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The interim U.S. Attorney for the Eastern District of New York is preparing to take legal action against the CEO of SafeMoon. The trial is set to commence soon, marking a significant development in the cryptocurrency world. SafeMoon has gained popularity in recent months, but now faces potential legal challenges that could impact its future. [...]
Coinbase, one of the leading cryptocurrency exchanges, has confirmed a significant data breach impacting approximately 70,000 users. Details of the incident were disclosed in a statement released by the Maine Attorney General’s Office. The Breach and Its Impact The breach, said to have occurred due to unauthorized access, led to the exposure of sensitive personal [...]
If the Justice Dept. prevails in the case against the cryptocurrency mixer, internet service providers and the post office may also be liable to transmitter requirements, they said.
A lawyer specializing in crypto-related cases has filed a lawsuit against the Department of Homeland Security. The lawsuit seeks to reveal the true identity of the mysterious creator of Bitcoin, known as Satoshi Nakamoto. The lawyer is determined to uncover the identity of Satoshi, whose true identity has remained unknown despite years of speculation and [...]
The post Attorney Files Lawsuit Against US Homeland Department to Investigate Alleged Satoshi Nakamoto Encounter appeared first on Crypto Breaking News.
The Consumer Financial Protection Bureau (CFPB) has announced its intention to take a more cautious approach to regulating the cryptocurrency industry. A prominent attorney specializing in blockchain and crypto law shared insights on the implications of this decision. The CFPB’s decision to step back from imposing strict regulations on the crypto market comes as a [...]
The post Anticipated Shift: CFPB Expected to Ease Up on Crypto Regulation, Predicts Attorney appeared first on Crypto Breaking News.
Former SEC Chair Jay Clayton to Serve as Interim Manhattan U.S. Attorney In a surprising turn of events, former Securities and Exchange Commission (SEC) Chair Jay Clayton has been appointed as the interim U.S. Attorney for the Southern District of New York, commonly known as the Manhattan U.S. Attorneys Office. Clayton’s appointment comes after the [...]
The post Jay Clayton, Former SEC Chair, Takes Oath as Interim US Attorney for Manhattan appeared first on Crypto Breaking News.
The cryptocurrency sector is not falling prey to regulatory capture, debunking common misconceptions about its operations. Despite concerns raised by various stakeholders, the industry remains vigilant in addressing regulatory challenges and maintaining its independence. Many fear that regulatory bodies may be heavily influenced by powerful players within the crypto sphere, leading to policies that favor [...]
The post Is the Crypto Industry Facing Regulatory Capture? Insights from a Leading Attorney appeared first on Crypto Breaking News.
Oregons Attorney General, Dan Rayfield, has announced that the state will proceed with a lawsuit against Coinbase, the popular cryptocurrency exchange. This legal action seeks to revive claims previously made by the U.S. Securities and Exchange Commission (SEC), accusing Coinbase of operating an unregistered securities exchange and broker-dealer. In addition, the state intends to revisit […]
Tether, the company behind the issuance of USDT, the largest stablecoin in the cryptocurrency market, announced that it helped the U.S. government to seize $1.4 million linked to an alleged fraud scheme. According to the Northern District of Illinois U.S. Attorney’s Office, the seizure marks one of the first times that the U.S. has recovered [...]
The post Tether Assists US Government in Seizing $1.4 Million From Unhosted Wallet appeared first on Crypto Breaking News.
Coinbase, Marathon Digital and Riot Blockchain are among the SEC-registered cryptocurrency firms that would need to comply with the rules.
A recent development in the ongoing showdown between the United States Securities and Exchange Commission (SEC) has seen the withdrawal of another Ripple attorney from the lawsuit, recent court filings reveal. This comes after a motion was filed earlier in the month for Anna R. Gressel to withdraw as attorney of defendant Ripple Labs. This [...]
The post Ripple Attorney Withdraws From SEC Lawsuit, Will It Affect XRP? appeared first on Crypto Breaking News.
Around 50 Chinese nationals have reportedly been apprehended by Libyan authorities following allegations of running a cryptocurrency mining facility within the city of Zliten, local reports detail. Cryptocurrency mining is strictly prohibited by law in Libya. Libyan law enforcement officials have disclosed that the mining operation, situated in an abandoned iron factory, was effectively dismantled.
