Jabara Igbara, commonly known as “Jay Mazini,” who boasted of being a crypto millionaire on Instagram, has been sentenced to seven years in prison by U.S. District Judge Frederic Block. The sentence on wire fraud and money laundering charges also mandates Igbara to forfeit $10 million. Jay Mazini Labelled a “Crypto Con Man” According to...Read More
United States prosecutors have filed charges against a Nebraska man accused of a cryptojacking scheme that allegedly defrauded two cloud providers – one headquartered in Seattle and the other in Redmond, Washington – of $3.5 million. Prosecutors allege that the cryptojacking scheme yielded cryptocurrency mining valued at almost $1 million. Cryptojacker Charged in $3.5 Million...Read More
A federal jury has convicted crypto trader Avraham Eisenberg of fraud and market manipulation. The charges stemmed from Eisenberg’s exploitation of Mango Markets, a decentralized finance (DeFi) protocol built on the Solana blockchain. Eisenberg Convicted for Market Manipulation Eisenberg, 28, was found guilty by jurors in a federal court in Manhattan on charges of commodities...Read More
Binance executive Nadeem Anjarwalla is facing extradition from Kenya following his escape from custody in Nigeria. He was spotted after a manhunt was launched from Nigeria that led the authorities to Kenya, where his whereabouts were discovered. Binance Executive Set to Be Extradited According to a local report, the Nigerian government is working on extraditing...Read More
Crypto exchange KuCoin has seen its market share of daily trading volume decline by half in recent weeks, according to Kaiko, a blockchain research and analytics firm. The decrease comes days after the U.S. Department of Justice (DOJ) and Commodity Futures Trading Commission (CFTC) charged the company. KuCoin Daily Trading Volume Plunges Following the announcement...Read More
Tigran Gambaryan, a top executive at Binance, has taken legal action against the Office of the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) in Nigeria. According to a Reuters report, Gambaryan, an American citizen, has filed a Fundamental Rights suit alleging wrongful detention by Nigerian authorities. Unjust Detention and Court...Read More
On Monday, U.S. District Judge Robert Shelby levied sanctions against the Securities and Exchange Commission (SEC) in response to accusations of serious misconduct in the legal action against Utah-based cryptocurrency firm DEBT Box. The decision comes after the judge determined that the SEC had committed a “gross abuse of power” in its handling of the...Read More
In a recent development in the continuing legal situation involving Changpeng Zhao, the ex-CEO of Binance, the United States has instructed him to surrender all his active or expired passports to a designated third party. This directive was revealed in a legal filing submitted on March 12, changing Zhao’s bond conditions for release. Travel Restrictions...Read More
The SEC’s lawsuit against Binance has been ongoing since June when the regulator served a lawsuit to Coinbase as well. The proceedings have had their ups and downs. Since then, the main Binance exchange has settled with the SEC when Binance Holdings Ltd was asked to pay fines adding up to $4.3 billion, and former...Read More
According to Fortune, Binance.US is facing significant challenges, including forced layoffs and a decline in revenue, following legal actions initiated by the U.S. Securities and Exchange Commission (SEC). In newly released court documents, Binance.US Chief Operating Officer Christopher Blodgett disclosed that the company has been compelled to terminate over 200 employees, amounting to two-thirds of...Read More
At the beginning of last spring, the Wall Street Journal published an investigative article on Tether, Bitfinex, and related companies. The majority stake of both Tether and the Bitfinex exchange is owned by iFinex, a corporation established in the Virgin Islands. Controversial Article At the time, the Wall Street Journal claimed that the two companies,...Read More
In a recent filing, the U.S. Securities and Exchange Commission (SEC) has urged the Delaware bankruptcy court to reject Terraform Labs’ proposal to retain Dentons U.S. LLC as its special counsel. The SEC has raised concerns about the amount paid to Dentons, describing it as “suspicious.” SEC Raises Concerns Over TFL’s $166M Transfer The SEC...Read More
Tyr Capital Partners, a crypto hedge fund based in Switzerland, is facing accusations of mismanagement from an investor, according to a Financial Times report. Swiss prosecutors have initiated a search of the firm following allegations that started in August 2023 that Tyr Capital disregarded early warnings regarding the collapse of the FTX exchange. Tyr Capital...Read More
A federal police officer is currently undergoing legal proceedings in the Melbourne Magistrates’ Court, facing allegations of pocketing confiscated cryptocurrency from an online drug trafficking syndicate. The committal hearing, presided over by Magistrate Malcolm Thomas, is ongoing, with the defendant’s lawyer saying the case was “circumstantial” and they would dispute the accusations. Drug Trafficking Raid...Read More
The verdict in Changpeng Zhao’s court battle with the United States government will be delayed, according to a notice filed in a Seattle court. CZ, who pleaded guilty to violations of AML procedures, was allowed to remain out of custody until his sentencing in exchange for a bail bond of $175 million. A further $15...Read More
