Generating

1792+ related results were found.   
Subscribe Query
Coinscreed
Coinscreed
S.Korean Province Launches System to Track Crypto Tax Evaders
7 days ago
Coinpedia
Coinpedia
followers

The post Do Kwon to Be Extradited to U.S. Over TerraUSD Collapse, Montenegro Court Rules appeared first on Coinpedia Fintech News In a recent development reported by the Wall Street Journal on February 22, 2024, the court in Montenegro has ruled that the infamous cryptocurrency entrepreneur Do Kwon should be extradited to the U.S. to face trial on fraud charges, rejecting his native South Korea as the extradition location. Details of the Extradition Ruling in Montenegro The High Court in Podgorica, Montenegro, delivered a ruling compelling Do Kwon’s extradition to the U.S., a decision now subject to a three-day appeal period by Kwon’s legal team. This ruling follows Kwon’s arrest in March 2023 at the Podgorica airport, attempting to board a private jet to Dubai with a fake Costa Rican passport. The U.S. Department of Justice charged Do Kwon with eight criminal counts of fraud, alleging that he misrepresented and misled investors into believing TerraUSD’s stability. The Securities and Exchange Commission also filed a civil case against Do Kwon and Terraform Labs over securities fraud related to the collapse.  In addition to U.S. charges, South Korean prosecutors have sought Kwon for alleged violations of the country’s capital markets laws. Kwon’s arrest warrant in South Korea dates back to September 2022. The Montenegrin court’s decision potentially positions Kwon to face the SEC’s fraud lawsuit, with the trial set to commence on March 25. Terraform Labs CFO Extradited A related development took place two weeks ago, on February 5, such that Han Chang-joon, former CFO of Terraform Labs, along with Do Kwon, was extradited to South Korea by Montenegrin authorities. Arrested in March 2023, they received a four-month sentence in Montenegro. Han Chang-joon now faces potential life imprisonment in South Korea.  Both the U.S. and South Korea seek Kwon’s prosecution for charges linked to the May 2022 collapse of TerraUSD and Luna, causing a staggering $40 billion loss in the crypto market, impacting investors and traders globally. Kwon, who created TerraUSD and Luna, faces eight criminal counts of fraud, as detailed by federal prosecutors in New York. 

7 days ago
CoinDesk
CoinDesk
followers

Is crypto back? It seems that every other week there is a headline saying bitcoin {{BTC}} and ether {{ETH}} are trading hands at prices not seen since 2021, when the crypto market was in an upswing. It’s not obvious that the price appreciation is going to stop anytime soon; things feel different this time around. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full newsletter here. The pandemic-era bull market was a period of mass exuberance, hysteria and fun. Everyone from Elon Musk to my mom seemed to be talking about crypto. Celebrities were endorsing meme coins and buying NFTs. Crypto became a cultural touchstone: perhaps the best signifier of an economy going through wild gyrations as the post-pandemic world began to reopen, a weird time dominated by “vibes.” In comparison, the latest market upswing has been quiet. Sure, a few friends have reached out to see if they should buy bitcoin — an anecdotal indicator suggesting increased retail interest. But, by and large, it seems very people have taken notice as crypto prices have ticked up. See also: Bad Vibes from the Word 'Crypto' Have Some Calling for a Rebrand Of course, following the wave of protocol failures and corporate bankruptcies in 2022, starting with the high profile implosion of Terra and culminating in the collapse of FTX, crypto has become toxic to talk about. The same level of enthusiasm and lightheartedness is hard to regain while still living through the hangover. There are a number of indicators besides price action that suggest the crypto market rebound has begun in full force. MetaMask, the primary means of accessing the Ethereum network, is nearing an all-time high of monthly active users (30 million); Coinbase, the largest U.S. crypto exchange, posted its first profitable quarter in two years as trading volumes bounce back; and bitcoin search interest is bouncing back (a little), according to Google Trends. A number of factors could be contributing to rising interest. The bitcoin halving, an event that occurs roughly every four years, is always a popular media topic. Meme coins and token airdrops feed the idea that the crypto industry prints people free money. Endorsements from figures like BlackRock CEO Larry Fink and even government bodies, in places like Hong Kong and the United Arab Emirates, foster a sense that crypto is technologically significant. Most notably, the launch of nearly a dozen spot bitcoin exchange-traded funds (ETFs) has gone better than expected, with BlackRock’s ETF already posting the fifth-largest inflows this year and billions of capital flowing into the crypto funds. Moreover, there is a growing sense that the worst may be over for crypto, legally-speaking. Large overhanging concerns have more or less wrapped up, often in crypto’s favor. The Department of Justice settled with Binance, imposing a strict financial penalty, but one the world’s largest exchange appears able to carry. The U.S. Securities Exchange Commission’s hostile attempt to “regulate through enforcement” was dinged after Ripple won a significant legal battle in court, and as the agency faces other uphill battles in court. And the FTX bankruptcy process is winding down, with full restitution expected for all former users. See also: Momentum Building: CoinDesk Indices' Todd Groth Increasingly governments, including in the U.S., appear to want to work with the industry to develop policies that protect consumers without hampering the development of crypto. The European Union passed the significant MiCA ruleset while the U.K., Hong Kong, Nigeria, and others are all vying to become crypto “hubs.” It’s as dangerous as it is stupid for journalists to try to predict the future, especially in an industry as volatile and quickly changing as crypto. There’s no guarantee the bitcoin rally will continue, and there’s always the chance for fortunes to reverse. But there certainly is a growing sense that crypto is on the cusp. A lot of things have changed since 2021, many for the better. If the buzz grows, crypto has the opportunity to do it better this time, leaving behind the shameless celebrity endorsements, wanton financial speculation, pure fraud and waves of rehypothecation and backroom deals that defined crypto’s bad vibes last time to focus on building something more substantial and long-lasting.

