Category: Economy

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….

more “FTX Founder Indicted for Fraud, Money Laundering, and Campaign Finance Offenses” »

All Regions, corporate corruption, Corruption, cryptocurrency, dimwit crimes, government corruption, Region US & Canada

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…

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

All Regions, cryptocurrency, Economy, Region Asias, Region Europe

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…

more “OFAC Announces Settlement with Virtual Currency Exchange Kraken” »

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…

more “Ripple’s General Counsel Allegedly Blames SEC For BlockFi Bankruptcy” »

banks, cryptocurrency, Economy

OFAC And FinCEN Announce Enforcement Actions Against Bittrex

Posted on By 4am Research 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…

more “OFAC And FinCEN Announce Enforcement Actions Against Bittrex” »

_enforcement, banks, cryptocurrency, Enforcement Actions, monero (XMR)

FTC shuts down companies that falsely promised to eliminate credit card debt. List of defendants and allegations.

Posted on By CorruptionLedger No Comments on FTC shuts down companies that falsely promised to eliminate credit card debt. List of defendants and allegations.

The FTC has temporarily shut down a credit card debt relief scheme operated by Sean Austin, John Steven Huffman, and John Preston Thompson and their affiliated companies that allegedly took millions from people by falsely promising to eliminate or substantially reduce their credit card debt: ACRO SERVICES LLC, a limited liability company, also d/b/a Capital…

more “FTC shuts down companies that falsely promised to eliminate credit card debt. List of defendants and allegations.” »

banks, Economy, Region US & Canada

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…

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

banks, cryptocurrency

OFAC Sanctions Virtual Currency Mixer “Tornado Cash”

Posted on By CorruptionLedger No Comments on OFAC Sanctions Virtual Currency Mixer “Tornado Cash”

On August 8, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) sanctioned virtual currency mixer Tornado Cash for having laundered more than USD 7 billion worth of virtual currency since its founding in 2019.  This includes over USD 455 million worth of stolen virtual currency associated with the Lazarus Group,…

more “OFAC Sanctions Virtual Currency Mixer “Tornado Cash”” »

cryptocurrency, Region US & Canada

Central African Republic: Said trial opens at International Criminal Court

Posted on By 5amResearch No Comments on Central African Republic: Said trial opens at International Criminal Court

Mahamat Said Abdel Kani – a top-ranking leader of the mostly-Muslim Séléka militia – pleaded not guilty to all charges, which relate to atrocities carried out in 2013, in the Central African Republic capital, Bangui. Much of the violence stemmed for clashes between Séléka and the mostly-Christian Anti-balaka faction. Occupation Before the crimes were committed,…

more “Central African Republic: Said trial opens at International Criminal Court” »

Corruption, Economy, government corruption, sexual

Politician accuses FDIC of coercing banks into denying services to lawful crypto companies

Posted on By 5amResearch No Comments on Politician accuses FDIC of coercing banks into denying services to lawful crypto companies

In a letter dated August 16, 2022, U.S. Sen. Pat Toomey addressed FDIC acting chairman Martin Gruenberg to inquire about some recent FDIC actions that came to light by way of whistleblower reporting. Toomey said that the affected parties came forward to reveal that their banks received letters from the FDIC discouraging the bank from…

more “Politician accuses FDIC of coercing banks into denying services to lawful crypto companies” »

banks, corporate corruption, cryptocurrency, government corruption