Do Kwon pleads guilty on two charges, faces potential 12-year sentence

Do Kwon pleaded guilty to federal fraud charges in Manhattan court, with his sentencing set for Dec. 11. As Inner City Press reported on Aug. 12, Kwon admitted he orchestrated a cryptocurrency scheme that prosecutors allege caused over $40 billion in losses when LUNA and TerraUSD tokens collapsed in May 2022.

336 +

Trump’s Meme Coin Dinner is Legal, But the POTUS Might be Risking a Lawsuit

Trump’s promotion of a meme coin contest involving exclusive perks has raised legal and ethical questions, especially over the potential for fraud and market manipulation. If he fails to deliver, legal action may follow, highlighting the need for stricter crypto regulations.

327 +

CEL dips 10% as court schedules May 8 sentencing for ex-Celsius CEO Mashinsky

The former Celsius CEO, Alex Mashinsky, faces a sombre reality as the US court confirmed his May 8 sentencing in the latest filing. United States authorities accused Alex Mashinsky of various crimes, including wire fraud, commodities fraud, and manipulating the native CEL’s price in July 2023.

199 +

US Justice Department (DOJ) Will Stop Investigating Crypto Exchanges and Wallets

The DoJ's new directive to stop targeting crypto exchanges, mixers, and wallets has sparked both relief and concern. While it may offer operational freedom, critics fear it could fuel fraud and criminal activity.

372 +

NY State Bill Defines Civil Fine of Up To $5 Million for Crypto Scams

New York’s crypto bill proposes defining scams and fraud while balancing penalties. The crypto community is hopeful, but the bill may face obstacles in passing. The post NY State Bill Defines Civil Fine of Up To $5 Million for Crypto Scams appeared first on BeInCrypto.

339 +

SEC downsizes its crypto enforcement unit under Trump administration

The SEC's crypto unit downsizing may slow fraud response, impacting investor protection and potentially altering the crypto regulatory landscape. The post SEC downsizes its crypto enforcement unit under Trump administration appeared first on Crypto Briefing.

121 +

SEC staff must obtain top-level approval before launching investigations under new leadership

The new SEC approval process may slow investigations, potentially allowing fraud to go unchecked, while aiming to prevent unwarranted probes. The post SEC staff must obtain top-level approval before launching investigations under new leadership appeared first on Crypto Briefing.

145 +

Trump’s SEC plans crypto overhaul, may freeze crypto lawsuits: report

The U.S. SEC is set for a significant shift in cryptocurrency policy under the incoming Trump administration. According to Reuters, the SEC is preparing to review its enforcement actions, potentially freezing or even withdrawing cases that do not involve fraud…

149 +

SEC Sues Touzi Capital Over $115 Million Securities Fraud – Details

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Touzi Capital LLC, a crypto mining company, and its managing member Eng Taing over multiple securities law violations. The US securities regulator claims the defendants allegedly deceived investors and misappropriated funds to the tune of $115 million.

273 +

Warning! Most Cloud Mining Platforms Are Scams

'Cloud mining' schemes are among the most prevalent forms of crypto fraud. While there may be legitimate platforms, Brave New Coin's research over several years has not identified any cloud mining operations that weren't fraudulent.

371 +

SEC charges Novatech, company founders, promoters with fraud

Novatech claimed funds were stolen via a cyberattack in May 2023 and reassured customers the company was working to recover the assets.

450 +

Ex-FTX execs Nishad and Gary to be sentenced in October and November

Nishad Singh and Gary Wang to be sentenced for FTX fraud on Oct. 30 and Nov. 20. Their cooperation in Sam Bankman-Fried’s trial may lead to reduced sentences. Ryan Salame got 90 months for non-cooperation; Bankman-Fried got 25 years.

306 +

Crypto losses from fraud and hacks declined 12% in May — Immunefi

The decline in crypto scams and frauds continued, with only $52 million lost in May compared to $59 million the previous year.

280 +

LUNA price skyrockets as Terraform Labs, Do Kwon agree to settle SEC fraud case

Terraform Labs and its founder Do Kwon have agreed to a tentative settlement with the US Securities and Exchange Commission (SEC). According to court documents filed on Thursday, the Singapore-based crypto entity and Do Kwon had reached the agreement with the US regulator to settle the fraud case on May 29. The development follows a […]

246 +

ZKasino Users Urged to Reclaim Ethereum Amid Fraud Investigation

ZKasino users can reclaim their ETH deposits within a 72-hour window starting May 28, amidst controversy and fraud allegations. Dutch authorities arrested a man linked to ZKasino, seizing assets worth €11.

