Crypto Fight

🔒 Latvia Slaps Payeer with $10m Fine for Sanctions Breach: Crypto Service in Hot Water 💰 Latvia's financial crimes unit has dealt a heavy blow to Payeer, the crypto pay service provider, with a whopping $10 million fine. The reason? Violating EU sanctions against Russia. 🚫 According to the Lithuanian Financial Crime Investigation Service (FNTT), Payeer failed to play by the rules of international diplomacy, offering its crypto wallet services to individuals and companies from Russia. 💳 But that's not all! The FNTT discovered that Payeer allowed Russian customers to purchase digital assets using bank transfers in Russian rubles, even from banks under EU sanctions. And they did so for a staggering 18 months! ⚡️ Digging deeper, the FNTT found that Payeer registered as a company in Lithuania but only started operating in January 2023, despite an alleged previous presence in Estonia. 🤝 The FNTT claims that Payeer has been uncooperative during the investigation and even accused it of flouting Latvian anti-money laundering and counter-terrorism financing protocols, resulting in an additional fine of $1.15 million. 🟢 These actions are part of the EU's broader efforts to curb illicit activities in the crypto space. In October 2022, the union tightened its grip on Russian crypto users by prohibiting European-based operators from serving them. 🔍 The FNTT also pointed out that Payeer intentionally neglected proper customer identification checks, potentially endangering its reputation for financial gain. However, Payeer does have the right to challenge these penalties through legal channels.

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🎓 Circle Funds $5K Scholarships to Bay Area Graduates for Blockchain Studies ✅ Circle, a leading crypto company, has made a significant investment in the future of blockchain by awarding $5,000 scholarships to ten talented high school seniors in Northern California. ➡️ These exceptional students were part of Junior Achievement's Digital Financial Literacy Program, where they delved into the exciting world of cryptocurrencies and blockchain technology. 🌟 From Redwood City to San Francisco, these bright minds from schools like Sequoia High and Abraham Lincoln High have been recognized for their understanding and passion for this emerging field. 💡 Taran Barca-Hall, from Junior Achievement, highlighted the growing interest in crypto among high schoolers and the importance of educating them about its potential. 💰 By funding these scholarships, Circle is not only supporting these students' dreams but also building a strong talent pipeline for the future of the crypto industry. This move echoes similar initiatives by Phemex and even universities like Curtin in Australia.

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🚀 EBA Sets New Rules for Crypto: No More Money Laundering! 💼 The European Union means business when it comes to fighting financial crime. The European Banking Authority (EBA) has just dropped a bombshell on the crypto world, extending its Anti-Money Laundering (AML) Travel Rule guidelines to crypto service providers. 🔒 This move is all about tightening the screws on money laundering and terrorist financing in the EU's booming cryptocurrency sector. 📝 From December 30, 2024, all crypto exchanges operating within the EU will have to play by the rules set out in Regulation (EU) 2023/1113. That means collecting and reporting information on every fund and crypto asset transfer – no exceptions! 🌐 These new guidelines, known as the Travel Rule Guidelines, are in sync with global standards set by the Financial Action Task Force (FATF). It's all about keeping things transparent and accountable. 🟢 The EBA's guidelines are rooted in specific articles of EU regulations, spelling out exactly what info needs to be shared about who's sending and receiving funds or crypto assets. 🔍 The aim here is crystal clear: stop money laundering dead in its tracks and put a dent in terrorist financing activities. 💡 For crypto service providers, this means stepping up their game. They'll need to beef up their user data collection, keep an eye out for suspicious transactions, and have solid policies in place for complex cross-border transfers. 👮‍♀️ Payment service providers and intermediaries also have a role to play. They'll be expected to spot any missing or incomplete information and take appropriate action. 📣 In short, it's time for the crypto world to get serious about AML. The EBA isn't messing around – they're putting everyone on notice that cleaning up the industry is a top priority.

