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ZyCrypto
ZyCrypto
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The presiding judge in a lawsuit playing out in the U.S. District Court for the Southern District of New York between the Securities and Exchange Commission and Terraform Labs — creator of the ill-fated UST and Luna cryptocurrencies — is progressing with new pretrial deadlines that have been set. This comes as a court in the tiny Balkan nation of Montenegro ruled that it will honor the U.S. prosecution’s request to deport Terraform Labs co-founder and former CEO Do Kwon to face criminal fraud charges. SEC v. Terra: Pretrial Deadline Set Judge Jed Rakoff has signed an order granting the proposed order setting pretrial deadlines. The legal teams for the SEC and Terra attorneys have until March 11 to submit final oppositions to motions, depositions, and counter-designations. The two parties have agreed to a trial postponement to March 25. Notably, the district judge has ordered the regulator and Terra to serve any new motions in limine on or before Feb. 26, 2024. More crucially, Judge Rakoff instructed the two parties to jointly file a proposed Pretrial Consent Order no later than March 18. “The SEC shall provide to defense counsel draft(s) of the joint sections of the proposed Pretrial Consent Order on or before March 8, and the Defendants shall respond to the SEC’s draft(s) within five days of receipt,” the court filing reads. Alleged Crypto Crook Do Kwon Headed To U.S. Judge Rakoff’s order comes amid news that Montenegro has decided to extradite fallen crypto star Do Kwon to the United States rather than to his native South Korea. According to a Wednesday report from Montenegrin news outlet Pobjeda, the High Court of Podgorica made the decision to deport Kwon to the U.S. and rejected South Korea’s request to extradite him. The extradition decision followed an appeal by Kwon’s defense attorneys, contending that Montenegro’s Justice Minister Andrej Milovic had the final say regarding which country would extradite the South Korean crypto mogul — a claim the high court rebuffed. The Terraform co-founder was arrested in Montenegro last March while trying to travel to Dubai on a falsified passport, after which he was found guilty and sentenced to four months in jail. Kwon is under indictment in his home country because of the notorious depegging of Terraform Labs’ algorithmic stablecoin UST in May 2022, which sank the crypto market into a deep winter and forced several crypto projects with exposure to the project to declare bankruptcy. The U.S. SEC’s lawsuit against Terra and Kwon accuses them of “orchestrating a multi-billion dollar crypto asset securities fraud.” That means the disgraced crypto tycoon could also be on the hook for disgorgement and multi-million dollar penalties.

3 days ago
CryptoPotato
CryptoPotato
US Government Charges Digitex Futures Exchange CEO With Bank Secrecy Act Violation
7 days ago
CoinDesk
CoinDesk
followers