179 +

South Korea Busts Crypto Scam: 19 Arrested In ‘Reading Room’ Fraud

South Korean law enforcement has struck a blow against social media-fueled crypto scam with the arrest of 19 individuals linked to a deceptive “crypto reading room.” The Daegu Police Agency’s raid, which unfolded on May 21st, exposed a manipulative scheme that preyed on more than 300 unsuspecting investors, swindling them out of a staggering $19 […]

310 +

25-year old Canadian crypto guru charged for $30m ponzi

Canada’s self-named ‘crypto king’ has been has been charged with $30 million fraud. According to a May 15 announcement from the Ontario Securities Commission, Two Canadian men, namely Aiden Pleterski, 25, and Colin Murphy, 27, have been charged for duping…

217 +

DOJ charges 2 people over $25 million ETH theft via MEV exploit

The DOJ arrested and charged two individuals on May 15 over an alleged $25 million MEV exploit that occurred on the Ethereum blockchain. The defendants — brothers Anton and James Pepaire-Bueno — face three charges of conspiracy, wire fraud, and money laundering, each with a potential 20-year sentence.

292 +

Chinese authorities arrest six suspects in $300m crypto fraud case

Authorities in China have arrested six individuals suspected of engaging in illicit cryptocurrency transactions amounting to 2.94 billion yuan — worth roughly $300 million. According to a May 10 report by local media outlet Chinanews, the suspects were taken into…

192 +

Former Cred execs face wire fraud and money laundering charges

After their initial court appearances on May 2, the former CEO and chief financial officer of Cred must enter their plea by May 8.

935 +

SEC Asks Judge To Fine Terraform Labs And Do Kwon $5.3 Billion In Fraud Case

280 +

Avi Eisenberg May Testify in $110M Crypto Fraud Trial, Defense Says

The crypto trader is facing up to 20 years in jail if convicted on all counts.

276 +

FTX may be a fraud, Ripple CEO suggests

Ripple CEO Brad Garlinghouse suggested that the edgy FTX exchange was a fraudulent scheme.  Garlinghouse dismisses FTX unregulated claim as “overstated” During a recent interview on CNBC International today, Ripple CEO Brad Garlinghouse, while speaking on the current trend in…

542 +

South Korean regulators aim to toughen crypto fraud punishments

The legislation, separate from the upcoming Digital Asset Basic Act, may came into force already in 2023.

320 +

Terra’s Do Kwon Faces $57 Million Lawsuit in Singapore For Financial Fraud

A fresh lawsuit has been initiated in Singapore against embattled Terra Form labs CEO Do Kwon, the Luna Foundation Guard (LFG) and Terra founding partner Nicholas Platias by victims of the UST-induced market meltdown that saw over $40 billion worth of crypto assets evaporate in May.

342 +

Why is half a billion in Bitcoin flooding market as Celsius faces fraud allegations?

Embattled crypto lender Celsius, who are staring insolvency in the face due to knock-on effects of the crypto contagion, about which I wrote a deep dive here last month, may be landing a further body blow to the crypto markets.

351 +

U.S. Senator Says Terra Investors May Be Victims of Fraud

Pennsylvania Senator Pat Toomey believes that the failed blockchain project may be a scam

342 +

BusinessDay to Host Future of Payments and Fraud Conference 2022

To bring the Future of Payments and Fraud Conference to life, BusinessDay will provide experts and thought leaders in the National Payments System, as well as views from global industry leaders at the Four Points Hotel by Sheraton, May 12, 2022.

336 +

Ripple claims ‘a very big win’ in SEC case

Ripple Labs was able to gain a victory against the SEC in its ongoing securities fraud case. The judge on the case denied the SEC’s motion to review certain documents that may not be material to the prosecution.

378 +

BIC’s Crypto Video News Show: 5 NFT Gems for April 2021

First, we look at Theta for a possible ATH retest. Then the latest bullish price action of Flow, which may have something to do with high-profile partnerships. Next, we will analyze GET Protocol, which prevents ticket sale fraud by putting it on the blockchain and showing a possible buying opportunity.

390 +

SEC Commissioner: Delaying Bitcoin ETF May Have Consequences

Affectionately dubbed “Crypto Mom,” Peirce developed this reputation for dissenting to rejected bitcoin exchange-traded fund (ETF) applications. Although the commissioner stands firm with her colleagues regarding fraud, she says the SEC needs to provide more clarity on ETFs.

253 +

Full Blown Collapse of USDT May Have Huge Effect on Wider Market

Tether and Bitfinex finally had to turn over documents to authorities in New York. They had extended a deadline to produce financial documents to be scrutinized by the courts. If the New York attorney general can find proof of fraud, then the number-three cryptocurrency could be in for a rocky road.

355 +

AriseBank ICO Fraud Case May Ensnare Additional Parties

A court filing indicates that the SEC-appointed receiver for AriseBank is searching for undisclosed assets and investigating third-party involvement.

339 +

Spanish Government Embarks on Bill to Requires Crypto Investors to Disclose Holdings and Income

The Spanish government has embarked on a bill that may require its citizens to disclose their crypto income or holdings with the country’s tax agency. Reuters, which first reported on this development, noted that the bill in question aims at tracking down tax fraud/evasion amongst Spain’s crypto investors or users.

