SEC Archives

No Result

View All Result

No Result

View All Result

No Result

View All Result

\u201cGiven the breadth of the NFT landscape, certain pieces of it might fall within our jurisdiction,\u201d<\/em><\/p>Hester Peirce, SEC Commissioner on CoinDesk TV<\/a> <\/cite><\/blockquote>\n\n\n\n
There has been no word from the SEC on the audit as of yet. All news comes from anonymous sources because the probe hasn't been disclosed publicly states Bloomberg.<\/p>\n","post_title":"SEC Audits The NFT Market Over Potential Violations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"sec-audits-the-nft-market-over-potential-violations","to_ping":"","pinged":"","post_modified":"2023-04-11 12:52:44","post_modified_gmt":"2023-04-11 02:52:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3780","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
As a part of the SEC's audit, they will take a close look at fractional NFTs. These involve breaking down a digital asset into separate units that allow for multiple people to claim ownership of a single token. The SEC believes that the process fractional NFTs take could potentially violate regulatory rules.<\/p>\n\n\n\n
\u201cGiven the breadth of the NFT landscape, certain pieces of it might fall within our jurisdiction,\u201d<\/em><\/p>Hester Peirce, SEC Commissioner on CoinDesk TV<\/a> <\/cite><\/blockquote>\n\n\n\n
There has been no word from the SEC on the audit as of yet. All news comes from anonymous sources because the probe hasn't been disclosed publicly states Bloomberg.<\/p>\n","post_title":"SEC Audits The NFT Market Over Potential Violations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"sec-audits-the-nft-market-over-potential-violations","to_ping":"","pinged":"","post_modified":"2023-04-11 12:52:44","post_modified_gmt":"2023-04-11 02:52:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3780","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The audit is the latest attempt by the SEC to ensure that the cryptocurrency markets are following its strict regulations.<\/p>\n\n\n\n
As a part of the SEC's audit, they will take a close look at fractional NFTs. These involve breaking down a digital asset into separate units that allow for multiple people to claim ownership of a single token. The SEC believes that the process fractional NFTs take could potentially violate regulatory rules.<\/p>\n\n\n\n
\u201cGiven the breadth of the NFT landscape, certain pieces of it might fall within our jurisdiction,\u201d<\/em><\/p>Hester Peirce, SEC Commissioner on CoinDesk TV<\/a> <\/cite><\/blockquote>\n\n\n\n
There has been no word from the SEC on the audit as of yet. All news comes from anonymous sources because the probe hasn't been disclosed publicly states Bloomberg.<\/p>\n","post_title":"SEC Audits The NFT Market Over Potential Violations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"sec-audits-the-nft-market-over-potential-violations","to_ping":"","pinged":"","post_modified":"2023-04-11 12:52:44","post_modified_gmt":"2023-04-11 02:52:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3780","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
A recent Bloomberg report<\/a> stated that unidentified sources 'familiar with the matter' believe that the SEC is looking at whether or not NFTs are being used to raise money like traditional securities. <\/p>\n\n\n\n
The audit is the latest attempt by the SEC to ensure that the cryptocurrency markets are following its strict regulations.<\/p>\n\n\n\n
As a part of the SEC's audit, they will take a close look at fractional NFTs. These involve breaking down a digital asset into separate units that allow for multiple people to claim ownership of a single token. The SEC believes that the process fractional NFTs take could potentially violate regulatory rules.<\/p>\n\n\n\n
\u201cGiven the breadth of the NFT landscape, certain pieces of it might fall within our jurisdiction,\u201d<\/em><\/p>Hester Peirce, SEC Commissioner on CoinDesk TV<\/a> <\/cite><\/blockquote>\n\n\n\n
There has been no word from the SEC on the audit as of yet. All news comes from anonymous sources because the probe hasn't been disclosed publicly states Bloomberg.<\/p>\n","post_title":"SEC Audits The NFT Market Over Potential Violations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"sec-audits-the-nft-market-over-potential-violations","to_ping":"","pinged":"","post_modified":"2023-04-11 12:52:44","post_modified_gmt":"2023-04-11 02:52:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3780","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The U.S. Securities and Exchange Commission (SEC) is launching an investigation into the NFT market over potential violations against the agency's rules.<\/p>\n\n\n\n
A recent Bloomberg report<\/a> stated that unidentified sources 'familiar with the matter' believe that the SEC is looking at whether or not NFTs are being used to raise money like traditional securities. <\/p>\n\n\n\n
The audit is the latest attempt by the SEC to ensure that the cryptocurrency markets are following its strict regulations.<\/p>\n\n\n\n
As a part of the SEC's audit, they will take a close look at fractional NFTs. These involve breaking down a digital asset into separate units that allow for multiple people to claim ownership of a single token. The SEC believes that the process fractional NFTs take could potentially violate regulatory rules.<\/p>\n\n\n\n
\u201cGiven the breadth of the NFT landscape, certain pieces of it might fall within our jurisdiction,\u201d<\/em><\/p>Hester Peirce, SEC Commissioner on CoinDesk TV<\/a> <\/cite><\/blockquote>\n\n\n\n
There has been no word from the SEC on the audit as of yet. All news comes from anonymous sources because the probe hasn't been disclosed publicly states Bloomberg.<\/p>\n","post_title":"SEC Audits The NFT Market Over Potential Violations","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"sec-audits-the-nft-market-over-potential-violations","to_ping":"","pinged":"","post_modified":"2023-04-11 12:52:44","post_modified_gmt":"2023-04-11 02:52:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=3780","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n
\n

