Ilya Lichtenstein has recently taken the stand as a government witness in the United States’ legal battle against the crypto mixer service, Bitcoin Fog. This event marks a crucial point in the ongoing efforts by regulators in the US and the European Union to address illicit activities within the crypto space. Lichtenstein’s testimony sheds light on his use of Bitcoin Fog to hide the origins of funds he illicitly obtained from the Bitfinex exchange. Describing Bitcoin Fog as a tool that was popular on the darknet but ultimately fell short of his requirements for laundering activities, Lichtenstein highlighted the service’s…
Author: Rea K.
Sam Bankman-Fried, the founder of FTX, faces a potential life-changing verdict. With a sentencing date set for March 28, there’s widespread speculation about whether Bankman-Fried will confront a future confined within prison walls for up to a century. This legal battle has not only captivated the crypto community but has also stirred debates far beyond it. The controversy took a more heated turn when Marc Mukasey, Bankman-Fried’s attorney, criticized the probation office’s suggestion of a 110-year sentence as excessively severe and unjust. Mukasey argues that the punishment is vastly out of proportion with the crimes attributed to Bankman-Fried, which he…
The Ethereum Name Service has successfully concluded an 18-month legal dispute with Manifold Finance regarding the eth.link domain. The resolution came after the ENS’s decentralized autonomous organization members cast their votes, with a compelling 88% majority supporting a $300,000 settlement agreement. This decision allows ENS Labs to retain the rights to the crucial domain while ending the lawsuit against Manifold Finance. Key Details of the Settlement The settlement, finalized on February 26, not only resolves the dispute but also includes a substantial payment to Manifold Finance by ENS Labs. Furthermore, an impressive 84% of voting participants agreed to a $750,000…
HTX, previously known as Huobi Global, briefly withdrew its license application in Hong Kong. This decision unfolded shortly after the submission to the Securities and Futures Commission (SFC) by HBGL Hong Kong Limited, a subsidiary of HTX, on February 23. The twist in the tale came when the company resubmitted its application a few days later, as per the SFC’s records. Mainland China’s outright ban on such activities starkly contrasts with Hong Kong’s more open approach. Since June of the previous year, Hong Kong has been welcoming applications for digital asset exchange licenses, setting a regulatory framework distinct from China’s…
Five U.S. senators have launched a legislative effort to stop the Federal Reserve from issuing a CBDC. The proposed bill, known as the Central Bank Digital Currency Anti-Surveillance State Act, was introduced on February 26 by Senators Ted Cruz from Texas, Bill Hagerty from Tennessee, Rick Scott from Florida, Ted Budd from North Carolina, and Mike Braun from Indiana. Their collective action signals a formidable challenge to the Federal Reserve’s authority in this domain. The senators have voiced apprehension that the Biden administration’s interest in a CBDC might pave the way for government overreach, particularly in terms of monitoring American…
The Federal Reserve Bank of Atlanta has made headlines with its forward-looking approach towards the incorporation of cryptocurrency and other fintech innovations within the banking industry. Spearheaded by Michael S. Gibson, the Director of Supervision and Regulation, the institution is actively engaging in the discourse on CBDCs and the broader spectrum of digital currencies. The Atlanta Fed’s announcement on February 26 sheds light on the dynamic interplay between consumer demand for cutting-edge banking services and the regulatory imperatives that govern the sector. It’s clear that the bank recognizes the transformative potential of blockchain technology and cryptocurrencies in meeting the evolving…
Terraform Labs co-founder Do Kwon finds himself entangled in extradition delays from Montenegro, raising doubts about his timely presence at the upcoming fraud trial by the Securities and Exchange Commission postponed for next month. Initially set for January, Kwon had managed to push the trial to March in hopes of resolving extradition challenges to ensure his in-person attendance. Contrary to expectations, Kwon has now taken a firm stance, through his legal representative David Patton, against seeking further delays to the trial date, regardless of the extradition’s status, setting a determined course for the March 25 trial. The situation unfolds against…
The individual responsible for the security breach at KyberSwap, a decentralized exchange, initiated significant digital asset transfers. Blockchain analytics firm PeckShield detected the movements, revealing that on February 26, the perpetrator shifted a substantial quantity of assets between blockchains. The transactions included the transfer of 798.8 Ether, valued at approximately $2.5 million, from Arbitrum to the Ethereum network. Additionally, the attacker moved nearly $1 million in stablecoins, specifically $826,500 in Dai stablecoin, to a different wallet. This incident is part of the aftermath of one of 2023’s most notable hacks. On November 23, KyberSwap announced experiencing a “security incident” and…
Circle has announced a partnership with Overdare. This collaboration marks an important step towards integrating advanced financial tools into the world of digital creation and game development. Overdare, a metaverse initiative supported by gaming giant Krafton and Naver Z, is at the forefront of mobile user-generated content, pushing the boundaries of digital interaction and creation. Revolutionizing Content Monetization This strategic alliance aims to revolutionize how game content creators monetize their work. By leveraging Circle’s innovative programmable wallets, creators on the Overdare platform can now receive payments in USDC, a stable digital dollar. This integration not only facilitates seamless transactions but…
Blockchain expert ZachXBT recently brought to light concerning transactions involving the BitForex cryptocurrency exchange that have stirred the crypto community. On February 26, ZachXBT uncovered and reported unusual activities on BitForex, suggesting the possibility of an exit scam. This revelation follows an unexpected withdrawal of crypto assets valued at approximately $56.5 million from the exchange’s hot wallets on February 23. ZachXBT’s investigation highlighted that subsequent to this substantial withdrawal, BitForex halted all withdrawal services, leaving many in the dark due to the absence of an official response from the exchange. The situation grows more intriguing considering the exchange’s leadership transition…