🔒 South Korean Supreme Court: Guilty Verdict for Coinone Execs in Altcoin Bribery Case 💰 Bribes for Listings: Long Legal Battle Ends with Convictions 🔒 In a significant ruling, the South Korean Supreme Court has upheld the guilty verdict against former executives of Coinone, a prominent crypto exchange. The charges? Taking bribes to list altcoins on the platform. 🟢 Sentences Stand: The saga began in September 2023 when the Seoul Southern District Court handed down a four-year prison term to Coinone's ex-director of coin listings, Jeon (42). His colleague Kim (32), the former listing team manager, received three years and six months. ➡️ Supreme Court Stands Firm: Jeon and Kim appealed to the High Court, but their hopes were dashed as it too found them guilty. Their final recourse was the Supreme Court, which has now delivered its verdict – upholding both convictions and sentences. 💸 Embezzlement Unveiled: The court revealed that Jeon had received around $1.4 million in digital assets and fiat currency from brokers over nearly three years. Prosecutors highlighted that this illicit stream began in 2020 with an unnamed altcoin listing. 💼 Price Manipulation and More: Kim's involvement saw him netting approximately $743,000 in coins and cash over two years and five months. Both individuals were also found guilty of "obstructing the exchange's business" through crypto price manipulation.

🌟 Bitfarms Bolsters Board with Fanny Philip Amidst Riot's Push for Change 🤝 In a surprising twist, Bitfarms has appointed Fanny Philip as an independent board member, countering Riot Platforms' bid for director replacements. 📈 With a 14.9% stake in Bitfarms, Riot sought to shake up the board after failing to increase its ownership. But Bitfarms is taking a different path. 🚀 On June 27, the leading Bitcoin mining company welcomed Philip, a blockchain and finance expert, to its now majority-independent board. 🔍 Edie Hofmeister, Chair of Governance and Nominating Committee, hailed Philip's skills and stressed her energy sector knowledge and digital asset expertise. 💼 Philip's impressive background includes roles at MTI Conseils Inc. and current CFO position at SOVIAGO, boosting Bitfarms' growth prospects. 💥 This move comes as Riot's takeover attempts hit roadblocks, including a rejected $950 million offer and strained relations with the incumbent board. 📢 Riot aims to replace three directors – Delaney, Freedman, and Goehring – through a special shareholder meeting requisitioned after amassing a 14% stake.

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🌐 Global DCA Leads the Way: New Subcommittee to Revolutionize Crypto Disclosure 🔍 The Global Digital Asset and Cryptocurrency Association (DCA) is taking a proactive stance in the ever-evolving world of digital assets. In a groundbreaking move, they have formed a steering subcommittee that aims to establish a comprehensive disclosure framework for the crypto industry. 🤝 This collaborative effort brings together esteemed organizations like the Global Blockchain Business Council, The Digital Chamber, and The Proof of Stake Alliance. With an impressive lineup of industry leaders and scholars, this committee is set to propose guidelines that are both objective and impartial. 🎓 Among the luminaries on this esteemed panel are Chris Brummer, a distinguished professor at Georgetown University, and Lewis R. Cohen, a partner at Cahill Gordon & Reindel LLP. Their expertise in blockchain law and finance will be invaluable in shaping the future of digital asset disclosure. 💼 Patrick Daugherty from Foley & Lardner LLP and Daniel Davis from Katten Muchin Rosenman LLP round out this stellar cast. Together, they form a powerhouse team dedicated to providing clarity for companies operating in the digital asset space. 📈 "Clear guidelines are the lifeblood of responsible entrepreneurship," asserts Brummer. This forward-thinking initiative aims to propel the industry forward by fostering transparency and bolstering investor confidence. 🌍 Renata Szkoda, Chair of the Global DCA, underlines the global significance of this endeavor. By establishing a robust disclosure framework, she envisions digital assets playing an even more substantial role in the global financial system. 💡 "We're thrilled to witness such a strong commitment from industry veterans," Szkoda enthuses. With these brilliant minds at work, it's clear that the future of digital asset disclosure is in capable hands.

