Crypto News
Cryptoqueen’s Brother Freed After Serving 34 Months in $4 Billion OneCoin Fraud
Konstantin Ignatov, the brother of the fugitive "Cryptoqueen" Ruja Ignatova, has been freed after being sentenced to the 34 months he had already spent in jail for his involvement in the $4 billion OneCoin cryptocurrency fraud. U.S. District Judge Edgardo Ramos in Manhattan freed Ignatov on Tuesday, according to a report by Bloomberg. The judge......
SEC Files Cease-and-Desist Order Against ShapeShift, Agrees To Pay $275,000
The U.S. Securities and Exchange Commission (SEC) has issued a cease-and-desist order against ShapeShift. The cryptocurrency exchange was previously headquartered in Denver, Colorado. The SEC alleged that the company operated as an unregistered dealer for cryptocurrencies that were considered securities before 2021. Key points: SEC files a cease-and-desist order against ShapeShift for operating as an......
Nexo Secures Initial Approval from Dubai’s VARA
Nexo, a prominent digital assets institution, has announced that its Dubai-based entity, Nexo DWTC, has been granted an Initial Approval (IA) by Dubai's Virtual Assets Regulatory Authority (VARA). The approval covers virtual asset lending and borrowing, management and investment, and broker-dealer activities. It positions Nexo as one of the first digital asset lending institutions to......
Bitcoin Hits $69,000: BTC Reaches New All-Time High
Bitcoin has achieved a new milestone by surpassing its previous all-time high of $69,000. The historic moment occurred today and marked the end of an 827-day journey for BTC to reclaim its former peak. Since hitting a low of around $15,000 in the last quarter of 2022, Bitcoin has appreciated by approximately 360%. In 2024......
Terra’s Do Kwon Scores Victory in Montenegro Extradition Appeal
On March 5, 2024, the Court of Appeal of Montenegro decided to accept Do Kwon and his defense attorneys' appeal. The court has annulled the decision of the High Court in Podgorica, which had previously allowed Kwon's extradition to the United States. The decision to overturn the High Court's ruling comes after the Appellate Court......
BRICS To Launch Blockchain-Powered Crypto Payment System
The BRICS nations, consisting of Brazil, Russia, India, China, and South Africa, have announced their intention to create an independent payment system based on crypto and blockchain technology. According to Kremlin aide Yury Ushakov, the primary goal of this initiative is to provide a convenient, cost-effective, and politically neutral platform for governments, businesses, and individuals......
Terraform Labs Fights Back Against SEC’s Counsel Payment Objections
Terraform Labs submitted a filing on Monday to address the SEC's opposition to the company's request to engage Dentons U.S. LLC as special counsel in its current Chapter 11 bankruptcy proceedings. The company called the SEC's attempts to block its ability to pay legal fees a "troubling example of government overreach" designed to hinder its......
Nigeria Demands $10 Billion From Binance: BBC
Nigeria has reportedly demanded cryptocurrency exchange Binance pay $10 billion amid alleged illegal transactions that harmed the country’s economy. The claim comes amid an ongoing crackdown and investigation into the trading platform. Key Context: Binance is accused of setting an unofficial exchange rate in Nigeria, spurring currency issues. The platform is said to enable $26......
State Attorneys General Argue SEC Overreach in Kraken Lawsuit
A group of state attorneys general filed a court brief Thursday arguing that the U.S. Securities and Exchange Commission (SEC) has exceeded its powers by suing crypto exchange Kraken. Key Points: Eight states say SEC crypto regulation could preempt state consumer laws. Argue that the SEC is expanding the definition of "investment contract." States have......
Darknet Market Crypto Crime Revenue Spikes to $1.7 Billion: Report
Crypto related crime continues to evolve based on the environment. Darknet marketplaces and sanctions evasion are seeing increases even as overall volumes declined last year, according to blockchain analysis firm Chainalysis. Key Trends: Darknet markets rebounded to over $1.7 billion after the previous Hydra shut down. Smaller, specialized sites are thriving; yet to regain peak......
