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Singaporean police have launched an investigation into Terraform Labs, the company co-founded by Do Kwon, who was accused of fraud by the US Securities and Exchange Commission (SEC) last month. The SEC has alleged that Kwon laundered over $100m worth of bitcoin, which he had removed from the Terra platform, and converted to fiat. (Read More)
<p class="MsoNormal">Local investigators in partnership with foreign agents raided the Bulgaria offices of the cryptocurrency lending firm, Nexo, on Thursday. Bulgarian business daily Dnevnik reports that a total of 15 offices are being checked with over 300 officials from various agencies working on the case.</p><p class="MsoNormal">Additionally, prosecutors have launched an international operation to investigate the company for allegedly committing financial crimes, failing with its anti-money laundering (AML) processes and allowing transactions that violate the international sanctions against Russia, local media report.</p><p class="MsoNormal">Bulgaria Accuses Nexo of Permitting Terrorism Financier</p><p class="MsoNormal"> on Thursday, Siika Mileva, Bulgaria's Prosecutor General, through a spokesperson alleged that one of the company's clients is a person linked to financial terrorism. In addition, she noted that the crypto firm has processed over €94 billion in the last five years. </p><p class="MsoNormal">In addition, Mileva alleged that the company, whose founders are Bulgarians, ran shell companies. The prosecutor further noted that witnesses on the case are being interviewed at Bulgaria's National Investigative Service.</p><p class="MsoNormal">Reaction on Twitter</p><p class="MsoNormal">However, in a lengthy Twitter post published on Thursday, Nexo accused regulators of adopting “the kick first, ask questions later approach." Additionally, the crypto lending firm noted that it has rejected “a lot of business” because it “never compromises” with its “very stringent” AML and know-your-customer policies.</p><p class="MsoNormal">“Despite being fully automated, Nexo has 30+ AML compliance officers who ensure that we retain a real-time picture of our clients, which includes adverse media publications, OFAC sanctions lists, and a source & flow of funds, etc.," Nexo wrote in the post.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Over the years, we have turned down a lot of business because Nexo never makes compromises with regard to our very stringent anti-money laundering and know-your-customer policies. But we have always known that this is how you build a sustainable business. 1/</p>— Nexo (@Nexo) <a href="https://twitter.com/Nexo/status/1613477462243147776?ref_src=twsrc%5Etfw">January 12, 2023</a></blockquote> This article was written by Solomon Oladipupo at www.financemagnates.com.
<p class="MsoNormal">Sam Bankman-Fried, the Founder of beleaguered crypto exchange, FTX, on Friday said he is willing to testify before the U.S. House Financial Services Committee on December 13 (next week Tuesday). </p><p class="MsoNormal">The Founder, <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/">who resigned</a> as the CEO of the crypto exchange in mid-November following <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/">its collapse</a>, however, noted “there is a limit to what I will be able to say” as he does not have access to many of his professional and personal data.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">1) I still do not have access to much of my data -- professional or personal. So there is a limit to what I will be able to say, and I won't be as helpful as I'd like.But as the committee still thinks it would be useful, I am willing to testify on the 13th. <a href="https://t.co/KR34BsNaG1">https://t.co/KR34BsNaG1</a></p>— SBF (@SBF_FTX) <a href="https://twitter.com/SBF_FTX/status/1601186246990401537?ref_src=twsrc%5Etfw">December 9, 2022</a></blockquote><p class="MsoNormal text-align-justify">Maxine Walters, Chairwoman of the US House of Representatives Financial Services Committee, first tweeted a public invitation to the hearing at Bankman-Fried last Friday, noting that the former CEO's “willingness to talk to the public will help the company’s [FTX] customers, investors, and others.”</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">.<a href="https://twitter.com/SBF_FTX?ref_src=twsrc%5Etfw">@SBF_FTX</a>, we appreciate that you've been candid in your discussions about what happened at <a href="https://twitter.com/hashtag/FTX?src=hash&ref_src=twsrc%5Etfw">#FTX</a>. Your willingness to talk to the public will help the company's customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th.