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🚨 S. Korean Crypto Firm Delio's Bold Move: Debt Transfer Amidst $180M Embezzlement Scandal 💰 In a shocking turn of events, South Korean virtual asset deposit services company Delio is taking a strategic step to address its financial woes amidst an alleged embezzlement scandal. 🔒 With $180 million worth of virtual assets at stake, Delio has decided to create a new corporation that will shoulder its debts and facilitate the repayment of creditors. The plan also involves selling off the existing entity. 💔 Delio's downfall began when it abruptly halted operations, leaving investors in the lurch. The promise of 10% annual returns on cryptocurrency deposits like Bitcoin and Ethereum turned sour, resulting in significant losses. 👌 CEO Jung Sang-ho found himself in hot water, facing accusations of siphoning off around 250 billion won from thousands of investors. Legal proceedings ensued, casting a shadow over the company's future. ➡️ Today, Delio unveiled its debt transfer blueprint, aiming to separate its existing operations from the burden of liabilities. By creating a fresh start with a debt-free Delio, the company hopes to attract potential buyers. ⚡️ The timeline for this bold move is ambitious, with the potential acquisition expected to materialize as early as July 2024. As the saga continues, all eyes are on Delio's next steps in this high-stakes crypto drama.

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🚨 Fraudulent Intent Unveiled: Terraform Labs Founders in Hot Water 🔍 Evidence Exposes Deception: Startling revelations have emerged from the ongoing trial of Do Kwon and Hyun-seong Shin, suggesting a calculated plan to dupe investors right from the start at Terraform Labs. 💬 Texts Paint a Dark Picture: A May 2019 conversation between Kwon and Shin, as presented by South Korean prosecutors, indicates a sinister plot. Kwon allegedly proposed "fake transactions that look real" to boost the popularity of the "Chai" app, with Shin even suggesting a cautious "small-scale test." ❓ Investor Betrayal Unveiled: Prosecutors argue that these messages lay bare an "intention to deceive investors," using manipulated transactions to create an illusion of success for Terra. The aim? Attracting investment through inflated trading volumes. 🛡 Denials Amidst Collapses: While Shin's camp denies any wrongdoing, attributing Terra's downfall to external pressures and Kwon's leadership, it's worth noting that these damning texts also played a role in the recent US SEC case against Kwon. 💰 Billions in Penalties: The fallout continues for Terraform Labs, with a staggering $4.47 billion settlement reached in response to the SEC's allegations of misleading investors. Kwon is now facing hefty fines and the obligation to reimburse those who suffered financial losses. 🌍 On the Run: With Kwon having fled South Korea and currently residing in Montenegro, where he faces charges of passport forgery, the US is eager to bring him to justice. Indicted on multiple counts, including securities fraud, he finds himself at the center of an international extradition tug-of-war.

🚀 Hong Kong Brokerages Expand Crypto Offerings: More Choices for Investors 📈 Victory Securities and other Hong Kong brokerages are making bold moves into the crypto space, with services that allow investors to trade virtual assets directly on their platforms. 📣 Victory Securities is taking the lead, now offering stablecoin deposit and withdrawal services for professional investors. With licenses in hand, they're expanding options for traders on their VictoryX App. 🔜 Soon, Victory Securities will also introduce a convenient "Convert" feature, enabling instant stablecoin investments and trades. It's all about enhancing the user experience! 📌 Not to be outdone, Tiger Brokers has already launched its own crypto trading services, integrating them with traditional finance offerings on its Tiger Trade platform. It's a one-stop shop for savvy investors. 💰 These forward-thinking brokerages are reaping the rewards, with some already earning up to a third of their revenue from crypto services. Their early investments are paying off handsomely.

