Anatoly Yakovenko, co-founder of Solana, a prominent blockchain platform, is urging the United States government not to let the pursuit of perfection hinder innovation in the rapidly evolving world of cryptocurrencies. In a recent interview, Yakovenko emphasized that waiting for flawless regulations could stifle the industry’s growth and harm American technological leadership. Imperfections in Legislation Yakovenko recognizes that no legislation can ever be perfect, and he believes that the cryptocurrency industry and the U.S. government should avoid making perfection the enemy of progress. He acknowledges that while the proposed bills related to cryptocurrency regulation may have shortcomings, they should not…
Author: Rea K.
In a significant development surrounding the infamous OneCoin cryptocurrency scandal, Mark Scott, the lawyer at the heart of the controversy, has been denied his appeal for a new trial. This decision comes despite allegations of perjury by a key prosecution witness. Let’s delve into the details of this high-profile case. Mark Scott found himself in the spotlight in 2019 when he was found guilty of money laundering and bank fraud conspiracy in connection with the OneCoin scandal. OneCoin, co-founded by Ruja Ignatova and Karl Sebastian Greenwood, operated as a multilevel marketing network, defrauding over 3.5 million people globally, generating billions…
The FTX debtors have initiated legal proceedings against the parents of Sam Bankman-Fried (SBF), the disgraced founder of FTX. The aim is to recover substantial sums of money that were allegedly fraudulently transferred and misappropriated by SBF’s parents. This legal action has sent shockwaves through the crypto community, shedding light on the complexities surrounding the downfall of FTX. Exploitation of Position The court filing, dated September 18, accuses SBF’s parents, referred to as “Fried” and Allan Joseph Bankman as “Bankman,” of exploiting their access and influence within the FTX enterprise for personal enrichment. The debtors are seeking to recover millions…
The co-lead counsel of the embattled cryptocurrency exchange FTX has voluntarily dismissed popular crypto influencer Ben Armstrong, widely known as BitBoy, from the ongoing legal case. This development comes as part of a broader effort to reclaim funds that were donated to celebrities, influencers, athletes, and sports teams before FTX’s unfortunate collapse in November. Background: FTX’s Legal Battle FTX’s downfall prompted investors to initiate legal action against various high-profile figures who had received payments from FTX’s management, led by Sam Bankman-Fried (SBF), to endorse the cryptocurrency platform. Allegations centered around the promotion of what was believed to be a fraudulent…
In the ongoing legal battle between Binance, the world’s leading cryptocurrency exchange, and the U.S. Securities and Exchange Commission (SEC), a recent development has taken an interesting turn. Magistrate Judge Zia Faruqui, presiding over the case, has rejected the SEC’s request for access to Binance’s internal software. This decision comes as a significant setback for the SEC, which has been pressing for extensive documentation and evidence to support its claims against the crypto exchange. SEC Accuses Binance of Withholding Information The SEC had accused Binance and its U.S. arm, Binance U.S., of providing inadequate information for their investigation. The regulatory…
Karl Sebastian Greenwood, the co-founder of the notorious OneCoin Ponzi scheme, has been sentenced to 20 years in prison. This landmark decision comes after years of investigations into one of the most massive cryptocurrency frauds in history. The Rise and Fall of OneCoin OneCoin, founded by Ruja Ignatova, also known as “Cryptoqueen,” was marketed as a revolutionary cryptocurrency that aimed to challenge Bitcoin’s dominance. However, beneath the glamorous facade, it was nothing more than an elaborate Ponzi scheme that swindled investors out of billions of dollars. Karl Sebastian Greenwood played a pivotal role in the OneCoin scam as Ruja Ignatova’s…
CoinEx, a cryptocurrency exchange that recently fell victim to a significant breach, has extended an open invitation to the hackers responsible for the attack. The breach, which occurred on September 12, resulted in the loss of approximately $70 million worth of digital assets, a higher figure than initially reported. The identity of the perpetrators has been confirmed as the notorious North Korean-sponsored Lazarus Group. A Lesson Learned In a candid open letter dated September 15, CoinEx acknowledged the profound impact of the security breach on its users, citing the millions who entrust their assets to the platform. The letter appealed…
Dubai-based cryptocurrency exchange and lending platform, JPEX, abruptly ceased its operations on September 17th. The move came as a result of a sudden liquidity crisis, which the platform has squarely placed at the feet of institutions and partners in Hong Kong. This article delves into the unfolding story of JPEX’s closure and the finger-pointing that has ensued. Earn Program Ends Definitively One of the casualties of JPEX’s closure is its highly popular Earn program, which offered Annual Percentage Yields (APYs) as high as 30% for certain cryptocurrencies. The platform has now shut down all new Earn orders, and existing ones…
Cryptocurrency exchange Binance steps up to provide much-needed aid to the victims of a devastating earthquake in Morocco. The Devastating Earthquake On September 8, 2023, a massive earthquake with a magnitude of 7 on the Richter scale struck Morocco, causing widespread destruction and tragedy. The earthquake primarily affected Marrakech, Morocco’s fourth-largest city, resulting in a staggering loss of at least 2,000 lives. The aftermath of this natural disaster left countless families without shelter, food, or resources. In the wake of this tragedy, Binance, one of the world’s leading cryptocurrency exchanges, has pledged a significant sum to assist those affected by…
In the ever-evolving landscape of cryptocurrency, one thing has remained constant: the need to navigate the complex terrain of taxation. Recent developments in the United States signal a significant shift towards a more structured approach to taxing cryptocurrency transactions, and self-custody is emerging as a key player in normalizing crypto tax payments. New Tax Laws in the Spotlight The United States Treasury Department has proposed groundbreaking tax laws aimed at catching crypto tax cheats and simplifying tax compliance for law-abiding citizens. Under these draft laws, crypto exchanges are mandated to report gross transaction proceeds, along with the cost basis of…