The recent sentencing of FTX founder Sam Bankman-Fried to 25 years in prison and the forfeiture of over $11 billion has sent shockwaves through the financial world. U.S. Attorney Damian Williams stated that this harsh punishment serves as a warning to potential fraudsters, emphasizing the severity of consequences for engaging in financial crimes. During the
Blockchain
The first quarter of 2024 has brought both good and bad news for the Web3 ecosystem in terms of security. According to the latest report by Immunefi, a bug bounty and security services platform, a total of $336 million was lost to Web3 hackers and fraudsters in this period. This represents a 23% decrease compared
In a recent case that shocked the nation, a South Korean civil servant was arrested for committing crypto-related fraud and carrying out voice phishing attacks. The accused, a level six district office official in her 50s, allegedly received money from multiple victims and converted the fiat to Bitcoin. She then sent the coins to a
The recent security breach that occurred on the web3 gaming platform Munchables has sent shock waves through the cryptocurrency community. The platform lost a staggering $62.5 million in Ethereum due to an exploit on the Blast network. Munchables confirmed the exploit through a post on social media, stating that the loss occurred on March 26.
Recently, the crypto exchange KuCoin and two of its founders, Chun Gan and Ke Tang, have been criminally charged by the US Department of Justice for operating as an illegal exchange in the USA. This comes after allegations of failing to implement anti-money laundering protocols. The charges include violations of the Bank Secrecy Act and
Recent reports from Busan, South Korea, shed light on a disturbing case of fraud where a pair of individuals managed to swindle $4.1 million from a 60-year-old victim through false promises of lucrative crypto investments. The fraudsters, both in their 20s and 30s, targeted the victim with enticing claims of a 70% monthly return on
The recent decision by the Philippines Securities and Exchange Commission (SEC) to ban local access to Binance has sent shockwaves through the cryptocurrency community. This move, aimed at protecting investors from unlicensed crypto operations, has raised questions about the legality of such exchanges and the responsibility of regulatory bodies. The Philippines SEC’s ban on Binance
After rumors spread across the industry claiming that the European Union had banned anonymous crypto wallets and transactions, industry expert Patrick Hansen stepped in to debunk these claims. He emphasized that the recent anti-money laundering (AML) law passed by the EU does not specifically target cryptocurrencies. Instead, it is a broad framework that applies to
Following the Bitcoin halving event in April, Marathon Digital Holdings CEO, Fred Thiel, highlighted the financial strain that smaller miners in the industry are likely to face. Thiel pointed out that the existing disparities in access to capital and equipment financing between smaller and larger miners will become more pronounced post-halving. Thiel emphasized that the
The ongoing disputes between the Russian Ministry of Finance and the nation’s Central Bank regarding crypto regulation have been a major point of contention. While the Ministry of Finance seeks to regulate and tax crypto exchanges and traders, the Central Bank has advocated for a ban on all crypto-related activities. This clash has stalled progress