</p>— Maxine Waters (@RepMaxineWaters) <a href="https://twitter.com/RepMaxineWaters/status/1598693811252875264?ref_src=twsrc%5Etfw">December 2, 2022</a></blockquote><p class="MsoNormal">Bankman-Fried was initially reluctant to attend the hearing. On Sunday, he tweeted to explain that he was still learning and reviewing what happened at FTX and would feel confident to appear before the Committee once he was done doing so. </p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Rep. Waters, and the House Committee on Financial Services:Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.I'm not sure that will happen by the 13th. But when it does, I will testify. <a href="https://t.co/c0P8yKlyQt">https://t.co/c0P8yKlyQt</a></p>— SBF (@SBF_FTX) <a href="https://twitter.com/SBF_FTX/status/1599511560384225281?ref_src=twsrc%5Etfw">December 4, 2022</a></blockquote><p class="MsoNormal">However, in a response tweet on Monday, Walters, who is also the US representative for California's 43rd congressional district argued that Bankman-Fried’s position as CEO and granted media interviews in the past weeks “is sufficient for testimony.”</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">.<a href="https://twitter.com/SBF_FTX?ref_src=twsrc%5Etfw">@SBF_FTX</a>,Based on your role as CEO and your media interviews over the past few weeks, it’s clear to us that the information you have thus far is sufficient for testimony. (1/3) <a href="https://t.co/YUVVjOkC40">https://t.co/YUVVjOkC40</a></p>— Maxine Waters (@RepMaxineWaters) <a href="https://twitter.com/RepMaxineWaters/status/1599858166359068676?ref_src=twsrc%5Etfw">December 5, 2022</a></blockquote><p class="MsoNormal text-align-justify">She further argued, “As you know, the collapse of FTX has harmed over one million people. Your testimony would not only be meaningful to Members of Congress but is also critical to the American people.</p><p class="MsoNormal">“It is imperative that you attend our hearing on the 13th, and we are willing to schedule continued hearings if there is more information to be shared later.”</p><p class="MsoNormal">Meanwhile, some stakeholders in the cryptocurrency community express dissatisfaction with Walters’ handling of Bankman-Fried's invitation to Congress, even as some argued that he should be subpoenaed.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en"></p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Ms Waters, with all due respect - let's stop flirting with the inevitable outcome and cut the crap. Begin the process of extradition to bring him back to US soil where he can be tried and properly judged for his gross and fraudulent misconduct. Send a subpoena. <a href="https://t.co/hsroD7ZaWM">pic.twitter.com/hsroD7ZaWM</a></p>— Genia?? (@Genia_xx) <a href="https://twitter.com/Genia_xx/status/1599867506344140800?ref_src=twsrc%5Etfw">December 5, 2022</a></blockquote><p dir="ltr" lang="en"> </p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">why are you tweeting at him?send a subpoena</p>— Nicole Maffeo (@nicole_maffeo) <a href="https://twitter.com/nicole_maffeo/status/1599876732005203968?ref_src=twsrc%5Etfw">December 5, 2022</a></blockquote><p dir="ltr" lang="en"> </p></blockquote><p class="MsoNormal text-align-justify">‘Complete Failure of Corporate Controls’</p><p class="MsoNormal">Meanwhile, John Ray III, the new CEO of FTX, <a href="https://www.financemagnates.com/cryptocurrency/ftx-saw-complete-failure-of-corporate-controls-under-bankman-fried/" target="_blank" rel="follow">recently described</a> the running of the FTX Group under Sam Bankman-Fried as “a complete failure of corporate controls,” adding that the exchange’s business environment under the Founder was "unprecedented.”</p><p class="MsoNormal text-align-justify">Ray in <a href="https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdf">an FTX court filing</a> presented before the United States Bankruptcy Court for the District of Delaware criticized the governance structure, cash and human resources management, and disbursement controls of the FTX Group under Bankman-Fried. He also faulted the company’s record-keeping of digital asset custody, investment activities, and decision-making under the former CEO.</p><p class="MsoNormal">Meanwhile, Finance Magnates reported earlier in the week that Bankman-Fried has <a href="https://www.financemagnates.com/cryptocurrency/sam-bankman-fried-finds-attorney-ftx-probes-build-up/">hired Mark Cohen</a>, Co-Founder and Managing Partner at Cohen & Gresser law firm, as his attorney. Similarly, Caroline Ellison, the former CEO of Alameda Research, engaged the services of Washington-based firm, Wilmer Cutler Pickering Hale and Dorr.