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The other crypto bosses in US authorities' crosshairs

Economic Times

Economic Times · 1y ago

The other crypto bosses in US authorities' crosshairs

Several crypto industry moguls who are currently under investigation by US authorities. Sam Bankman-Fried, the founder of FTX crypto exchange, was recently found guilty of defrauding customers. Binance and its CEO, Changpeng Zhao, are facing lawsuits by the SEC and the CFTC for alleged deception and operating an illegal exchange. Do Kwon, co-founder of Terraform Labs, is charged with fraud and was arrested for forging documents. Celsius Network's founder, Alex Mashinsky, has pleaded not guilty to fraud charges. Barry Silbert of Digital Currency Group and Stephen Ehrlich of Voyager Digital are also facing legal action. Finally, Chinese entrepreneur Justin Sun and his companies, including Tron Foundation, were charged with fraud by the SEC.

Related News

The work from home free-for-all is coming to an end

Livemint

Livemint · 11m ago

The work from home free-for-all is coming to an end

Amazon's plan to reinstate full-time, in-person work has sparked discussions about the future of remote work in other companies. Many bosses fear that requiring employees to return to the office could lead to top performers seeking more flexible work arrangements elsewhere. However, with a tougher labor market, the balance of power may be shifting from workers to bosses. A KPMG survey suggests that nearly 80% of US CEOs expect employees to be in offices full time within the next three years. The response from employees and the success of Amazon's policy will be closely monitored by other companies.

ED seizes cryptocurrency worth Rs 1,646 Cr in mega money laundering probe

YourStory

YourStory · 6m ago

ED seizes cryptocurrency worth Rs 1,646 Cr in mega money laundering probe

The Enforcement Directorate (ED) conducted its largest cryptocurrency seizure, worth Rs 1,646 crore, in a money laundering probe involving a fraudulent investment scheme called the BitConnect lending program. The investigation revealed deceptive practices promising high returns to investors while funds were allegedly misappropriated. Authorities utilized technological expertise to track and seize assets from numerous crypto wallets and digital devices. The main accused is also under investigation by US federal authorities, and the case continues.

Pocket FM in Legal Crosshairs as US Contractors Sue Startup

StartupTalky

StartupTalky · 3m ago

Pocket FM in Legal Crosshairs as US Contractors Sue Startup

Pocket FM is facing a legal battle as former US contractors accuse the company of toxic work culture, misclassification, and unfair termination. Complaints include lack of rest breaks, inadequate wages, and retaliatory dismissals. The Bengaluru-based audio platform, reliant on US revenue, acknowledges using short-term contracts but denies wrongdoing. Allegations have tarnished its reputation among creative professionals, potentially impacting future growth despite significant revenue increases from successful US expansion and microtransactions in audio series.

Central bank test lab develops global bitcoin mapping system

Economic Times

Economic Times · 1y ago

Central bank test lab develops global bitcoin mapping system

The Bank for International Settlements (BIS) has developed a prototype bitcoin monitoring system, named Atlas, to provide authorities with a clearer understanding of how, when, and where cryptocurrencies are used. The system collects data from both publicly available on-chain crypto ledgers and harder-to-source off-chain data, creating a rough picture of cryptocurrency activity. The BIS's prototype produces dashboards showing information such as the conversion of bitcoin into US dollars in different regions, offering insights into crypto market adoption and cross-border flows. The dashboards will now be tested by central banks for further development.

Germany slams Donald Trump tariffs, US tech titans in crosshairs

Economic Times

Economic Times · 4m ago

Germany slams Donald Trump tariffs, US tech titans in crosshairs

German Chancellor Olaf Scholz criticized new US tariffs as "fundamentally wrong," warning that the European Union might retaliate by targeting American tech giants. The tariffs, unveiled by President Trump, could harm global trade and economies. Economy Minister Robert Habeck mentioned potential EU tax measures against US tech firms. As Germany faces significant impact due to its major exports, business groups decried the tariffs as a threat to international trade and economic stability.

Binance hiring 1,000 as compliance spending tops $200 million

Economic Times

Economic Times · 1y ago

Binance hiring 1,000 as compliance spending tops $200 million

Binance Holdings is looking to hire 1,000 employees this year, with a focus on compliance roles. The crypto exchange is spending over $200 million annually to meet regulatory requirements, including oversight by US authorities following a plea deal. Binance CEO Richard Teng emphasized the importance of government agencies and declined to comment on meetings with the Securities and Exchange Commission (SEC) during his US visit. Binance plans to have a 700-strong compliance workforce by the end of 2024, up from 500 currently. The company has faced increased requests from law enforcement agencies and is under monitoring by US agencies.

Asia emerges as a promising haven amid the crypto winter

Startup News FYI

Startup News FYI · 1y ago

Asia emerges as a promising haven amid the crypto winter

The Asian crypto industry is thriving despite a crypto "winter" in the US. The recent Token2049 crypto conference in Singapore saw a record turnout, highlighting the growing enthusiasm and adoption of cryptocurrencies in Asia. With the US government cracking down on crypto companies, many projects are shifting their focus to Asia. The region's favorable policies, such as Hong Kong legalizing retail crypto trading and Singapore clarifying stablecoin regulations, have attracted web3 startups and investors. Asian markets offer growth opportunities and a more stable regulatory environment for crypto ventures.

European regulators scrutinize Worldcoin Crypto project

Startup News FYI

Startup News FYI · 2y ago

European regulators scrutinize Worldcoin Crypto project

European regulators are investigating WorldCoin, a crypto project, due to concerns over its use of eye-scan verification. The startup aims to replace traditional payment methods with cryptocurrency. The authorities are examining potential privacy and security risks associated with the biometric verification system.

A DOJ Settlement Would Show Binance Is Too Big to Fail

Wired · 1y ago

A DOJ Settlement Would Show Binance Is Too Big to Fail

According to a report from Bloomberg, the US Department of Justice (DOJ) is reportedly in negotiations with Binance, the world's largest crypto exchange, for a potential settlement. The DOJ has been investigating Binance for suspected money laundering and other violations for the past five years. The settlement, if reached, could involve a deferred prosecution agreement and a $4 billion financial penalty. This move by the DOJ reflects a potential concern for the impact a conviction could have on Binance's users and the broader crypto industry.

Big battles loom in SEC’s war on crypto

Livemint

Livemint · 1y ago

Big battles loom in SEC’s war on crypto

The Securities and Exchange Commission (SEC) is engaged in several major court battles that will shape the regulation of cryptocurrencies. Coinbase, the largest US crypto exchange, is set to ask for the dismissal of the SEC's lawsuit in January 2024. Other key players in the industry, such as Binance and Kraken, are also facing legal challenges. SEC Chair Gary Gensler contends that most crypto products are securities and fall under the agency's regulation. The outcome of these cases is expected to have a significant impact on the future regulation of cryptocurrencies.

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