Over the course of nearly 30 hours of cross-examination, Craig Steven Wright, the Australian man who claims to be Bitcoin’s pseudonymous creator, Satoshi Nakamoto, has been raked through the coals. The self-described computer scientist, economist, cryptographer, patent writer, author, lawyer, pastor, master of martial arts and mathematician (in other words: fabulist) has been accused of misrepresenting facts, told by the judge to stay on topic and silenced by his own lawyers. 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. For years, Wright has been harassing and threatening Bitcoin developers and users, filing libel suits and gag orders, after claiming ownership of the intellectual property behind the world’s first cryptocurrency. And it’s that “chilling effect,” that the nonprofit Crypto Open Patent Alliance (COPA) was trying to shut down when it filed suit in 2021 — the most aggressive attempt yet to settle once and for all that Wright is not what he says he is. Jonathan Hough, COPA’s lead lawyer, argued in his opening statement that over the past eight years, ever since Wright came into the public eye, he has committed fraud on “an industrial scale.” During the cross-examination, which wrapped up Wednesday, Hough accused CSW of forging or manipulating documents related to the development of Bitcoin and misunderstanding the basics of the system Wright supposedly built. See also: Craig Wright Witnesses Face Questions About Their Memories in COPA Trial That said, the burden is on the plaintiffs to prove Wright is wrong. And Wright, who has been described as (largely) calm and articulate in the courtroom, certainly has convinced people in the past (including his benefactor, billionaire online gambling magnate Calvin Ayre). For many onlookers, however, the case has already been made: Wright, by taking the stand, simply discredited himself. There have been too many inconsistencies, too many happenstances and too much misdirection to be believed. The trial is expected to go until mid-March. For now, CoinDesk has collected some of the most bizarre, asinine and head scratching moments from the case so far. The 'unusual features of Dr. Wright’s behavior' The opening statement from Wright’s lawyers, given by Lord Anthony Grabiner, was almost an indictment in itself. Put in the tough position of explaining Wright’s reluctance to show how he can interact with any of the millions of Bitcoin linked to Satoshi (thus easily proving his right to the Satoshi mantle), Grabiner said it was down to “philosophical differences.” Apparently Wright’s “unusual” behavior of flip flopping on whether to sign a transaction, as he pledged to do in 2016, would conflict with Wright’s “core belief” in privacy. Putting aside that Wright lives a very public life, Wright has also criticized the pseudonymous aspects of crypto, saying it’s part of the reason Bitcoin has become a hotbed for crime. Computer science 101 Wright, who claims to be working towards five PhDs, apparently does not know the very basics of coding. During a cross-examination by Alexander Gunning KC asking about PGP keys and cryptography, Wright was asked about “unsigned integers,” (used essentially to determine whether a string of data will have a + or – prefix), and wasn’t able to. Longtime crypto advocate Michael Parenti noted the unsigned integer function was used over 500 times in the original Bitcoin source code. What was meant to be a routine line of questioning to enter basic facts into the record about the Bitcoin source code may be the single moment remembered for years to come. As @bitnorbert, who has been following the trial, said on X’: “HE COULDN'T EXPLAIN WHAT AN UNSIGNED INTEGER IS. “If you're not a programmer, perhaps you don't appreciate what a basic thing this is. An average first-semester computer science student should be able to explain this. The judge, with his computer science background, certainly can. This is like having someone who says they're a mathematician not being able to explain what multiplication is.” Weird insecurities Wright likes to make himself out to be a workaholic. At one point in the trial he said he has written three patents so far that week, during lunchtimes — on Feb. 13 alone he “wrote two papers.” Thankfully, he has given the courtroom a little insight into what drives him to work tirelessly. “I keep being told by other people what I can and cannot do. I keep being told I am useless by others. This is one of the reasons I keep getting all these degrees,” he said on the last day of his cross-examination. If you were thinking that Satoshi Nakamoto created Bitcoin in an attempt to better the world, think again. It turns out that he actually had a huge chip on his shoulder and an emptiness inside. Why lie? In 2020, Wright published a blog titled “As an Autistic Savant…” that made the case that he was telling the truth about inventing Bitcoin because he had Aspergers (a diagnosis that was retired from the Psychiatric Association's Diagnostic and Statistical Manual of Mental Disorders in 2013). “Lying is not something I do easily or well, and my behavior is not a mark of deception but rather normal for autistic individuals. I am brutally honest, but also incredibly precise,” he said. It’d be too much to list every inconsistency brought up in the trial — the main strategy of the COPA legal team has been to force Wright to account for the hundreds of indications of forgery and manipulation found by a forensic evidence expert in emails, documents and computer files submitted into evidence. See also: Craig Wright Cross Examination Ends as COPA Trial Closes for Day But to take just two striking examples where he wasn’t exactly “precise” with his language, at one point Wright claimed he did not have a Reddit account and has never used the popular message board site. Well, here’s his account. Wright also said he faked Satoshi’s PGP key, perhaps mistakenly. Master manipulator Relatedly, Wright denies forging or plagiarizing any of the documents submitted into evidence. He has blamed hacks, faulty internet connections and a grand conspiracy of people trying to “frame” him as a liar for some of the inconsistencies brought — like metadata that shows documents pertaining to the creation of Bitcoin were made using Word 2015. See also: Craig Wright Blasts 'Experts' Who 'Cannot Verify Their Work' On the opening day of the case, Judge Mellor acknowledged the allegations of forged documents and told Wright he “should consider himself extremely lucky” to argue his case, given the circumstances. When asked by Mellor on Wednesday to produce a single document related to early Bitcoin files that doesn’t show signs of tampering, Wright said they would be unavailable. Plus, he argued, it couldn’t possibly be him manipulating the documents, because if it were, he wouldn’t have gotten caught.

