Category: cryptocurrency

Cryptocurrency

Bitzlato: US arrests Russian crypto boss Anatoly Legkodymov

Posted on By 5amResearch No Comments on Bitzlato: US arrests Russian crypto boss Anatoly Legkodymov

A complaint was unsealed this morning in federal court in Brooklyn charging Anatoly Legkodymov, a Russian national and senior executive of Bitzlato Ltd. (Bitzlato), a Hong Kong-registered cryptocurrency exchange, with conducting a money transmitting business that transported and transmitted illicit funds and that failed to meet U.S. regulatory safeguards, including anti-money laundering requirements. Legkodymov was…

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corruption, cryptocurrency

Crypto Fraud Victims Receive Over $17 Million in Restitution from BitConnect Scheme

Posted on By CorruptionLedger No Comments on Crypto Fraud Victims Receive Over $17 Million in Restitution from BitConnect Scheme

A federal district court in San Diego ordered today that over $17 million in restitution be distributed to approximately 800 victims from over 40 different countries due to their investment losses in BitConnect, a massive cryptocurrency investment scheme, which defrauded thousands of investors worldwide. On Sept. 16, 2021, Glenn Arcaro, 44, the top U.S.-based promoter…

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cryptocurrency

FTX founder Sam Bankman-Fried pleads not guilty to fraud

Posted on By CorruptionLedger No Comments on FTX founder Sam Bankman-Fried pleads not guilty to fraud

FTX founder Sam Bankman-Fried pleaded not guilty in Manhattan federal court Tuesday to charges that he cheated investors and looted customer deposits on his cryptocurrency trading platform as a judge set a tentative trial date for October. Bankman-Fried, 30, denied charges accusing him of illegally diverting massive sums of customer money from FTX to make…

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corruption, cryptocurrency, dimwit crimes

No-nonsense judge takes over FTX-Bankman-Fried criminal case

Posted on By CorruptionLedger No Comments on No-nonsense judge takes over FTX-Bankman-Fried criminal case

A Manhattan federal judge known for swift decisions and a no-nonsense demeanor during three decades of overseeing numerous high-profile cases was assigned Tuesday to Sam Bankman-Fried’s cryptocurrency case. The case was relegated to Judge Lewis A. Kaplan after the judge originally assigned recused herself because her husband worked for a law firm that had done…

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corruption, cryptocurrency

FTX Founder Indicted for Fraud, Money Laundering, and Campaign Finance Offenses

Posted on By CorruptionLedger No Comments on FTX Founder Indicted for Fraud, Money Laundering, and Campaign Finance Offenses

A federal grand jury in Manhattan returned an indictment today charging Samuel Bankman-Fried, aka SBF, 30, of Stanford, California, with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations….

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corporate corruption, cryptocurrency, dimwit crimes, government corruption

Increasing US Enforcement Action for Sanctions Violations by Crypto Exchanges Likely to Have Ripple Effect in UK and Europe

Posted on By CorruptionLedger No Comments on Increasing US Enforcement Action for Sanctions Violations by Crypto Exchanges Likely to Have Ripple Effect in UK and Europe

The investigation and enforcement of potential sanctions violations by crypto exchanges is an area of focus in the US at present.  The US Department of the Treasury’s Office of Foreign Assets Control’s (OFAC) recent settlement with Kraken, a global virtual currency exchange, is the most recent OFAC case demonstrating the risks for virtual currency platforms…

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cryptocurrency, economy

OFAC Announces Settlement with Virtual Currency Exchange Kraken

Posted on By CorruptionLedger No Comments on OFAC Announces Settlement with Virtual Currency Exchange Kraken

On November 28, 2022, the Office of Foreign Assets Control (“OFAC”) announced a settlement agreement with Payward, Inc., known as Kraken (“Kraken”), a United States-based virtual currency exchange. Kraken agreed to pay $362,158.70 to resolve its potential civil liability for 826 apparent violations of the Iranian Transactions and Sanctions Regulations (“Apparent Violations”). The settlement amount…

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cryptocurrency

Ripple’s General Counsel Allegedly Blames SEC For BlockFi Bankruptcy

Posted on By 5amResearch No Comments on Ripple’s General Counsel Allegedly Blames SEC For BlockFi Bankruptcy

Stuart Alderoty, General Counsel for Ripple, stated in a tweet that BlockFi’s problem is another regulation by-enforcement success story of the SEC. The counsel asserted that the $100 million enforcement fine that the SEC charged BlockFi contributed to the firm’s bankruptcy. He also raised questions about the $270 million loan outstanding and some unknown amounts…

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cryptocurrency, economy, regulatory

OFAC And FinCEN Announce Enforcement Actions Against Bittrex

Posted on By 5amResearch No Comments on OFAC And FinCEN Announce Enforcement Actions Against Bittrex

Please note that Bittrex is a crypto exchange / trading platform. Crypto exchanges are like merchants that sell and trade cryptocurrencies, while cryptocurrencies (like Monero, Bitcoin, ZCash, etc.) are the ‘products’ sold by the merchants. The failure of a merchant does not entail that there is a failure in the product. Cryptocurrency experts recommend that…

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cryptocurrency, monero (XMR)

Illicit Financing Risks in the Digital Assets Space: Department of the Treasury Releases Three Reports on Digital Assets and Invites Comment

Posted on By CorruptionLedger No Comments on Illicit Financing Risks in the Digital Assets Space: Department of the Treasury Releases Three Reports on Digital Assets and Invites Comment

On September 16, 2022, the U.S. Department of the Treasury (“Treasury”) published three reports in response to a March 2022 Executive Order concerning the development of digital assets.  The reports address the future of money and payments; implications for consumers, investors, and businesses; and the illicit financing risks of digital assets.  Secretary Yellen described the…

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cryptocurrency