The post Report: Dozens of Chinese Nationals Arrested in Libya for Operating Illegal Crypto Mining Farm appeared first on BTC Ethereum Crypto Currency Blog.
According to a lawsuit filed this week with the U.S. Bankruptcy Court for the District of Delaware, FTX lawyers are seeking to claw back $700 million from K5 Global Technology, its subsidiaries, and the firm’s founders. The attorneys allege that the defendants received funds without undergoing any due diligence, and FTX did not obtain “equivalent [...]
The post FTX Seeks to Claw Back $700M in Lawsuit Over Alleged Funds Misappropriation and Influence-Building Scheme appeared first on Crypto Breaking News.
A lawyer representing Onecoin victims has urged Bulgarian authorities to reopen an investigation into the crypto pyramid scheme and seize assets to compensate his clients. The attorney is asking officials in Sofia to take into account developments he considers related to the case, including the recent murder of a Bulgarian crime figure in South Africa. [...]
The post Lawyer Seeks Reopening of Onecoin Case in Bulgaria, Seizure of Assets appeared first on Crypto Breaking News.
<p>New York State Attorney General Letitia James filed suit against KuCoin on Thursday, alleging that the cryptocurrency exchange has been operating in the state without registering as a securities and commodities broker-dealer. </p><p> Is Ether a Security? </p><p> Further, it is the first regulatory lawsuit that claims <a href="https://www.financemagnates.com/tag/ethereum/" target="_blank" rel="follow">Ether to be a security</a>. The labeling of Ether as a security was based on the Martin Act, a 102-year-old anti-fraud law, as the cryptocurrency's market value depends on the actions of others, including its co-founder, Vitalik Buterin. </p><p> Apart from Ether, the lawsuit also classified LUNA and TerraUSD <a href="https://www.financemagnates.com/terms/s/stablecoin/" class="terms__main-term" id="e84b040e-4d12-499b-99bf-8ba75ea058ca" target="_blank">stablecoin</a> as securities. </p><p> "The petition argues that ETH, just like LUNA and UST, is a speculative asset that relies on the efforts of third-party developers in order to provide profit to the holders of ETH. Because of that, KuCoin was required to register before selling ETH, LUNA, or UST," the official press release stated. </p><p> Though the classification of many <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" class="terms__secondary-term" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed" target="_blank">cryptocurrencies</a> as securities are in question, the US Commodity Futures Trading Commission (CFTC) has maintained its position that Bitcoin and Ether are commodity assets. However, the Securities and Exchange Commission (SEC) Chairman Gary Gensler recently hinted at the agency's position to consider Ether a security. </p><p> Charges against KuCoin </p><p> James' lawsuit also alleged that <a href="https://www.financemagnates.com/tag/kucoin/" target="_blank" rel="follow">KuCoin falsely represents itself as an exchange</a>. KuCoin operates from Seychelles and is not registered with the SEC or the CFTC in the United States. </p><p> It additionally blamed the crypto company for offering unregistered securities in the form of KuCoin Earn, it's lending and staking product. </p><p> The case against KuCoin was built by the New York attorney general's office with its first-hand experience on the crypto platform. James' office created a KuCoin account using a computer with a New York IP address and then bought and sold digital tokens, for which the platform charged a fee. The prosecutors also successfully deposited cryptocurrencies on the KuCoin Earn product, and the platform also changed the fees for that. </p><p> Before the lawsuit, the NYAG served a subpoena to KuCoin via email and in person. However, the crypto platform did not respond to that. </p><p> With the lawsuit, the NYAG seeks to stop KuCoin from operating in New York and order it to implement geo-location blocking based on IP address and GPS across all its platforms. </p><p> "One by one, my office is taking action against cryptocurrency companies that are brazenly disregarding our laws and putting investors at risk," James said. "Today's action is the latest in our efforts to rein in shadowy cryptocurrency companies and bring order to the industry. All New Yorkers and all companies operating in New York have to follow our state's laws and regulations. KuCoin operated in New York without registration, and that is why we are taking strong action to hold them accountable and protect investors." </p><p> Meanwhile, KuCoin has been facing regulatory backlash in many jurisdictions. The platform was <a href="https://www.financemagnates.com/cryptocurrency/regulation/canadas-ontario-regulator-bans-crypto-exchange-kucoin-fines-bybit/" target="_blank" rel="follow">banned by Canada's Ontario state regulator</a> and was also listed by South Korea's Financial Intelligence Unit among the <a href="https://www.financemagnates.com/cryptocurrency/regulation/kucoin-among-16-illegal-crypto-exchanges-operating-in-south-korea/" target="_blank" rel="follow">illegal crypto exchanges in the country</a>. The latest lawsuit also pointed out that the authorities in Seychelles and the Netherlands found KuCoin operating without proper licensure. </p> This article was written by Arnab Shome at www.financemagnates.com.
