BIS, Bank of England unveil Project Pyxtrial for stablecoin monitoring
The proof-of-concept showed that real-time monitoring of stablecoin reserves could be achieved with cooperation among regulators, technologists and issuers.
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The proof-of-concept showed that real-time monitoring of stablecoin reserves could be achieved with cooperation among regulators, technologists and issuers.
The initiative aims to equip many Africans with skills in advanced technologies like artificial intelligence, robotics and data science.
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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. [...]
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Federal prosecutors have been accused of failure to disclose important evidence in the Samourai Wallet and Tornado Cash cases. The defense lawyers argue that a phone call with senior FinCEN employees could impact their cases. The call reportedly stated that the two non-custodial protocols do not qualify as money services businesses (MSBs). The dispute revolves […]
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The cries for justice are growing against former Celsius CEO, Alex Mashinsky, after pleading guilty to fraud.
In a dramatic turn of events, Sam Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. The judgment was handed down by US District Judge Lewis Kaplan during a hearing in a Lower Manhattan federal courtroom on March 28. Bankman-Fried, who had publicly announced [...]
The post FTX Co-Founder Sam Bankman-Fried Appeals 25-Year Conviction And Makes Unusual Request appeared first on Crypto Breaking News.
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit Friday against Richard Schueler, known as Richard Heart, and his companies Hex, Pulsechain, and Pulsex, alleging they raised more than $1 billion through unregistered securities offerings. SEC Lawsuit Accuses Richard Heart of Running Unregistered Securities Offerings The SEC complaint alleges that beginning in December 2019, [...]
The post SEC Files Lawsuit Against Richard Heart and Companies Hex, Pulsechain, and Pulsex appeared first on Crypto Breaking News.
In a packed courtroom, Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, was sentenced to 25 years in prison by Judge Lewis A. Kaplan. The sentencing follows a landmark trial that has captured widespread attention for its revelations of financial misconduct within the cryptocurrency industry. Crypto Mogul Sam Bankman-Fried Handed 25-Year Sentence; $11 Billion [...]
The post Crypto Community Shows Discontent Over Sam Bankman-Frieds 25-Year Sentence appeared first on Crypto Breaking News.
In a highly anticipated courtroom verdict, Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. US District Judge Lewis Kaplan delivered the judgment during a Lower Manhattan federal courtroom hearing. Related Reading: The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records FTX Founder Sam Bankman-Fried Sentenced Judge Kaplan sternly criticized the defense’s argument, labeling it as misleading, logically flawed, and speculative. As reported by our sister site, Bitcoinist, Kaplan highlighted Bankman-Fried’s obstruction of justice and witness tampering during his defense, which were significant factors considered in the sentencing decision. Bankman-Fried expressed remorse in a statement, acknowledging that his series of “selfish” decisions as the leader of FTX had led to the exchange’s downfall. He admitted to having “thrown it all away” and expressed regret that continues to haunt him daily. Prosecutors had initially sought a maximum sentence of 50 years, while Bankman-Fried’s legal team argued for a maximum of 6 years. In November, Bankman-Fried was found guilty on seven criminal counts, and he has since been held at the Metropolitan Detention Center in Brooklyn. Life Plans Shattered Late Tuesday, prosecutors submitted documents containing testimonies from victims, shedding light on the impact of Bankman-Fried’s actions. One victim, whose name was redacted, wrote a letter dated March 15, describing the destruction of their entire life and the emotional toll it had taken on their family. They emphasized that they had entrusted their funds to FTX as a custodian, not consenting to the risks Bankman-Fried had taken with their money. The victim shared the suffering that had led to depression and even thoughts of suicide. Related Reading: Fantom: Market Slowdown Chops Off 10% From Gains Heres Why During the trial, prosecutors revealed that Bankman-Fried had diverted funds from FTX customers, amounting to as much as $8 billion. These funds were allegedly used to finance a wide range of external interests, including political initiatives, speculative investments, and funding the lifestyles of FTX executives. Featured image from Shutterstock, chart from TradingView.com
Sam Bankman-Fried’s lawyers have pushed back against the U.S. government’s sentencing memo which makes the case for why it thinks the former FTX CEO should be handed a sentence in the range of 40-50 years, a court filing on Wednesday shows.Source: CoinDesk
The post U.S. Government’s Legal Precedents Don’t Support Lengthy Prison Term, Bankman-Fried’s Defense Argues appeared first on Crypto Breaking News.
The stage is set for a federal judge to determine how long Sam Bankman-Fried may spend in prison. The U.S. Department of Justice and defense attorneys have now both filed their arguments, as well as statements from FTX creditors (from the prosecution) and Bankman-Fried’s family and friends (from the defense).Source: CoinDesk
The post Does Sam Bankman-Fried Deserve 50 Years in Prison? appeared first on Crypto Breaking News.
