NewsRoom Articles - Page 41 of 171

ThursdayApr 13, 2023 11:15 am

An Inside Look at Sting Operation Against North Korean Crypto Hackers

Just a few days after three missiles were launched by North Korea into the ocean, a team of U.S. private investigators and spies from South Korea covertly met in Pangyo, South Korea. The team had been tracking $100 million worth of crypto laundered from a California crypto company, Harmony, for some time in the hopes that hackers would move the crypto into accounts from which it could eventually be changed to Chinese yuan or dollars to be used for financing North Korea’s illicit missile development. The investigators and spies only had a short period to help in the recovery of…

TuesdayApr 11, 2023 11:15 am

Pakistan Banks to Start Using Blockchain for KYC Tasks

On April 6, 2023, Pakistani banks, through the PBA, signed a contract to implement an electronic know-your-customer (KYC) system based on blockchain that will function nationally. The signing event took place at the PBA’s office in Karachi, and several officials, including Waqas Mirza, CEO of the Avanza Group, and association chair Muhammad Aurangzeb, were present. The Avanza Group, a company with expertise in artificial intelligence, modern banking applications, blockchain applications, and client-experience management solutions, will create the platform. Pakistani authorities want to narrow the gap between their country and other Asian countries such as Singapore, Indonesia, Hong Kong and Thailand,…

ThursdayApr 06, 2023 10:30 am

EU Mulls Capping Anonymous Cryptocurrency Transfers

The European Union (EU) is considering the implementation of a cap on anonymous cryptocurrency transactions to combat financial fraud and terrorism funding. The proposed cap is set at $1,083 for transactions where a client cannot be recognized, while the maximum amount for money transfers would be $7,585. The measures are part of a larger push for improved openness in the banking industry and will be subject to negotiations before being approved at a plenary meeting in April. The EU's initiative is a response to the ease with which cryptocurrency transactions can be conducted anonymously, making it difficult to track illegal…

WednesdayApr 05, 2023 11:15 am

CFTC Case Against Binance Could Alter Crypto’s Trajectory in US

Cryptocurrency exchange Binance is no stranger to regulatory issues. In the past, it has successfully navigated these obstacles and eventually worked with regulators on several occasions. The exchange has come under fire from different agencies, though, when it comes to the United States. A number of financial regulators are currently looking into the cryptocurrency exchange, with some investigations going as far back as 2018. Currently, a lawsuit has been filed in connection with an investigation that began in 2021 by the U.S. Commodities Futures Trading Commission (CFTC). The lawsuit seeks to charge Binance, its CEO Changpeng Zhao and Samuel Lim,…

MondayApr 03, 2023 9:00 am

Defunct FTX Founder Indicted on Bribery Charges

U.S.federal prosecutors have charged FTX founder Sam Bankman-Fried in a new arraignment with conspiracy to bribe Chinese government officials with $40 million in payments. The new charge, which brings Bankman-Fried’s total charges to 13, accuses him of conspiring to break the FCPA, an act that prohibits U.S. citizens from bribing foreign officials to gain business. Manhattan prosecutors accused Bankman-Fried of ordering the transaction to be made to defrost accounts that belonged to Alameda Research, his hedge fund, which the Chinese government had frozen. According to federal prosecutors, the accounts contained crypto worth more than $1 billion. According to the charges,…

FridayMar 31, 2023 11:15 am

UNHCR Gains Accolades for Using Blockchain to Help Displaced Ukrainians

Last week, the UNHCR received an award at the Paris Blockchain Week for its pilot project that uses blockchain to distribute money to those affected or displaced by the Ukrainian war. This award honors blockchain-based initiatives that have had a significant positive social impact and recognizes UNHCR's dedication to finding revolutionary ways to help refugees and internally displaced people. Last year, the UNHCR successfully piloted the distribution of cash aid to persons displaced by the Ukrainian war using the stablecoin USD Coin, with money delivered into the recipient's smartphone-accessible digital wallet. This was done in collaboration with the UNICC, SDF…

WednesdayMar 29, 2023 9:00 am

NASDAQ Prepares to Launch Cryptocurrency Custody Business

NASDAQ Inc., a global exchange, intends to begin offering custody services for Ether and Bitcoin within the next three months. Ira Auerbach, who formally worked at Gemini as its global head, will be in charge of the new business. In September, NASDAQ announced that it would enter the market for digital assets, joining other well-known financial companies such as BNP Paribas and Fidelity in providing custody services for cryptocurrency. The company has prior knowledge of the cryptocurrency market, with several cryptocurrency exchanges having received market surveillance technologies from the group. It announced the Hashdex NASDAQ Crypto Index ETFs in Q1…

MondayMar 27, 2023 12:00 pm

TerraUSD Founder Do Kwon Arrested in Montenegro

The International Police (Interpol) has confirmed that Kwon Do-hyeong, commonly called Do Kwon, has been arrested in Montenegro. Do kwon founded a platform that brought stablecoins Luna and TerraUSD to the crypto market. Both coins collapsed in May 2022, resulting in the loss of at least $40 billion from the cryptocurrency market. The resultant panic birthed what came to be referred to as the “crypto winter.” Interpol’s office in Seoul, South Korea, confirmed that the man being held was Do Kwon after the detainee’s fingerprints were taken and matched to the wanted fugitive’s prints. The announcement was made late last…

FridayMar 24, 2023 11:15 am

FTX YouTube Influencers Sued for Up to $1B

The collapse of Sam Bankman-Fried’s FTX last year continues to cause reverberations, with the most recent being the filing of a class-action lawsuit against YouTube influencers who were vocal in promoting FTX to their followers. The plaintiffs want the court to award them damages worth $1 billion dollars. Edwin Garrison is the leader of the plaintiffs, who filed their suit in Miami Division in Southern Florida on March 15, 2023. The suit alleges that the influencers actively promoted the cryptocurrency fraud executed by FTX, and that those influencers didn’t disclose that they were being compensated for their services. The respondents…

WednesdayMar 22, 2023 11:15 am

Blockchain Association Asks Government Agencies to Release Info on Debanking Cryptocurrency Companies

The Blockchain Association, a U.S.-based group advocating for the cryptocurrency industry, has revealed that it has made Freedom of Information Act (FOIA) requests to a number of federal regulatory agencies as the association investigates what it calls improper attempts to keep crypto businesses from accessing banking services. The improper acts, the association asserts, could have played a role in the recent collapse of three major banks. In its March 16 notice, the Blockchain Association reveals that its FOIA requests were sent to the Federal Deposit Insurance Corp. (FDIC), the Federal Reserve Bank system board and the Office of the Controller…