10 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!

12 days ago
davut1karabulut
davut1karabulut
followers

Those who stole $400 million worth of crypto in the FTX bankruptcy were caught. 👮🏻‍♂️💰 In a shocking turn of events, cryptocurrency exchange FTX found itself at the center of a massive $400 million heist in November 2022, leading to its subsequent bankruptcy filing. The U.S. Department of Justice has now pointed fingers at three individuals—Robert Powell, Carter Rohn, and Emily Hernandez—accusing them of orchestrating the high-stakes attack. The 18-page indictment reveals that the trio utilized a SIM card attack, a method increasingly prevalent in cybercrimes, to execute the $400 million assault on FTX during its vulnerable bankruptcy phase. The alleged perpetrators are charged with engaging in a prolonged campaign of electronic fraud and identity theft, systematically siphoning off customer funds through SIM card takeovers from March 2021 to April 2023. The most significant blow occurred on November 11, 2022, when FTX lost a staggering $400 million. Prosecutors claim that the attackers infiltrated an FTX employee's phone, providing them access to divert millions from the exchange. Amid the chaos, suspicions emerged regarding internal involvement, with speculations of funds being redirected for the benefit of SBF. FTX, in response, urged users to delete its applications following the hack. Former CEO Sam Bankman-Fried pointed towards an internal orchestration of the attack. In response, FTX took swift action by transferring all assets on FTX US and FTX.com to cold wallets. As the court case progresses, the recent indictment sheds light on the alleged culprits and the intricate methods employed in the attack. source: uzmancoin #ftx #ftt #sbf #SamBankman-Fried #Write2Earn

22 days ago
CoinDesk
CoinDesk
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.

24 days ago
链捕手ChainCatcher
链捕手ChainCatcher
followers

ChainCatcher news, according to The Paper, the victim’s family revealed that Dai Lumin, a former cadre of the Natural Resources and Planning Bureau of Taizhou City, Zhejiang Province and a criminal, was executed on the morning of February 2. In September 2020, Dai Lumin lured his newlywed wife to take poison and died in an attempt to defraud accident insurance compensation. At the time of the incident, the two had received their licenses for less than two months. Dai Lumin owed a huge debt before committing the crime and was married to the deceased for the second time. The deceased unfortunately died from consuming tetrodotoxin. On December 1, 2021, the case was heard in the Intermediate People’s Court of Taizhou City, Zhejiang Province. The prosecutor alleged that the defendant Dai Lumin was in debt of more than 2.6 million yuan due to failed speculation in stocks and virtual currencies. In order to relieve economic pressure, he had the evil idea of ​​killing people and defrauding huge insurance money. On April 26, 2020, Dai Lumin asked Wang to purchase a term life insurance online with an insured amount of 2 million. When the 90-day deductible period of the insurance was about to expire, Dai Lumin married Wang on July 20, 2020, and asked Wang to change the insurance beneficiary from Wang’s father to himself on July 24. Wang's family mentioned in the criminal indictment that Wang was just one of Dai Lu's many female friends, and Dai Lumin induced Wang to complete everything from taking out insurance, getting married, and changing the beneficiary. The lawyer representing the victim's family believes that Dai Lumin directly committed murder in order to defraud a huge amount of insurance money. The circumstances and means were extremely egregious, and should constitute the crime of direct intentional homicide and insurance fraud, and he should be sentenced.