Sam Bankman-Fried’s defense team pushed back against what it called the “disturbing” sentencing memorandum filed by the Department of Justice last week in a new letter, saying the DOJ was making the FTX founder out to be someone he was not.Source: CoinDesk
The post DOJ’s Proposed 50-Year Sentence for Sam Bankman-Fried ‘Disturbing,’ FTX Founder’s Lawyers Say appeared first on Crypto Breaking News.
Prosecutors recommended that a federal judge sentence FTX founder and former CEO Sam Bankman-Fried to at least 40 and as many as 50 years in prison for his conviction on fraud and conspiracy charges tied to the collapse of what was once one of the world’s largest crypto exchanges.Source: CoinDesk
The post Sam Bankman-Fried Should Spend 40-50 Years in Prison, DOJ Says appeared first on Crypto Breaking News.
FTX founder Sam Bankman-Fried’s lawyers have reached a new bail agreement with US prosecutors that restricts his use of electronic devices and apps while allowing him to remain at home. The proposed agreement would limit SBF’s access to the internet on a smartphone and any apps except for voice calls and text messaging. Additionally, he would be required to use a basic laptop with limited functions and monitoring software to track user activity. The new bail conditions are yet to be approved by the US District Judge overseeing Bankman-Fried’s case. (Read More)
U.S. prosecutors have asked a federal judge to put crypto exchange FTX founder Sam Bankman-Fried in jail over alleged witness tampering before his trial starts in October. While requiring the prosecution to formalize the request and giving the defense enough time to make its case, the judge issued a temporary gag order restricting their public [...]
The post Prosecutors Want Sam Bankman-Fried Jailed Ahead of Trial appeared first on Crypto Breaking News.
Banks taking part in the digital ruble pilot will begin testing transactions with actual clients in mid-August, according to a top executive of one of the financial institutions. The trials are set to start weeks after Russia adopted dedicated legislation for the introduction of its new digital currency. Russian Banks to Process First Digital Ruble [...]
The post Russia to Launch Digital Ruble Transactions With Real Users in August appeared first on Crypto Breaking News.
The federal judge overseeing the case against FTX Founder Sam Bankman-Fried has now rejected all pre-trial motions filed by his legal teams to dismiss 10 of the 13 criminal charges against him. Judge Lewis Kaplan of the District Court in New York, who earlier denied three of the motions, has now struck out the rest, saying they are “either moot or without merit.”
Judge Slams Bankman-Fried’s Motions
In December last year, Bankman-Fried was arrested in the Bahamas over the collapse of FTX and was subsequently extradited to the United States on eight count charges of wire fraud and conspiracy to commit wire fraud against FTX’s customers and sister trading firm Alameda’s lenders. He was also charged with conspiracies to commit commodities and securities fraud as well as violating money laundering and US federal campaign finance laws.
However, in a superseding indictment unveiled in February, US prosecutors slammed Bankman-Fried with additional four charges: substantive commodities and securities fraud, conspiracy to commit bank fraud and operation of an unlicensed money transmitting business. An additional charge filed in March accused the FTX Founder of bribing Chinese officials in 2021, thereby violating the Foreign Corrupt Practices Act. These moves raised the count of charges to 13.
Reacting to the developments, Bankman-Fried’s lawyers in May filed several pre-trial motions to dismiss all charges but three: conspiracy to commit commodities and securities fraud and conspiracy to commit money laundering. Alternatively, they asked the court to separate the charges from the former FTX CEO’s first trial billed for early October.
Judge Defends Position
In mid-June, Judge Kaplan rejected three of the motions and ruled that extra charges slapped on Bankman-Fried after his extradition to the US should be set aside from his upcoming trial. On Tuesday, the judge further ruled out the rest of the motions.
“Dismissal of charges is an ‘extraordinary remedy’ reserved only for extremely limited circumstances implicating fundamental rights,” Judge Kaplan wrote in a 41-page ruling defending his decision. “The Second Circuit has deemed dismissal an ‘extreme sanction’ that has been upheld ‘only in very limited and extreme circumstances,’ and should be ‘reserved for the truly extreme cases,’ ‘especially where serious criminal conduct is involved.’”
Bankman-Fried has pleaded not guilty to all the charges slammed on him. On the contrary, two top associates of the FTX Founder, Caroline Elision, Alameda Research’s former CEO, and Zixiao (Gary) Wang, Alameda Research and FTX’s Co-Founder, pled guilty in December to criminal charges filed by US prosecutors.
Meanwhile, FTX, which filed for bankruptcy protection in November, is still undergoing court proceedings in the District of Delaware. This is even as the new management of the bankrupt crypto exchange disclosed yesterday (Monday) that they have recovered $7 billion out of $8.7 billion owed to customers.
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This article was written by Solomon Oladipupo at www.financemagnates.com.World Crypto Global opens the door to digital freedom for everyone.
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