A third former FTX-linked executive is reportedly considering providing evidence against Sam Bankman-Fried in an attempt for a more lenient sentence.
<p class="MsoNormal">Letitia James, the Attorney General of the State of New York, has charged Alex Mashinsky, the Co-Founder of bankrupt crypto lender Celsius Network, with fraud.</p><p class="MsoNormal">In a lawsuit <a href="https://ag.ny.gov/sites/default/files/mashinsky_complaint.pdf" target="_blank" rel="follow">filed</a> before a supreme court in the County of New York on Thursday, James accused the former CEO of “defrauding hundreds of thousands of investors, including more than 26,000 New Yorkers, out of billions of dollars worth of cryptocurrency.”</p><p class="MsoNormal">“Mashinsky repeatedly claimed that Celsius made safe, low-risk investments and only lent assets to credible and reputable entities. However, investors’ assets were routinely exposed to high-risk counterparties and strategies, many of which resulted in losses that Mashinsky concealed from investors,” James said in <a href="https://ag.ny.gov/press-release/2023/attorney-general-james-sues-former-ceo-celsius-cryptocurrency-platform-defrauding" target="_blank" rel="follow">a statement</a>.</p><p>Watch the recent FMLS22 session on cryptocurrency with participation from Dr. Lisa Cameron, Member of Parliament, UK House of Commons.</p><p class="MsoNormal text-align-justify">New York Accuses Celsius of Leaving Investors in ‘Financial Ruin’</p><p class="MsoNormal">The New York Attorney General also accused Mashinsky of mispresenting and hiding Celsius’ worsening financial condition from its investors even as it was losing “hundreds of millions of dollars of assets in risky investments.” She added that Mashinksy has left many investors in "financial ruin” as a result. </p><p class="MsoNormal">In her filing before the court, the chief law officer asked the court to permanently bar Mashinsky from dealing in any business relating to the issuance, offer or sale of securities or commodities in New York. James also wants the court to stop the ex-Celsius CEO from serving as a director or officer or any New York-based firm. </p><p class="MsoNormal">In addition, the Attorney General asked the court to order Mashinksy to give up profits obtained from the failed crypto lender business as well as return investor funds with additional payment for damages.</p><p class="MsoNormal text-align-justify">The Collapse of Celsius Network</p><p class="MsoNormal">In July last year, Celsius Network <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-lender-celsius-files-for-bankruptcy-in-new-york/" target="_blank" rel="follow">filed for Chapter 11 bankruptcy</a> before a New York court over a month after it <a href="https://www.financemagnates.com/cryptocurrency/news/celsius-suspends-crypto-withdrawals-due-to-market-volatility/" target="_blank" rel="follow">paused withdrawals</a> on its platform, citing volatile markets. </p><p class="MsoNormal">The crypto lender’s failure came in the aftermath of <a href="https://www.financemagnates.com/cryptocurrency/terra-luna-how-these-7-wallets-brought-the-ecosystem-to-its-knees/" target="_blank" rel="follow">the Terra-LUNA collapse</a> which also saw the death of <a href="https://www.financemagnates.com/cryptocurrency/binanceus-wants-to-acquire-bankrupt-crypto-lending-platform-voyager/" target="_blank" rel="follow">Voyager Digital</a> and <a href="https://www.financemagnates.com/cryptocurrency/news/three-arrows-capital-gets-liquidation-order-from-bvi-court/" target="_blank" rel="follow">Three Arrow Capital</a>. The collapse of Celsius Network was followed by <a href="https://www.financemagnates.com/cryptocurrency/news/celsius-network-reportedly-faces-us-federal-investigation/" target="_blank" rel="follow">a barrage of investigations</a> from US federal and state regulators. </p> This article was written by Solomon Oladipupo at www.financemagnates.com.