</p><p class="MsoNormal">These come as reports emerge that regulators in the United States are carrying out potential civil and criminal investigations on FTX activities. However, Bankman-Fried has not been charged with any crime. The once-beloved cryptocurrency exchange is also <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-will-not-share-information-on-ftx-probe-attorney-general/">facing a similar investigation</a> in the Bahamas.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
<p class="MsoNormal">Sam Bankman-Fried (SBF), the Founder and Chief Executive Officer of <a href="https://www.financemagnates.com/tag/ftx/">FTX</a> crypto exchange, was until recently considered a visionary of the digital market. However, after the collapse of his crypto empire, he found himself on the brink of <a href="https://www.financemagnates.com/terms/b/bankruptcy/" target="_blank" id="41b3ef0d-d805-441d-8443-121890264e94_1" class="terms__main-term">bankruptcy</a>. Now, SBF is looking for defence attorneys in connection with an investigation by the US authorities.</p><p class="MsoNormal">Reuters <a href="https://www.reuters.com/technology/ftxs-bankman-fried-hires-white-collar-defense-attorney-mark-cohen-2022-12-06/">reported</a> that a spokesperson for SBF confirmed the former billionaire had found a defence attorney. Caroline Ellison, the former CEO of Alameda Research, which was part of Bankman-Fried's conglomerate, has decided to take a similar step.</p><p class="MsoNormal">SBF will work with Mark S. Cohen of the law firm Cohen & Gresser. Ellison has hired the Washington-based firm of Wilmer Cutler Pickering Hale and Dorr. </p><p class="MsoNormal">The FTX exchange, one of the largest in the world, <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/">filed for bankruptcy last month</a> after a liquidity crisis caused the loss of at least $1 billion in funds belonging to customers.</p><p class="MsoNormal">Proceedings for the bankruptcy of FTX and the SBF business are underway in the United States and <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-will-not-share-information-on-ftx-probe-attorney-general/">the Bahamas</a>. Other jurisdictions may soon begin their investigations as the affected customers spread worldwide. It should be noted that US authorities have not brought a current indictment, and SBF and Ellison face civil lawsuits from FTX clients.</p><p class="MsoNormal">However, US authorities are gathering information on FTX's activities. Investors are being contacted by federal prosecutors in New York, the Securities and Exchange Commission (SEC) and the police. </p><p class="MsoNormal">FTX's problems began through the Alameda Research crisis. The exchange tried to cover up the trading firm's insolvency with funds belonging to its clients. However, SBF suggested in a recent interview he never wanted to commit fraud. </p><p class="MsoNormal">FTX Sank Crypto Companies</p><p class="MsoNormal">The collapse of FTX showed that more than 100 companies in the cryptocurrency space had ties to SBF businesses. The widespread panic of investors who began withdrawing their funds increased the negative sentiment and caused a rash of more bankruptcy filings.</p><p class="MsoNormal">BlockFi, a cryptocurrency lending firm founded in 2017, <a href="https://www.financemagnates.com/cryptocurrency/crypto-lender-blockfi-files-for-bankrupty-protection-in-the-us/">filed</a> for Chapter 11 bankruptcy protection over a week ago. Additionally, the proceeding includes eight of the firm's <a href="https://www.financemagnates.com/terms/a/affiliates/" target="_blank" id="dd69a3b8-c999-4378-821f-0d49fbc5743e_1" class="terms__secondary-term">affiliates</a>. Moreover, the company is taking SBF's Emergent Fidelity Technologies <a href="https://www.financemagnates.com/cryptocurrency/blockfi-sues-sam-bankman-fried-over-robinhood-stock-collaterals/">to court</a> for seizing Robinhood shares pledged to the cryptocurrency lending service as collateral.</p><p class="MsoNormal">BlockFi showed in the bankruptcy filing that it has assets between $1-10 billion and liabilities in a similar range. The number of current creditors exceeds 100,000.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Critics have called out the SEC's "regulation by enforcement" tactics, but to some investors, it's a positive sign they're seeing to invest in digital assets.
