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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......
🥛 BTC’s going up, up, and away 📈
Today’s edition is brought to you by LightLink – an Ethereum Layer 2 blockchain that lets dApps and enterprises offer users instant, gasless transactions.Follow LightLink on Twitter and don't miss the upcoming TGE and Airdrop.GM. This is Milk Road, the newsletter that peels back crypto’s layer like an onion - let us do the crying......
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......