Previous
1
2
3
4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter

Instagram

Youtube

LinkedIn

Facebook

RSS

ADVERTISEMENT

\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10201,"post_author":"12","post_date":"2023-03-03 16:02:08","post_date_gmt":"2023-03-03 05:02:08","post_content":"\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n
Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10201,"post_author":"12","post_date":"2023-03-03 16:02:08","post_date_gmt":"2023-03-03 05:02:08","post_content":"\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n
In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n
Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10201,"post_author":"12","post_date":"2023-03-03 16:02:08","post_date_gmt":"2023-03-03 05:02:08","post_content":"\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n
The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n
In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n
Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10201,"post_author":"12","post_date":"2023-03-03 16:02:08","post_date_gmt":"2023-03-03 05:02:08","post_content":"\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n
An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n
The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n
In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n
Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10201,"post_author":"12","post_date":"2023-03-03 16:02:08","post_date_gmt":"2023-03-03 05:02:08","post_content":"\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
More To ETFs<\/h2>\n\n\n\n
Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n
An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n
The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n
In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n
Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10201,"post_author":"12","post_date":"2023-03-03 16:02:08","post_date_gmt":"2023-03-03 05:02:08","post_content":"\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n
More To ETFs<\/h2>\n\n\n\n
Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n
An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n
The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n
In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n
Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10201,"post_author":"12","post_date":"2023-03-03 16:02:08","post_date_gmt":"2023-03-03 05:02:08","post_content":"\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n
See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n
More To ETFs<\/h2>\n\n\n\n
Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n
An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n
The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n
In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n
Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10201,"post_author":"12","post_date":"2023-03-03 16:02:08","post_date_gmt":"2023-03-03 05:02:08","post_content":"\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n
\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n
See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n
More To ETFs<\/h2>\n\n\n\n
Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n
An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n
The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n
In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n
Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10201,"post_author":"12","post_date":"2023-03-03 16:02:08","post_date_gmt":"2023-03-03 05:02:08","post_content":"\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n
The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n
\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n
See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n
More To ETFs<\/h2>\n\n\n\n
Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n
An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n
The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n
In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n
Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10201,"post_author":"12","post_date":"2023-03-03 16:02:08","post_date_gmt":"2023-03-03 05:02:08","post_content":"\n
On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days - what went wrong?<\/p>\n\n\n\n
Investor confidence was initially lost after the bank announced<\/a> it would delay filing its Form 10-K for the previous fiscal year by its March 16th deadline. Within the last year, crypto markets had been under pressure; along with this, the subsequent collapse of FTX<\/a> brought many firms to their knees, many firms which had relations with Silvergate. Silvergate cut ties with Alameda Research, FTXs trading arm, in 2018 before the exchange launched.<\/p>\n\n\n\n
Just before the report's delay, Silvergate announced that it would be \u201cevaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements.\u201d<\/em><\/p>\n\n\n\n
To add, Silvergate is currently being probed by authorities<\/a> for dealings with FTX. There have been no wrongdoings brought to light as of yet.<\/p>\n\n\n\n
Silvergate saw over US$8B being withdrawn from their bank in Q4 following FTX's collapse, with a $1B loss incurred in the same quarter. At the beginning of January, the bank had also laid off over 40% of its workers.<\/p>\n\n\n\n
Crypto Firms End Relations With Silvergate<\/h2>\n\n\n\n
In the wake of the news surrounding Silvergate, various firms are getting out before a collapse; in the wake of FTX's collapse there cannot be enough precautions.<\/p>\n\n\n\n
Silvergate has lost various partners in the past 48 hours. This includes Coinbase, Circle, CryptoCom, Paxos, Galaxy Digital, Bitstamp, and CBOE. Tether had announced that they had no ties or exposure to the bank.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631292798770065408\n<\/div><\/figure>\n","post_title":"Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"silvergate-drops-over-50-in-a-trading-day-sees-its-biggest-clients-halting-business-with-the-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:30:38","post_modified_gmt":"2023-04-10 07:30:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10201","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n
Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n
\u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n
See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n
FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1616138722835333120\n<\/div><\/figure>\n","post_title":"SEC Charges Sam Bankman-Fried for \u2018Orchestrating Year-Long Fraud\u2019 Against Equity Investors","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-charges-sam-bankman-fried-for-orchestrating-year-long-fraud-against-equity-investors","to_ping":"","pinged":"","post_modified":"2023-01-21 17:35:05","post_modified_gmt":"2023-01-21 06:35:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9493","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5571,"post_author":"1","post_date":"2022-06-11 19:37:06","post_date_gmt":"2022-06-11 09:37:06","post_content":"\n
Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing large sums of money every month prior to LUNA and UST's collapse<\/a>.<\/p>\n\n\n\n
South Korean news outlet, Naver, reported<\/a> that over KRW$100 billion (~US$80,000,000) of company funds were being withdrawn in the few months leading up to the collapse of UST and its sister coin, LUNA.<\/li><\/ul>\n\n\n\n
South Korean TV Network, JTBC, reported that the SEC secured internal statements that \"the funds flowed into dozens of cryptocurrency wallets.\" The funds were reportedly being siphoned to various wallets for operating expenses. <\/li><\/ul>\n\n\n\n
These funds are reportedly being linked to suspicion of money laundering against Do Kwon. A key internal informant stated that Do Kwon had not received any official payments from the company.<\/li><\/ul>\n\n\n\n
JTBC revealed a key designer from Terra Lab's stated \"We predicted the collapse of Terra and LUNA, and pointed out the danger to CEO Kwon Do-hyung several times, but they were ignored.\"<\/li><\/ul>\n","post_title":"Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"do-kwon-reportedly-withdrew-millions-per-month-leading-to-ust-collapse","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-11 00:16:41","post_modified_gmt":"2023-04-10 14:16:41","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5571","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5492,"post_author":"1","post_date":"2022-06-07 22:16:37","post_date_gmt":"2022-06-07 12:16:37","post_content":"\n
The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential violations during its 2017 initial coin offering (ICO).<\/p>\n\n\n\n
A Bloomberg report<\/a> published today cited anonymous sources stating the SEC is investigating whether or not BNB was registered as a security at the time of the ICO. The SEC claims that most cryptocurrencies are a security, targeting various ICOs in the past.<\/li><\/ul>\n\n\n\n
Although the SEC's probe is still months away from final conclusions and legal action may not be taken against the firm or any individual, sources said.<\/li><\/ul>\n\n\n\n
Binance affirmed their compliance witht the SEC, stating that \"we will continue to meet all requirements set by regulators,\" and \u201cit would not be appropriate for us to comment on our ongoing conversations with regulators.\"<\/li><\/ul>\n\n\n\n
Yesterday, Reuters published an extensive investigation<\/a> against Binance for becoming a conduit for hackers resulting in at least $2.35 billion in illicit funds being laundered from 2017-to 2021, in this period Binance had weak Anti-Money Laundering and Know Your Customer protections.<\/li><\/ul>\n\n\n\n
The investigation references various hacks, namely the Eterbase hack of 2020, which had $5.4 million stolen and some of this was laundered through Binance. Hydra, the world's largest darknet drugs market was also mentioned which used Binance to make and receive payments in crypto worth $780 million.<\/li><\/ul>\n\n\n\n
Despite this, Binance told Forbes<\/a> that the Reuters report was \u201cwoefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations.\u201d With Binances COO Patrick Hillmann stating that the company works closely with law enforcement to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/li><\/ul>\n\n\n\n