A new report from Reuters has revealed that regulators from the United States Department of Justice (DOJ) had, in late 2020 requested information from Binance as it concerns its internal communications with respect to its Anti-Money Laundering (AML) systems (Read More)
Coinbase (NASDAQ:COIN) stock has dumped more than 12% in intraday trading on Thursday, the company’s shares currently poised at $82.80. The downside has the stock losing around $11.30 since trading on Wall Street on Thursday.
Thursday’s losses for COIN come after Coinbase posted more than $1 billion in losses for Q2, the loss reflecting a downside of nearly $5 per share. This is also happening amid a broader lull across equities, with both S&P 500 and Nasdaq struggling to hold onto Wednesday’s gains.
COIN price – why is Coinbase stock down?The Coinbase stock is engulfed in a bearish battle, the dip coming after reports emerged the crypto exchange is being investigated by the SEC in relation to the platform’s staking programs.
In July, the SEC announced a probe against Coinbase over allegations of listing unregistered securities. This came days after the agency charged the exchange’s former product manager for insider trading, with the listing of nine alleged security tokens even seeing Binance US delist the Amp (AMP) token.
The latest investigation against Coinbase relates to its staking and yield farming services, the exchange noted in its Q2 report. According to the platform, the SEC had send “investigative subpoenas” asking for details and documents on the programs.
The negative news seems to be weighing COIN down and could see the token flip lower. The main support levels remain recent lows seen in July.
The post Coinbase stock: COIN dumps amid fresh SEC probe appeared first on Invezz.
Pantera Capital Co-Founder Faces Tax Investigation and Milei Fraud Charges: Decoding the Legal Situation Recently, Pantera Capital co-founder, Dan Morehead, found himself embroiled in a tax probe and facing fraud charges in relation to his involvement with Milei, a cryptocurrency project. This turn of events has left the crypto community in a state of shock [...]
The post Pantera Founder Under Tax Probe and Milei Accused of Fraud by Argentine Lawyers: A Legal Overview appeared first on Crypto Breaking News.
Pantera Capital CEO Under Investigation for Tax Compliance in Crypto Space The founder of Pantera Capital, a prominent cryptocurrency investment firm, is currently under scrutiny for potential tax issues related to digital assets. The CEO, Dan Morehead, is facing an investigation by the Internal Revenue Service (IRS) in the United States, particularly focusing on his [...]
The post Pantera Capital Founder Under Investigation for $850M Crypto Profits in Tax Probe: Report appeared first on Crypto Breaking News.
Welcome to Latam Insights, a compendium of the most relevant crypto and economic development news from Latin America during the last week. In this issue: Inflation in Argentina goes over 100%, El Salvador issues its first digital assets licenses, and the crypto-linked corruption probe in Venezuela is still ongoing. Argentina Registers 104.3% Inflation In March
The post Latam Insights – Inflation Skyrockets in Argentina, El Salvador Processes Digital Assets Licenses, Venezuelan Crypto Corruption Probe Continues appeared first on BTC Ethereum Crypto Currency Blog.
The DoJ and SEC have started investigations into the sudden collapse of Silicon Valley Bank and the stock sales made by its financial officers leading up to its closure. The probes are in their early stages and may not result in charges or allegations of wrongdoing. (Read More)
Old noise may be a new name for FUD, as Tether defends itself from a report in The Wall Street Journal about US government investigations.
Coinbase may be required to send certain information related to user accounts to the CFTC in response to a subpoena related to Polymarket.
Founder of Binance, Changpeng Zhao (CZ), sought to downplay the significance of the exits of some executives at the crypto exchange, describing news about them as “more FUD” (fear, uncertainty, and doubt). The managers are leaving during an ongoing regulatory crackdown on the major coin trading platform that has affected its market share. CZ Comments
The post CZ Says News of Exec Departures at Binance Is FUD appeared first on BTC Ethereum Crypto Currency Blog.
Cryptocurrency exchange Binance is facing a U.S. probe over suspected violations of sanctions against Russia, according to a media report. The inquiry is looking into whether the trading platform was used by Russians to circumvent financial restrictions imposed over Moscow’s invasion of Ukraine. Crypto Exchange Binance Faces Another US Probe, Sources Say The U.S. Department
The post Binance Reportedly Investigated in US for Russia Sanctions Violations appeared first on BTC Ethereum Crypto Currency Blog.
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