22 days ago
CoinDesk
CoinDesk
Dappall
Dappall
followers

CoinsRadar.net (coin market radar) news: A public official killed his wife to defraud her bail after failing to speculate in currencies, and was executed on the morning of February 2, 2024. #TradeNTell #BTC! On September 14, 2020, the police received a report from a residential property that a woman died in an apartment in Taizhou Bay New District. After investigation, it was found that the deceased, surnamed Wang, 34 years old, was an employee of a local bookstore and died of poisoning. According to Ms. Wang’s colleagues, Ms. Wang suddenly asked for leave 3 days before the incident. Since she could not contact Ms. Wang that day, she came to her residence. Accompanied by the property manager, she opened the door of Ms. Wang’s house and found that she had died at home. An investigation by the Taizhou Municipal Public Security Bureau’s Gathering District Branch found that Ms. Wang committed suicide and the murderer was her husband Dai Lumin. Subsequently, Dai Lumin was criminally detained. #tradingStrategy The police report at the time showed that the suspect Dai Lumin was Ms. Wang’s husband and a staff member of the Taizhou Forestry Bureau. He confessed to luring Wang to take poison and die in order to obtain accident insurance compensation. At the time of the incident, Ms. Wang and Dai Lumin had received their marriage certificate less than two months ago. Dai Lumin had been married once before. But until the incident, neither family knew that the two were married. Ms. Wang's relatives said: "I know she has a boyfriend, but I have never met her. She once mentioned that she wanted to meet, but the man refused with various reasons." On December 1, 2021, the case was heard in the Intermediate People’s Court of Taizhou City, Zhejiang Province. The prosecutor alleged that the defendant Dai Lumin was in debt of more than 2.6 million yuan due to failed speculation in stocks and virtual currencies. In order to relieve economic pressure, he had the evil idea of ​​killing people and defrauding huge insurance money. On April 26, 2020, Dai Lumin asked Wang to purchase a term life insurance with an insured amount of 2 million online. When the 90-day deductible period of the insurance was about to expire, Dai Lumin married Wang on July 20, 2020, and asked Wang to change the insurance beneficiary from Wang's father to himself on July 24. Since June 2020, Dai Lumin has purchased pearl powder capsules online twice, dried puffer fish five times, and tetrodotoxin four times through five female friends. On September 11, 2020, Dai Lumin filled two pearl powder capsules with 20 mg of tetrodotoxin. On September 12, 2020, Dai Lumin asked Wang to take the poison capsule without his knowledge, and after Wang reported vomiting, he again asked Wang to take a second poison capsule, which eventually led to Wang's death. Wang's family mentioned in the criminal indictment that Wang was just one of Dai Lu's many female friends, and Dai Lumin induced Wang to complete everything from taking out insurance, getting married, and changing the beneficiary. The lawyer representing the victim's family believes that Dai Lumin directly committed murder in order to defraud a huge amount of insurance money. The circumstances and means were extremely egregious and should constitute the crime of direct intentional homicide and insurance fraud and be sentenced to death. His criminal behavior caused great economic and mental losses to Wang's family and should be compensated. In 2022, Dai Lumin was sentenced to death in the first instance for committing intentional homicide, and the original verdict was upheld in the second instance. 😍Follow me and get news faster!

