. Reports suggest that a large portion of the tokens was traded for 334 ETH, with another wallet trading it for a smaller amount. This development has drawn the ire of the crypto community and those associated with WallStreetBets, including former moderators of the subreddit. WSB Coin had called itself the “official coin” of WallStreetBets and claimed

Ripple CEO is all set to address the challenges and opportunities of crypto utility
12 months ago 1 min read

Ripple CEO Brad Garlinghouse to Speak on Crypto’s Real-World Applications at Dubai Summit

Ripple CEO Brad Garlinghouse is all set to deliver a keynote address on the challenges and opportunities of cryptocurrency utility and regulation at the upcoming Dubai Fintech Summit. The event, which is slated to take place on May 8 and 9 at the Madinat Jumeirah, is expected to bring together more than 5,000 global fintech executives and enthusiasts from around the world. Garlinghouse will be joined by CNBC reporter Dan Murphy to discuss the future of cryptocurrencies and the significance of regulatory frameworks in shaping the industry’s growth. The Ripple CEO’s keynote address is expected to shed light on the

Coinbase has launched the Coinbase International Exchange
12 months ago 1 min read

Coinbase Launches New Exchange Outside the U.S. Following Regulatory Tussle

Coinbase, the largest cryptocurrency exchange in the U.S., has launched the Coinbase International Exchange, which will be accessible to institutional investors outside the country. The move follows a regulatory dispute with the Securities and Exchange Commission (SEC) over the past few weeks. Institutional investors will be able to trade perpetual Bitcoin and Ethereum futures with leverage of up to 5x. In a blog post announcing the debut of the international exchange, Coinbase said, “As more and more markets are moving forward with regulatory frameworks to become crypto hubs, we believe the moment is right to launch this international exchange.” Coinbase

Crypto.com is the latest in the crypto space to adopt AI
12 months ago 2 mins read

Crypto.com Integrates ChatGPT’s Advanced AI Capabilities in their Latest Offering, Amy

Artificial Intelligence (AI) technology is revolutionizing the way industries operate and Crypto.com is the latest in the crypto space to adopt it. On May 2, the cryptocurrency exchange announced the launch of its new generative AI user assistant, Amy. Built with ChatGPT technology, Amy is designed to inform users about the industry, including real-time token prices and projects, historical events, and more. Abhi Bisarya, the executive vice president of products at Crypto.com, expressed his excitement for the potential of AI in crypto, stating that the convergence of the two fields presents a significant opportunity for their platform. While Amy is

zkLink Announces First “Dunkirk Test” to Establish New DeFi Safety Standard
12 months ago 3 mins read

zkLink Announces First “Dunkirk Test” to Establish New DeFi Safety Standard

Singapore, Singapore, May 3rd, 2023 zkLink, a multi-chain trading middleware utilizing zero-knowledge proofs, announces the first “Dunkirk Test”, a new DeFi safety standard, on May 11-13. During this event, zkLink will shut down its servers for 72 hours, inviting users to try the emergency asset recovery feature, and earn rewards for taking part in the test. “The Dunkirk Test is like a fire drill for crypto users. We will simulate a sudden shutdown of the zkLink infrastructure, so that users can learn how to recover their assets,” said Vince Yang, co-founder of zkLink. “We believe the ‘Dunkirk Test’ could set

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