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One CFTC commissioner dissented, calling the action regulation by enforcement.
Uniswap hit with order by CFTC for illegal trading in digital asset derivatives The decentralized exchange will pay $175,000 in civil monetary penalty and is also ordered to cease and desist from the illegal offerings. Uniswap has settled with the Commodity Futures Trading Commission after the regulator found the decentralized exchange had violated derivatives trading […]
The post Uniswap hit with CFTC order over illegal crypto derivatives trading appeared first on CoinJournal.
Polymarket and other offshore platforms are under CFTC scrutiny for compliance, and the SEC and German authorities are ramping up crypto crackdowns.
A US federal court ordered William Koo Ichioka to pay $31 million in restitution and $5 million in monetary penalty The New York resident was charged and ordered to pay a total of $36 million for defrauding victims in a forex and crypto scheme A New York man is to pay $36 million for defrauding […]
The post New York man to pay $36 million for forex and crypto fraud appeared first on CoinJournal.
The new market will feature Chaos Labs Edge Proofs Oracle support, but probably wont be accessible in the United States.
Cyber Capitals founder and CIO Justin Bons has leveled severe accusations against Tether. In a series of X posts, he said that USDT is engaged in a $118 billion fraud, and criticised the company for not providing evidence of its reserves and having not undergone a formal audit since its establishment. While USDT keeps on […]
John Rose, the Republican Congressman of Tennessee, is pursuing a new crypto legislative plan, suggesting the “BRIDGE Digital Assets Act.” This law suggests the creation of a joint advisory committee between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to improve the regulatory framework surrounding crypto assets. According to […]
The retraction arose from the SECs lawsuit against Binance, but the agency is still pursuing claims against the crypto exchange for alleged securities law violations.
Congressman John Rose would make the agencies work together and listen to user and industry representatives.
The commodity futures trading commission (CFTC) is expanding its approaches to prevent consumers from being duped by crytocurrencies fraudsters. The Office of Customer Outreach and Education (OCEO) has worked with several credible organizations to provide specific anti-fraud message. This move is in line with the ongoing efforts to educate the public on the rising cases […]
According to Judge Jia Cobb, having Kalshi offer contracts on whether a chamber of Congress will be controlled by a specific party in a given term was not unlawful.
The notice came the same day a judge approved a $12.7 billion settlement between defunct crypto exchange FTX, Alameda Research and the US Commodity Futures Trading Commission.
Gemini, a cryptocurrency exchange, has asked US authorities to shelve a proposal that would outlaw event contracts on decentralized prediction markets if it were to pass. In a letter sent to Christopher Kirkpatrick, secretary of the US Commodity Futures Trading Commission (CFTC), on August 8, Gemini emphasized the negative effects
A federaljudge has ordered an Oregon man and his companies to pay over $83 million inrestitution to victims of a fraudulent digital asset investment scheme thatoperated as "a classic Ponzi scheme," according to court documents.
Court Orders $83 Millionin Restitution for Digital Asset Fraud Scheme
Judge MaryRowland of the US District Court for the Northern District of Illinois granted summary judgmentto the Commodity Futures Trading Commission (CFTC) against Sam Ikkurty andseveral of his companies, including Jafia LLC and Ikkurty Capital LLC. Thecourt found the defendants violated the law through fraud and failure toregister as commodity pool operators.
Accordingto the court's findings, Ikkurty recruited investors by promising 15% annualreturns from investments in digital assets like Bitcoin and Ethereum. However,the judge determined Ikkurty made numerous false statements about hisinvestment experience and fund performance while operating "something akinto a Ponzi scheme."
"Ikkurty'smarketing materials misstated his fund's historical performance and omitted thefact that the fund fell in value by 98.99% over a period of a few months,"the CFTC commented in the official statement.
The orderrequires the defendants to pay $83.7 million in restitution and $36.9 millionin disgorgement. The CFTC plans to seek additional injunctive relief and civilmonetary penalties.
Federal court enters summary judgment against Oregon man and orders $83 million in restitution for fraud victims. The judgment is CFTCs first addressing fraud related to a carbon offset program. Learn more: https://t.co/lK6U7gKIfL
CFTC (@CFTC) July 3, 2024A Classic Ponzi move
The courtalso found the defendants misappropriated over $20 million through a fraudulentcarbon offset program. Investors were sold products supposedly backed by carbonoffset-related digital assets, but the funds were instead used to pay earlierinvestors.
"Thisresulted in a shortfall of more than $20 million for the carbon offset programparticipants," the order states. "This series of events was a classicPonzi move."
In additionto fraud charges, the defendants were found to have failed to register with theCFTC as required. The order also affirmed the CFTC's jurisdiction over certainnon-Bitcoin cryptocurrencies, stating that OHM and Klima "qualify ascommodities" similar to Bitcoin.
