Key Insights: Jian Wen, once a fast-food worker, was sentenced for laundering Bitcoin worth millions as part of a larger $5.6 billion fraud. The court highlighted Wen’s rapid lifestyle shift from a Chinese takeaway basement to a luxurious suburban mansion. Wen’s trial unveiled a network of intermediaries across London and Dubai who facilitated the laundering … Read more
Key Insights: Finiko Executive Liliya Nurieva was sentenced to three years for her involvement in the Finiko crypto scam. Finiko defrauded investors out of approximately $1.1 billion using a Ponzi scheme. Nurieva is the first Finiko executive to be sentenced, marking a significant legal development. A Russian court recently sentenced Liliya Nurieva, a former executive … Read more
Key Insights: Genesis Global will return $3 billion in cryptocurrency and cash to customers following court approval. In the repayment plan, creditors, including federal and state regulators, will have priority over Genesis’ parent company, DCG. Genesis estimates creditors could recover up to 77% of their claims, with repayments primarily in Bitcoin and other cryptocurrencies. Genesis … Read more
Key Insights Canadian regulators fined Binance $4.3 million for not registering as a foreign money services business and neglecting transaction reporting. FINTRAC discovered that Binance failed to report 5,902 cryptocurrency transactions exceeding $10,000 from June 2021 to July 2023 using blockchain tools. The fine aligns with Canada’s ongoing efforts to regulate crypto exchanges amid similar … Read more
Key Insights: Terraform Labs proposes a $1 million penalty, countering the SEC’s initial $5.3 billion fine demand. Terraform argues that the funds in question are held by Luna Foundation Guard and are not subject to SEC claims. Ripple also counters SEC with a significantly lower fine suggestion, proposing $10 million against $2 billion. In a … Read more
Key Insights: Russia’s cryptocurrency ban targets all forms, allowing only locally issued digital assets starting in September. The Russian government aims to protect the ruble’s role as the sole currency through restrictive cryptocurrency regulations. Digital rubles and specific central bank projects will be exempt from Russia’s comprehensive cryptocurrency ban. Russia is set to introduce a … Read more
Key Insights: Consensys asserts that Ethereum should remain unregulated by the SEC, claiming it functions more like a commodity. The SEC’s aggressive stance towards Ethereum could halt its use in the U.S., impacting numerous sectors. Consensys initiated legal action to prevent SEC from classifying Ethereum-related applications as securities. Today, Consensys took a significant step to … Read more
Key Insights: Changpeng Zhao’s legal team argues for probation, citing his first-time, non-violent offense status and extensive community backing. U.S. prosecutors advocate for a 36-month sentence for Zhao over anti-money laundering law violations. Numerous industry figures and family members have submitted letters supporting Zhao’s plea for probation. Binance founder Changpeng “CZ” Zhao’s attorneys have requested … Read more
Key Insights: William Morro was implicated in transferring $35 million related to the OneCoin scheme to Hong Kong. U.S. prosecutors have accused Morro of conspiracy to commit bank fraud, facing up to 30 years in prison. Morro voluntarily surrendered and pleaded guilty, with his sentencing scheduled for August 1. U.S. prosecutors have charged William Morro … Read more
Key Insights: Do Kwon accuses Montenegrin courts of bizarre interpretations in his extradition case. Legal battles continue as Montenegrin courts decide to extradite Terraform Labs’ co-founder. U.S. and South Korea both seek Do Kwon’s extradition over Terra’s 2022 collapse. In Montenegro, Terraform Labs co-founder Do Kwon’s legal troubles show no signs of abating. Recently, his … Read more
Key Insights: Ripple Labs proposes a $10 million penalty, rejecting the SEC’s demand for over $876 million in various fines. Ripple asserts changes in business practices and compliance with licensing to mitigate future legal risks. The SEC’s request for substantial disgorgement and penalties faces opposition from Ripple, citing a lack of recklessness or fraud. In … Read more
Key Insights: Sam Bankman-Fried agrees to aid legal actions against FTX endorsers, contributing valuable information and documents. Celebrities like Tom Brady and Shaquille O’Neal face lawsuits for promoting FTX as part of an alleged Ponzi scheme. FTX investors may recover more from settlements with promoters, which are estimated to be worth around $1.3 million. Sam … Read more