In a press statement dated 26 July 2024, the CFTC said Tinoco and his company must “jointly and severally” pay restitution of more than $6.2m to 199 defrauded customers and just under $6.3m in disgorgement “with dollar-for-dollar credit for any restitution payments to victims”. The civil monetary penalty is more than $18.7m. The court also…
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The Singapore-based cryptocurrency platform and Kwon defrauded clients for years through crypto asset securities, resulting in huge losses when the business failed. The SEC lodged its case against Terraform and Kwon in February 2023. The financial watchdog said the trial, which took place in April 2024, unveiled how Terraform and its CEO deceived victims through…
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DMM, Japan’s largest crypto exchange, said roughly 4,503 BTC, valued at about $308m, were illegally siphoned from a primary wallet. According to BITCOIN Magazine, the incident occurred around 13:26 local time and was orchestrated via “unauthorised access.” To date, the company has not divulged how the breach was done. It did, however, confirm that the…
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The SEC determined that an unauthorised party had transferred a SEC mobile phone number linked to the X account in question onto another device. This act, although not an uncommon cyber theft act, left the market questioning the SEC’s security. After the post, bitcoin’s market price decreased from approximately $48,000 to $45,5000, a fall of…
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The once self-proclaimed crypto king saw his greed-fuelled empire crumble in November 2022. Once valued at $32bn, FTX was a leading cryptocurrency exchange. A 12-member jury found Bankman-Fried guilty on all charges. These included siphoning funds to the cryptocurrency-based hedge fund, Alameda Research, using customer funds for personal gains, and funding political campaigns in an…
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US District Attorney Damian William noted: Amir Elmaani violated the duty he owed to pay taxes on millions of dollars of cryptocurrency profits, and he also violated the trust of investors in the cryptocurrency he founded. In October 2017, Elmaani promoted a cryptocurrency called Pearl, with marketing campaigns geared toward investors looking to purchase data on…
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The 36-year-old’s flee attempt followed repeated failures to assist with an investigation into how the crypto hedge fund, which once managed $10bn in assets, spectacularly collapsed last year. Financial advisory firm Teneo obtained a “commital order” to arrest Zhu so he could assist with the ongoing liquidation procedure. A second co-founder, Kyle Davies, has not…
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Even when he met with statesmen such as former U.S. President Bill Clinton, and British Prime Minister Tony Blair, he donned T-shirts and wrinkly shorts. At the height of his career, experts estimated Bankman-Fried had a $26bn fortune in digital assets. That said, at his first court appearance in December 2022 and the others that…
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This lawsuit details how the defendants, which include industry knowns such as Temasek, Sequoia Capital, and Sino Global, used their influence and financial standing to help launch FTX and enable the multibillion-dollar disaster that affected countless people. It also alleges that these VCs painted a false picture of FTX, based on supposed diligent vetting. Temasek…
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For the first time, a judge in South Korea has stepped forward and handed out sentences to two crypto executives for falsifying exchange volume reports and profiting from internal wash trades. The two executives hail from the Komid exchange in South Korea, although one individual is also the CEO of fledgling coin system by the…
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