After entertaining the possibility of restarting FTX following the bankruptcy process for a long time, lawyers for the defunct exchange have announced that that plan is now scrapped, and the company will simply dissolve once all debts are paid off. Andrew Dietrich, one of the lawyers representing FTX in the court case, stated that although...Read More
To crack down on fraudulent activities and safeguard consumer interests, the Federal Communications Commission (FCC) has officially prohibited using artificial intelligence-generated voices in unwarranted robocalls across the United States. This move follows an incident where New Hampshire residents received fabricated voice messages mimicking U.S. President Joe Biden, advising against participation in the state’s primary election....Read More
A former developer at Terraform Labs, known only as “Lee,” reportedly took the stand on Monday at the 14th Criminal Division of the Seoul Southern District Court, testifying against the company’s co-founders, Kwon Do-hyeong and Shin Hyun-seung. The witness, formerly a leader within the Terra development team, provided crucial testimony against Terra founder Do Kwon...Read More
Last year, the European Union unanimously voted for the Markets in Crypto Assets (MiCA) bill, considered by most to be the first comprehensive piece of legislation addressing the crypto industry as a whole. MiCA is, in itself, part of a larger set of financial laws known as DORA – but it has also given many...Read More
Crypto lender Genesis Global has settled with the U.S. Securities and Exchange Commission (SEC) in a lawsuit related to its bankrupt Gemini Earn lending program. As part of the deal, Genesis has agreed to pay a $21 million civil penalty, contingent upon the full repayment of customers during its ongoing bankruptcy proceedings. Genesis Agrees to...Read More
In a court case that happened recently – and whose transcripts were made available today – the identities of those behind the $400 million FTX exploit that took place shortly after the bankruptcy was declared were uncovered. However, FTX was not the sole victim of the hacks. According to the court documents, a total of...Read More
Ben Armstrong, widely known as “Bitboy,” has announced the discontinuation of his daily crypto show, bringing an end to a three-year run that garnered a significant following. The decision comes amid financial challenges and legal battles that have been plaguing the influential crypto personality. Financial Strain and Mounting Legal Bills Armstrong revealed the news through...Read More
DEBT Box, a company that primarily provides users of its services with crypto mining software, was taken to court last year by the SEC. According to the regulator, DEBT Box had defrauded investors to the tune of $50 million by selling unregistered securities. The company, which provides an ecosystem to go along with its software,...Read More
According to Manhattan federal prosecutors, Mark Scott, a former partner at the U.S. law firm Locke Lord, has been sentenced to 10 years in prison for his involvement in a $400 million fraudulent cryptocurrency scheme. The sentencing took place on Thursday, and Scott was found guilty of conspiracy to commit money laundering and conspiracy to...Read More
Changpeng Zhao, the founder of the crypto exchange Binance, encountered a setback last month when a federal judge denied his request to travel to the United Arab Emirates. CZ proposed using his substantial $4.5 billion stake in Binance as collateral, based on the company’s valuation from its last fundraising round two years ago. However, the...Read More
During the pandemic, a new mandate requiring Canadian truckers that carried out trips across the border into the United States to receive the COVID-19 vaccine was wildly unpopular, resulting in what was known as the “Freedom Convoy” protest. Following a decision to protest the measure, truckers blocked the streets of Ottawa with their trucks and...Read More
A legal fund supporting the defense of Tornado Cash developers Roman Storm and Alexey Pertsev has amassed over $350,000 in contributions and gained public backing from Edward Snowden, the former NSA whistleblower. Tornado Cash has been linked to North Korean hackers and the $600 million Ronin Network attack money laundering. Tornado Cash Legal Defense DAO...Read More
The EU Parliament and Council recently reached a provisional agreement on a list of anti-money laundering and anti-terrorist financing laws. Although further deliberation on other proposed measures is yet to be had, the new measures will help streamline the efforts of the national financial agencies of EU countries in this area. Although cryptocurrencies are not...Read More
Joseph Bankman and Barbara Fried were always close to their son. A certain amount of interest in the well-being of their son and that of his business dealings is to be expected. However, the FTX estate, now led by bankruptcy specialist CEO John J Ray III, argues that SBF’s parents – particularly his father –...Read More
The U.S. Securities and Exchange Commission (SEC) has expressed a lack of opposition to postponing the Terraform co-founder Do Kwon’s crypto fraud trial and, instead, is open to waiting until he is extradited. Two court filings were submitted by federal prosecutors, outlining the case against Kwon and Terraform Labs concerning the $40 billion collapse of...Read More