21 days ago
CoinDesk
CoinDesk
TokenInsight 中文
TokenInsight 中文
followers

The U.S. government has filed a notice announcing its intention to dispose of approximately $117 million worth of Bitcoin seized in an operation to crack down on darknet drug trade. In a Jan. 8 notice, the U.S. government said it planned to dispose of the nearly 2,875 bitcoins seized from Ryan Farace and Sean Bridges in 2021 "in a manner directed by the U.S. Attorney General," as well as approximately 59 additional bitcoins that Farace alone owned. currency. At the time of the filing, the value of the seized Bitcoins was approximately $133 million. In 2018, the U.S. Department of Justice said it was prosecuting Farace for illegally selling alprazolam on the dark web. "The indictment alleges that Farace distributed the drugs by selling them on the dark web in exchange for Bitcoin," a Justice Department statement said at the time. Earlier this month, the U.S. Attorney's Office said Farace and his father, Joseph Farace, were both charged with money laundering. Conspiracy was jailed.

about 1 month ago
Crypto
ETH
FreeTrump(TRUMP)

$1.31e-3

-8.58%

Market Cap
N/A
 

Volume (24h)
3.48k
 

81.79%

Released on 21 Apr 2023
COINCU
COINCU
followers

Key Points: Estonian government overrules court, greenlights HashFlare founders' extradition to the U.S. over $575M Ponzi scheme. Ivan Turogin and Sergei Potapenko accused of using $775M client funds for real estate and luxury cars. Extradition approved, but timeline for facing U.S. fraud charges remains unclear. Estonian government has overturned a previous court ruling in Tallinn, approving the extradition of Ivan Turogin and Sergei Potapenko, founders of the cryptocurrency platform HashFlare, to the United States. The two entrepreneurs are at the center of a massive financial scandal, accused of orchestrating a staggering $575 million Ponzi scheme. The extradition approval follows the arrest of Turogin and Potapenko by Estonian authorities in November 2022, prompted by a written request from the U.S. Department of Justice (DoJ). The indictment against the duo alleges that they duped investors into purchasing fraudulent equipment rental contracts related to HashFlare's cryptocurrency mining service and investing in a crypto bank named Polybius Bank. Prosecutors contend that both ventures were operating as a Ponzi scheme. Estonia Approves HashFlare Duo's U.S. Extradition U.S. authorities further accuse the pair of utilizing a complex network of shell companies to launder a staggering $775 million in client funds. The funds, allegedly siphoned off from unwitting investors, were purportedly used to acquire real estate and luxury cars, according to the allegations. While the approval for extradition has been granted, the specific timeline for Turogin and Potapenko to face fraud charges in the United States remains uncertain. The legal process is likely to unfold in the coming months as both countries navigate the intricacies of international extradition protocols. The case underscores the global implications of financial crimes in the cryptocurrency space and highlights the collaborative efforts between nations to bring alleged perpetrators to justice. As the legal proceedings continue, the crypto community and financial watchdogs will closely monitor the outcome of this high-profile case. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

about 1 month ago
Touch bearer
Touch bearer
followers

As of today, January 18, 2024, here's the latest on the Sam Bankman-Fried (SBF) and FTX case: Conviction: SBF was found guilty on all seven counts of fraud, conspiracy, and money laundering on November 2nd, 2023. This includes charges like wire fraud, conspiracy to commit wire fraud, money laundering conspiracy, and securities fraud conspiracy. Sentencing: His sentencing hearing is scheduled for March 28th, 2024. He faces a potential maximum sentence of 20 years in prison for each count, totaling up to 140 years. However, the actual sentence is likely to be significantly lower. Second indictment: A separate, second indictment against SBF and others includes charges of bank fraud conspiracy and foreign bribery conspiracy. His trial for these charges is yet to be scheduled. Impact on FTX and crypto: The collapse of FTX and SBF's conviction continue to cast a shadow on the cryptocurrency industry. While crypto prices have partially recovered, this case underscores concerns about regulation and ethical practices in the space. Ongoing investigations: Investigations into FTX and SBF's activities are still ongoing, including by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These investigations could lead to further charges against SBF or other individuals involved. Overall: The SBF and FTX case remains a significant event in the history of cryptocurrency. It will be interesting to see how the sentencing plays out, what happens in the second indictment trial, and the long-term consequences for the crypto industry. News rules investment ... follow us to stay ahead. #MANTA #SolanaMemeCoins #Launchpool #btc #Ai

about 1 month ago

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