US Govt Moves $952M in Seized BTC as Bitcoin Hits $63,000
The United States government transferred over $952 million worth of previously seized Bitcoin on Wednesday, the same day the cryptocurrency rose past $63,000. According to the data from Arkham, the transfers occurred in four transactions. The first transaction was 1 BTC, followed by 2,817 BTC, 0.01 BTC, and 12,267 BTC. Key Points: Four transfers moved......
SEC Questions $166 Million Legal Costs in Terraform Labs Case
The U.S. Securities and Exchange Commission (SEC) argued this week that crypto firm Terraform Labs should have restrictions placed on its ability to pay legal costs during its ongoing bankruptcy case. The regulator took a specific aim at a $166 million retainer payment to law firm Dentons, according to Reuters. Key Points: SEC: Payment may......
Gemini to Return $1.1 Billion to Customers Affected by Its Earn Program
Cryptocurrency exchange Gemini has committed to returning at least $1.1 billion to customers affected by the failure of its Gemini Earn lending program. The New York State Department of Financial Services (DFS) announced the settlement details. Key Points: Gemini to contribute $40 million to Genesis bankruptcy for customer payouts. Also paying a $37 million fine......
Nigeria Detains Binance Executives Amid Crackdown on Crypto
The government of Nigeria has detained two senior executives from the cryptocurrency exchange Binance. This move comes as the country seeks to rein in speculation on the naira currency. The arrests come amid a broader crackdown on crypto trading platforms in Africa's most populous nation, according to the Financial Times. Key Points: Executives flew to......
Elizabeth Warren Calls for Crypto to Follow Traditional Finance Rules
Senator Elizabeth Warren said in an interview Tuesday that she is willing to work with the crypto industry. However, she believes it must follow the same anti-money laundering rules and regulations as traditional financial institutions. "I want to collaborate with the industry. What I don't understand is why the industry seems to be saying that......
Telegram to Introduce Monetization With 50:50 Revenue Split, TON Surges
Telegram CEO Pavel Durov announced Wednesday that, starting next month, the popular messaging platform will open up monetization for its broadcast channels. The new monetization scheme will allow content creators to earn revenue shares. In a post on his channel, Durov said channel owners can claim 50% of ad earnings generated from their content being......
Sam Bankman-Fried Lawyers Seek Just 6.5-Year Sentence For FTX Fraud
Lawyers for FTX founder Sam Bankman-Fried urged a federal judge to impose a prison sentence of just 6.5 years. The proposed prison time is just a fraction of the maximum 20 years possible for fraud counts related to the crypto exchange's collapse. In a 98-page sentencing memo, attorneys argued the 31-year-old's previous philanthropy and commitment......
Bitfinex Hacker Details How He Pulled Off $4.5B Crypto Heist
Ilya Lichtenstein, who pleaded guilty last year to laundering billions stolen from crypto exchange Bitfinex, testified Tuesday on how he gained prolonged access to Bitfinex and looted user funds undetected for months. Appearing as a cooperating witness in a money laundering trial in Washington, Lichtenstein mapped out the 2016 attack. The attack ranks as one......
Tether CEO Foresees Pension Funds and Corporations Embracing Bitcoin
Tether CEO Paolo Ardoino predicted growing integration between Bitcoin and mainstream finance on Tuesday. Additionally, Ardoino cited rising interest from hedge funds, pension funds, and corporations in adding the cryptocurrency to their portfolios and balance sheets. Speaking during a Bitfinex livestream event, Ardoino said he expects fund managers will look to allocate up to 5%......
Ethereum Dencun Upgrade Set for March 13 Launch
The Ethereum Foundation confirmed Tuesday that the long-anticipated Dencun network upgrade has successfully completed all testing phases. The announcement also stated that it will officially launch on the Ethereum mainnet at epoch 269568 on March 13th. Dencun's mainnet activation will occur at approximately 13:55 UTC next month. Additionally, the upgrade will introduce key scaling improvements......