428 +

Presidential Candidate Brock Pierce Served With Lawsuit for Alleged ICO Fraud

Former Disney child actor and U. S. Presidential candidate, Brock Pierce, was served with a lawsuit during a political campaign event held on Monday. The class-action lawsuit was filed in May and it claims the defendants, including Pierce, sold unregistered securities during the EOS initial coin offering (ICO).

295 +

XRP’s Long-Standing Lawsuit Is Based on Defective Logic, Ripple Says

Ripple’s legal team says that there is no enough evidence to show that Ripple’s CEO Brad Garlinghouse committed fraud and misled XRP investors in 2018. The ongoing class-action lawsuit was filed in May 2018 against Garlinghouse and some other involved parties, accusing him and Ripple Labs of failing to register XRP with the US SEC […]

469 +

Over a Hundred 10-Year-Old Bitcoin Addresses Signed: Message Calls ‘Craig Wright a Fraud’ 

Not too long ago, news.Bitcoin.com reported on Craig Wright’s recently submitted bitcoin address list that contained at least three spent blocks. Following the court filing, on May 24 a pastezone dump of 144 addresses, some of which are also represented in Wright’s list, contained a verified message that notes “Craig Steven Wright is a liar […] The post Over a Hundred 10-Year-Old Bitcoin Addresses Signed: Message Calls ‘Craig Wright a Fraud’  appeared first on Bitcoin News.

527 +

Algorand Blockchain Onboards First Insurtech Use Case; Addressing A $40B Opportunity

According to a press release on May 20, a firm dubbed ‘Attestiv' whose focus is media validation is set to leverage Algorand for blockchain services. This milestone presents an opportunity for Algorand and Attestiv to address P&C insurance fraud which costs the U.

459 +

A major crypto scam’s Bitcoin is moving and if history repeats, it may start a correction

A Chinese multi-billion dollar scam known as PlusToken is moving their holdings of Bitcoin once again. In 2019, when the price of BTC dropped to the $6,000s, analysts attributed the fall to the dumping of funds by the fraud.

294 +

Google Taps Ex-Ripple Employee For New Chrome Payment System

Google’s decision to reform its in-browser payment system shows the intention to build a unified payment protocol to avoid fraud. The new draft has been backed by former Ripple talent, and may tap into W3C ideas for in-browser payments.

328 +

FBI suspects tea company that ‘pivoted’ to blockchain of insider trading

Long Island Tea Corp was one of those companies that randomly added the word “blockchain” to the name of their business to seem cool (and maybe bump up its stock) – but it appears its name change may be more sinister than first thought.

337 +

UK Lawmakers May Probe Facebook Libra Over Privacy, Fraud

A parliamentary committee worries about Facebook holding financial details on its potentially billions of Libra users.

263 +

Bitfinex’s LEO Token Enables Multi-Billion Dollar Fraud, Cointelligence Claims

The smart contract of LEO, the ERC20 token issued by iFinex’s subsidiary Unus Sed Leo, allegedly has deliberate flaws in it to allow for massive fraud, crypto research firm Cointelligence says.

315 +

Irish Crypto Exchange Bitsane Vanishes While Exit Scamming 246,000 Users

Following Coinroom, Bitsane is the second crypto exchange that has pulled an exit scam in the past three months, leaving up to 246,000 users as victims of fraud. Image source: Facebook It Started With a ‘Technical Issue’ Bitsane victims reported to Forbes that users had problems withdrawing cryptocurrencies from the exchange in May.

376 +

QuadrigaCX CEO traded and lost over 21,000 Bitcoin in customer deposits

Ernst & Young revealed that QuadrigaCX, a failed Canadian crypto exchange that lost almost $190 million of its users funds, may have committed fraud. Auditors found that the exchange’s late founder and CEO transferred user funds off QuadrigaCX and used them for margin trading on other exchanges, losing millions.

427 +

US Authorities Seek Extradition of Alleged Crypto Scammer

The U.S. DoJ has revealed that a recently-arrested investments provider may stand trial in California for committing crypto-related fraud and money laundering

304 +

Sidechains vs Plasma vs Sharding

Special thanks to Jinglan Wang for review and feedback One question that often comes up is: how exactly is sharding different from sidechains or Plasma? All three architectures seem to involve a hub-and-spoke architecture with a central “main chain” that serves as the consensus backbone of the system, and a set of “child” chains containing actual user-level transactions.

904 +

Embattled CEO of $3.8B Crypto Ponzi Scheme OneCoin Pleads Not Guilty

By CCN: Konstantin Ignatov, the CEO of the multi-billion-dollar “crypto” Ponzi scheme OneCoin, has pleaded not guilty to wire fraud. According to court documents, Ignatov entered the plea during a May 28 preliminary hearing via conference call.

370 +

Top OneCoin Leader Pleads Not Guilty to DOJ for Conspiracy to Commit Wire Fraud

On May 28th, Konstantin Ignatov attended the preliminary hearing after the Department of Justice (DOJ) had charged him with conspiracy to commit wire fraud in March. Ignatov was charged for his role as the leader on the OneCoin Ponzi scheme.

347 +