<p class="MsoNormal">Letitia James, the Attorney General of the State of New York, has charged Alex Mashinsky, the Co-Founder of a bankrupt crypto lender Celsius Network, with fraud.</p><p class="MsoNormal">In a lawsuit <a href="https://ag.ny.gov/sites/default/files/mashinsky_complaint.pdf" target="_blank" rel="follow">filed</a> before a supreme court in the County of New York on Thursday, James accused the former CEO of “defrauding hundreds of thousands of investors, including more than 26,000 New Yorkers, out of billions of dollars worth of cryptocurrency.”</p><p class="MsoNormal">“Mashinsky repeatedly claimed that Celsius made safe, low-risk investments and only lent assets to credible and reputable entities. However, investors’ assets were routinely exposed to high-risk counterparties and strategies, many of which resulted in losses that Mashinsky concealed from investors,” James said in <a href="https://ag.ny.gov/press-release/2023/attorney-general-james-sues-former-ceo-celsius-cryptocurrency-platform-defrauding" target="_blank" rel="follow">a statement</a>.</p><p>Watch the recent FMLS22 session on cryptocurrency with participation from Dr Lisa Cameron, a Member of Parliament in the UK House of Commons.</p><p class="MsoNormal text-align-justify">New York Accuses Celsius of Leaving Investors in ‘Financial Ruin’</p><p class="MsoNormal">Additionally, the New York Attorney General accused Mashinsky of mispresenting and hiding Celsius’ worsening financial conditions from its investors even as it was losing “hundreds of millions of dollars of assets in risky investments.” She added that Mashinksy had left many investors in "financial ruin” as a result. </p><p class="MsoNormal">In her filing before the court, the Chief Law Officer asked the court to permanently bar Mashinsky from dealing in any business relating to the issuance, offer or sale of securities or commodities in New York. Moreover, James wants the court to stop the ex-Celsius CEO from serving as a Director or officer or any New York-based firm. </p><p class="MsoNormal">In addition, the Attorney General asked the court to order Mashinksy to give up profits obtained from the failed crypto lender business as well as return investor funds with additional payment for damages.</p><p class="MsoNormal text-align-justify">The Collapse of Celsius Network</p><p class="MsoNormal">In July last year, Celsius Network <a href="https://www.financemagnates.com/cryptocurrency/news/crypto-lender-celsius-files-for-bankruptcy-in-new-york/" target="_blank" rel="follow">filed for Chapter 11 bankruptcy</a> before a New York court over a month after it <a href="https://www.financemagnates.com/cryptocurrency/news/celsius-suspends-crypto-withdrawals-due-to-market-volatility/" target="_blank" rel="follow">paused withdrawals</a> on its platform, citing volatile markets. </p><p class="MsoNormal">The crypto lender’s failure came in the aftermath of <a href="https://www.financemagnates.com/cryptocurrency/terra-luna-how-these-7-wallets-brought-the-ecosystem-to-its-knees/" target="_blank" rel="follow">the Terra-LUNA collapse</a> which saw the demise of <a href="https://www.financemagnates.com/cryptocurrency/binanceus-wants-to-acquire-bankrupt-crypto-lending-platform-voyager/" target="_blank" rel="follow">Voyager Digital</a> and <a href="https://www.financemagnates.com/cryptocurrency/news/three-arrows-capital-gets-liquidation-order-from-bvi-court/" target="_blank" rel="follow">Three Arrow Capital</a>. The collapse of Celsius Network was followed by <a href="https://www.financemagnates.com/cryptocurrency/news/celsius-network-reportedly-faces-us-federal-investigation/" target="_blank" rel="follow">a barrage of investigations</a> from US federal and state regulators.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
Former Celsius CEO Alex Mashinsky is being sued by the New York Attorney General for defrauding investors and making false statements about the companys financials. Mashinsky Feels the Heat Alex...
Various creators and promotors of two allegedly fraudulent crypto companies are facing a litany of charges that could land them 20 years in jail.
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