9 days ago
深潮 TechFlow
深潮 TechFlow
followers

According to Deep Trend TechFlow news, three people have been indicted in an indictment filed in federal court in Washington for masterminding a SIM card swap scam and were accused of stealing more than $400 million from the cryptocurrency exchange FTX. They collect the victim's personal data, convince cell phone service providers to transfer the victim's phone number to a fake phone in their possession, and then intercept the text messages into the victim's financial accounts and crypto wallets. They allegedly used fake IDs to convince AT&T to transfer the phone account to another SIM card and access FTX’s crypto wallet.

28 days ago
CoinDesk
CoinDesk
followers

The U.S. Securities and Exchange Commission published a new definition for securities dealers, capturing crypto. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. A dealer by any other name The narrative The U.S. Securities and Exchange Commission has put the crypto industry on notice in what may become a whole new front in the sector's legal war with the agency. When the commission approved its new approach to defining securities dealers last week, it did so with full knowledge that it could shake the foundations of decentralized finance (DeFi). And the regulator officially didn't care. Why it matters The new rule could be a blow for U.S. DeFi, but it's more than that. It also suggests the commission's mindset when it comes to policy that affects crypto, and there's more of it coming. Around the same time the agency proposed the dealer rule, it also suggested it wanted to overhaul its definition of what makes an exchange. That proposal was clear in its inclusion of crypto platforms in that expanded category, suggesting the agency is trying to formalize oversight of digital assets firms by making them comply with the same rules as all other securities exchanges. Breaking it down Deep in the recesses of the actual document behind the SEC's final rule on what makes a dealer, it outlined how the commission thought for a moment about whether it just ought to carve DeFi out of the new definition, which could otherwise cover some crypto projects with requirements they register and comply with securities laws. The agency noted that industry commenters told the SEC that such compliance could actually be impossible, but the regulator ultimately shrugged. "If the commission were to revise the final rules to carve out or narrow the application to market participants who transact in crypto asset securities, that alternative would reduce costs for such market participants," it noted in the rulemaking document. So, it wouldn't be fair to everybody else to grant crypto world's argument, the agency decided in that rulemaking, which was narrowly approved in a 3-2 vote with both Republican commissioners vehemently against the move in their public remarks. Though cryptocurrency lobbyists have been calling for the U.S. government to produce regulations for years, these SEC efforts aren't what they had in mind. Beyond the definitions for dealers and exchanges, the agency is also proposing to demand investment advisers only keep their customers' crypto assets with "qualified custodians." That's a term that agency Chair Gary Gensler has argued probably doesn't include today's leading platforms. Both the exchange definition and the custody restrictions are aimed for completion in April, according to the SEC's public agenda. But that was also the stated timeline of the dealer rule that the regulator already finished, so their clock may be running fast. If the agency sticks to dismissing arguments from crypto businesses that say they're being put in impossible positions, the SEC will be approving rules that the firms contend will push them into existential crisis or inability to comply. As a result, the companies will surely keep doing what they've been doing: challenging the regulator in court. It's possible that, beyond the current dispute over what makes a security, the digital assets sector will be arguing in court over what makes an exchange, a dealer and a qualified custodian. Stories you may have missed Australian Judge Hands Split Decision in Market’s Regulator vs Block Earner: An Australian judge ruled a local fintech company, Block Earner, violated the law with its crypto-backed earn product but not with its decentralized finance "Access" service. New York Expands Fraud Case Against Digital Currency Group to $3 Billion: The NYAG case against Digital Currency Group originally alleged $1 billion in fraud. The NYAG now says it found more victims who allegedly lost as much as $3 billion. UK’s Planned Stablecoin Rules Need Reworking, Crypto Advocates Say: The U.K.'s crypto industry is unhappy with proposed stablecoin regulations advocated by the Bank of England and Financial Conduct Authority, and are lobbying for modifications. Prometheum, the Only U.S.-Registered Crypto Platform, Picks Ether as Its First Product: Prometheum will offer custody services for ether, raising questions about the broader classification for cryptocurrencies. This week This week Craig Wright is facing the Crypto Open Patent Alliance in court this week. Read CoinDesk's coverage at the following links. (link) (link) (link) (link) Thursday 19:00 UTC (2:00 p.m. EST) A subcommittee on the House Financial Services Committee will hold a hearing on crypto and illicit finance. Elsewhere: (Wired) The night FTX filed for bankruptcy, it was hacked and hundreds of millions of dollars' worth of crypto were stolen. A recent Department of Justice indictment suggests what happened, Wired's Andy Greenberg reports. (Asterisk Magazine) Headline aside, this is an excellent, easy-to-understand article about the complex system of regulations and industry advances that keep passengers safe when traveling by air. (Law.com) The First Circuit Court of Appeals will review whether the IRS can demand crypto investor data from exchanges, tied to James Harper's long-running case against the IRS collecting data from Coinbase. (The Onion) Lol. If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Twitter @nikhileshde. You can also join the group conversation on Telegram. See ya’ll next week!

16 days ago
Cryptoz
Cryptoz
followers

🇺🇸 The US Department of Justice has accused Hunter Biden of tax evasion! - The son of the President of the United States has not paid taxes on $ 1,400,000. “Hunter Biden deliberately failed to pay taxes on time for 2016, 2017, 2018 and 2019, despite having access to money to pay everything.” (from the indictment) - He spent millions of dollars on an "extravagant lifestyle."

3 months ago

Loading...