CFTCofficials cautioned that the restitution order may not guarantee recovery oflost funds if the defendants lack sufficient assets.
Crypto Frequently Targetedby the CFTC
Cryptocurrenciesand associated Ponzi schemes frequently come under the scrutiny of the USregulator. In mid-May, the CFTC settled a case with FalconX, a crypto primebrokerage firm that was fined $1.8 million for failing to register as a futurescommission merchant (FCM). Additionally, the firm was ordered to cease anddesist from providing services to U.S. residents.
Meanwhile,the market watchdog has issued a stern warning to students and young jobseekers about the risks of becoming an unwitting "money mule" inschemes involving cryptocurrencies.
In March, USfederal prosecutors charged the cryptocurrency exchange KuCoin and two of itsfounders for allegedly breaching anti-money laundering (AML) laws. The chargesclaim that KuCoin operated in the U.S. without the necessary registration andlacked an adequate AML program.
The CFTCalso shows significant interest in pyramid schemes in the Forex market. InApril, a US federal court required a Californian individual and his company topay $9 million in a forex fraud case. This ruling granted the commoditiesregulator a significant win, with Eshaq Nawabi and his company, HyperionConsulting Inc., ordered to pay restitution and penalties.
This article was written by Damian Chmiel at www.financemagnates.com.
FTX, a bankrupt cryptocurrency exchange, and the United States CommoditiesFutures Trading Commission (CFTC) have agreed to a $12.7 billion settlement.This agreement resolves a 19-month lawsuit. The settlement follows months ofnegotiations and now awaits court approval, as shown in a July 12 filing.
Settlement Includes Restitution
The CFTC sued FTX, its former CEO Sam Bankman-Fried, and FTXs sistertrading firm Alameda Research in December 2022. The lawsuit claimed the firmcommitted fraud and made misrepresentations by marketing FTX.com as a digitalcommodity asset platform.
The settlement agreement includes $8.7 billion in restitution and $4 billionin disgorgement. The CFTC did not seek a civil monetary penalty. FTXacknowledged, Given the conduct, guilty pleas, and convictions of the FTXInsiders, the Debtors face very substantial potential liability to the CFTC.The commodities regulator is the most significant single creditor" inChapter 11 bankruptcy cases, FTX added.
The Proposed Settlement is an integral and valuable component of theDebtors proposed chapter 11 reorganization plan, said Commodity FuturesTrading Commission senior trial attorney Carlin R. Metzger and FTXs CEO JohnJ. Ray III. It resolves ongoing litigation and disputes with one of thelargest creditors of the Debtors, avoids the cost and delay of furtherlitigation, and mitigates a significant risk of diminution of the assetsavailable for distribution to creditors.
FTX and CFTC agree to $12.7 billion settlement following months of negotiations https://t.co/18sLFikd7Y
The Block (@TheBlock__) July 16, 2024Settlement Hearing Scheduled August 6
A hearing on the settlement is set for August 6 in the Bankruptcy Court forthe District of Delaware. FTXs proposed reorganization plan would see a 118%return for 98% of the creditors with claims under $50,000, based on the USdollar value of asset prices at the time of FTXs bankruptcy filing in November2022.
Many FTX creditors have expressed apreference for a cryptocurrency payout in-kind, considering the markets 166%increase in market cap since FTXs bankruptcy filing. Creditors are currentlyvoting on their preferred payout method. They have until August 16 before USBankruptcy Court Judge John Dorsey makes a final decision on October 7.
This article was written by Tareq Sikder at www.financemagnates.com.Recently, CFTC Chairman Rostin Behnam announced that an Illinois court has confirmed Bitcoin (BTC) and Ethereum (ETH) as digital commodities under the Commodity Exchange Act. This statement comes amid ongoing debates about the regulatory classification of cryptocurrencies. Behnam highlighted that 70-80% of assets in the crypto market are non-securities. This stance contrasts with SEC Chairman […]
The high courts decision further bolsters the argument that Congress, not an agency, should decide if and how to regulate Web3.
A U.S. court decision last week found that both Bitcoin and Ethereum are commodities under jurisdiction of the CFTC.
CFTC Chair Rostin Behnam says a majority of cryptocurrencies, 70-80%, are non-securities. Behnam appeared before the U.S. Senate Committee on Agriculture, Nutrition and Forestry’s Hearing on the Oversight of Digital Commodities on Wednesday. Rostin Behnam, the chairman of the Commodities Futures Trading Commission (CFTC), has reiterated his belief that the CFTC is better placed as […]
The post CFTC Chair says 70-80% of cryptocurrencies are non-securities appeared first on CoinJournal.
FIT21 is the first bipartisan legislation of its kind to pass in either chamber of Congress, but is its dual-agency model workable?
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