Regulation Financial News

31.12 / 14:07

business regulation Court Fried Sam NOT Sam Bankman-Fried to reportedly plead not guilty to criminal charges

Former FTX CEO Sam Bankman-Fried (SBF), currently free on a $250 million bail bond, will reportedly plead not guilty to the alleged FTX and Alameda-related financial frauds in court on Jan. 3.

31.12 / 07:11

Blockchain Provident regulation reserves NOT Proof of reserves is becoming more effective, but not all its challenges are technical

Proof of reserves (PoR) has gone from a buzzword to a roar in recent weeks as the crypto world tries to recover from the shock and losses of the current crypto winter. After a flurry of discussion and work, criteria and rankings for adequate PoR are beginning to appear, but the fine points of how to conduct proof of reserves, or even who should do it, remain open questions.

30.12 / 08:21

business regulation white house SBF met with Biden's senior advisors 2 months before FTX collapse: Report

Former FTX CEO Sam Bankman-Fried met with government officials at the White House on at least four separate occasions in 2022, and reportedly a meeting just two months before the fall of his crypto empire.

30.12 / 00:59

CFTC regulation SEC Fraud NOT False alarm: DOJ did not classify MNGO as a commodity

Avraham Eisenberg was arrested in Puerto Rico on Dec. 26 on commodities fraud and manipulation charges relating to the $110 million exploit of the decentralized Mango Markets exchange. Eisenberg had self-identified as the actor behind what he called a “highly profitable trading strategy” and insisted that he had taken “legal open market actions, using the protocol as designed.”

30.12 / 00:35

Blockchain Law regulation Court Lawyer Deal Fried Sam Prosecutors unlikely to offer Sam Bankman-Fried a favorable plea deal, says lawyer

Former FTX CEO Sam Bankman-Fried (SBF) may not be able to offset the two counts of wire fraud and six counts of conspiracy he faces with the credits to be received for entering a guilty plea instead of going to trial.

29.12 / 23:37

Stablecoin regulation regulatory Bank of India report calls for regulatory coordination on crypto market challenges

The Reserve Bank of India (RBI) has appealed to the country’s presidency of the G20 group of the world’s largest economies as a pulpit to call for the development of a global regulatory framework for crypto assets. In its latest financial stability report, released Dec. 29, the bank again expressed its concerns about the burgeoning crypto ecosystem and suggested parts of it could be banned.

29.12 / 19:11

business regulation FTX Broker Robinhood shares claimed by BlockFi and FTX may move to a neutral broker

The highly disputed Robinhood shares claimed by both BlockFi and FTX might be transferred to a neutral broker or an escrow account while the courts determine the rightful owner.

29.12 / 13:03

Government regulation Bitcoin Fiji elects pro-Bitcoin prime minister Sitiveni Rabuka

A newly elected pro-Bitcoin Prime Minister has taken office in the Pacific Islands of Fiji. The new leader, Sitiveni Rabuka, took the Fijian office on Dec. 24.

29.12 / 12:35

Blockchain hacks regulation FTX Mixers Crypto mixers Alameda wallets funnel over $1.7M via crypto mixers overnight

30 cryptocurrency wallets linked to Alameda Research, the bankrupt sister company of crypto exchange FTX, became active on Dec. 28 following four weeks of inactivity. These wallets swapped and mixed over $1.7 million worth of crypto assets through various crypto-mixing services.

29.12 / 05:45

regulation Scams Fraud Crypto Websites California regulator warns of 17 crypto websites suspected of fraud

The California Department of Financial Protection and Innovation (DFPI) has fired off 17 separate warnings over two days of crypto brokers and websites it suspects of being fraudulent.

28.12 / 16:55

regulation Court Bitcoin Crypto investors sue Winklevoss twins over interest accounts on Gemini

Tyler and Cameron Winklevoss, founders of Gemini cryptocurrency exchange, are reportedly facing a new lawsuit from investors over interest-earning program Gemini Earn.

28.12 / 12:39

business regulation FTX Court Customers FTX customers file class-action lawsuit to get priority reparations

While the government agencies are queuing to sue the FTX and its founder Sam Bankman-Fried, the group of former customers made an effort to get their money back first. A class lawsuit initiated by four individuals demands priority access to frozen funds of the company for its customers, not investors.

28.12 / 12:39

Blockchain hacks regulation FTX bail play Alameda wallets become active days after SBF bail, community mulls foul play

The crypto wallets associated with now-bankrupt trading firm Alameda Research, the sister company of FTX, were seen transferring out funds just days after the former CEO Sam Bankman Fried was released on a $250 million bond.

28.12 / 10:11

Adoption regulation Central Bank boost China’s CBDC wallet resorts to ages-old tradition to boost adoption

China’s wallet app for its digital yuan central bank digital currency (CBDC) introduced a feature for users to send money in an electronic version of traditional “red packets” to try to attract new users.

28.12 / 08:55

regulation Scams Ponzi scheme Executives from $1.5B South Korean crypto exchange fraud jailed

Six executives from the $1.5 billion (2 trillion won) South Korean crypto exchange fraud V Global have received prison sentences up to eight years — but three were not detained so they could fight certain charges in court.

27.12 / 22:35

business Blockchain regulation Department Exploit U.S. Department of Justice probing $372M FTX exploit - Report

According to a Bloomberg report published on Dec. 27, the U.S. Department of Justice has launched an investigation into the whereabouts of approximately $372 million in missing digital assets from now-defunct cryptocurrency exchange FTX and FTX US. On Nov. 12, amidst bankruptcy and internal collapse, FTX warned customers of abnormal wallet activity regarding at least 228,523 Ether (ETH) transferred out of the exchange from an unknown perpetrator.

27.12 / 22:03

Hackers regulation North Korean hackers are pretending to be crypto VCs in new phishing scheme: Kaspersky

BlueNoroff, part of the North Korean state-sponsored Lazarus Group, has renewed its targeting of venture capital firms, crypto startups and banks. Cybersecurity lab Kaspersky reported that the group has shown a spike in activity after a lull for most of the year and it is testing new delivery methods for its malware.

27.12 / 14:33

business regulation SEC Central Bank Philippine SEC warns against unlicensed crypto exchanges amid FTX collapse

After the height of the FTX collapse, the Philippine government warned investors within the country about using unlicensed crypto exchanges.

26.12 / 23:21

regulation Taxes bail SBF stays at parents’ house on a $250 million bail: Law Decoded, Dec. 19-26

Former FTX CEO Sam Bankman-Fried landed in the United States on Dec. 21. And, at least till the end of his court cases, he will live with his parents in Palo Alto, California. A bail was granted to SBF on the conditions of a $250 million bond, home detention, location monitoring and the surrender of his passport. His parents secured his bail with the equity in their house. Some Twitter users found this development either amusing or suspicious.

26.12 / 15:53

Adoption regulation Bank of England Sky News FTX collapse calls for 'prudent regulation' in the UK

The collapse of FTX is being viewed as a cautionary tale and a precursor for more prudent regulation by public and private sector players in the United Kingdom.

26.12 / 01:35

business Binance regulation French investors sued Binance for over 2.4 million euros in losses

Binance France and its parent company Binance Holdings Limited are being sued by 15 investors in France over alleged misleading commercial practices and fraudulent concealment, according to local media reports.

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