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🔒 Crypto Exchange Zipmex Loses Thai License Amidst Financial Strain 🚫 Revoked License: Thailand's Ministry of Finance has dealt a heavy blow to Zipmex, pulling the plug on its digital asset business license. The move comes as no surprise, given the exchange's repeated failure to comply with regulatory directives. 💰 Financial Health Concerns: The Securities and Exchange Commission (SEC) expressed worry about Zipmex's financial stability, highlighting potential risks to customers. It seems the exchange's fiscal woes have caught up with them. 👌 Management Mishaps: It's not just the money that's a problem. The SEC also found fault with Zipmex's management structure and staffing, suggesting they were ill-equipped to navigate the regulatory landscape. ✅ Troubled Waters: This isn't Zipmex's first run-in with Thai regulators. Earlier this year, the SEC raised red flags about their finances and management, leading to a temporary suspension of services. ➡️ Trust Takes a Hit: The SEC's investigation revealed more than just compliance issues. Former CEO Akarlap Yimwilai faced accusations of fraud and deception, as customer funds were allegedly moved without proper disclosure. ⏳ Deadline Drama: Despite warnings and a ticking clock, Zipmex failed to right the ship. The SEC has now set clear guidelines for handling customer assets, demanding swift action within 15 days.

📣 FTX Creditors File Objection To Bankruptcy Reorganization, Not In Debtors’ “Best Interests” 👌 FTX creditors have filed a June 5 objection to the crypto exchange’s repayment plan on the grounds that the FTX bankruptcy estate’s proposal does not work in favor of their “best interests.” According to the objection, FTX creditors are concerned about a number of items included in the estate’s plan, including the possibility of a “taxable event” since each respective investor will be receiving money instead of digital assets. 💬 “It is painfully apparent that the debtors’ proposed plan will inflict additional hardships on customers through forced taxation that could be avoided by making an “in kind” distribution,” the filing reads. ➡️ In addition to tax concerns, creditors widely disagree with the valuation of assets ascribed to their claims under the FTX plan and moreover dispute whether or not customer assets should be distributed by the John J. Ray III-led estate. 💬 “The clear and unambiguous terms of service, as well as public records, including statements by the debtors, the CFTC, the SEC, guilty pleas by former controllers of the debtors and testimony in Samuel Bankman-Fried’s criminal trial support the unequivocal conclusion that the Debtors seek to distribute stolen digital assets,” the objection states. 💬 “(The) debtors position is diametrically opposed to the findings – beyond reasonable doubt – of SBF criminal case that SBF misappropriated customer funds,” Sunil Kuvari, an FTX creditor and activist alleged in a June 6 X post.

🚀 Avail Raises $43 Million to Unify Web3 with Secure Rollup Interoperability and Data Availability 💰 Avail, the pioneer in web3 infrastructure, has just closed a $43 million Series A funding round. This significant investment from heavyweights like Founders Fund and DragonFly Capital underscores the growing importance of secure rollup interoperability and data availability. 🤝 The funding will propel Avail's ambitious mission to tackle the challenges of scalable data availability and interoperability in the web3 space. Their cutting-edge technology stack, known as the Unification Layer, aims to seamlessly combine data aggregation, shared security, and modular blockchain scalability. 🌐 Avail's co-founder, Anurag Arjun, expressed excitement about this milestone, stating that the new capital will enable them to expedite development, expand their global reach, and address critical issues like blockchain fragmentation and limited scaling. ✅ Looking ahead, Avail plans to forge strategic partnerships within the web3 ecosystem while advancing their Nexus interoperability layer and Fusion Security layer. Joey Krug from Founders Fund lauded Avail's approach, emphasizing how it simplifies protocol creation for teams leveraging their tech stack. 💡 With a total funding of $75 million, including earlier rounds, Avail is well-positioned to lay a solid foundation for future blockchain projects. Their incentivized testnet "Clash of Nodes" has already showcased impressive numbers, with a mainnet launch on the horizon.