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

SEC

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

The U.S. Securities and Exchange Commission (SEC) postponed its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund ...

by Jeane Claude Vasquez
November 19, 2023

Banking

Silvergate Drops Over 50% In A Trading Day; Sees Its Biggest Clients Halting Business With The Bank

On Wednesday, Silvergate closed the day at $13.53; on Thursday, they closed at $5.75. A 57% loss in 2 days ...

by Daniel Stergiou
March 3, 2023

Regulation

SEC Charges Sam Bankman-Fried for ‘Orchestrating Year-Long Fraud’ Against Equity Investors

The US Securities and Exchange Commission (SEC) announced Thursday that it had filed a complaint against FTX’s former CEO Sam ...

by Jared Kirui
January 20, 2023

Business

US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending

The US Securities and Exchange Commission (SEC) charges cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the ...

by Jared Kirui
January 14, 2023

Business

Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market

Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities ...

by Olusegun Adesua
September 24, 2022

Business

Do Kwon Reportedly Withdrew Millions Per Month Leading To UST Collapse

Terra Labs employees have reportedly confirmed to the US Security and Exchange Commission (SEC) that CEO Do Kwon was withdrawing ...

by The Distributed Team
June 11, 2022

Business

Binance’s BNB Is Being Pursued By The SEC Over Potential ICO Violations

The 5th largest cryptocurrency at the moment, $BNB, is being investigated by the Security and Exchange Commission (SEC) over potential ...

by The Distributed Team
June 7, 2022

NFTs

SEC Audits The NFT Market Over Potential Violations

The U.S. Securities and Exchange Commission (SEC) is launching an investigation into the NFT market over potential violations against the ...

by The Distributed Team
March 6, 2022

Previous 1 2 3 4

Most Read

Ethereum

SEC Postpones Decision On Grayscale’s Ethereum Futures ETF Application

November 19, 2023 - Updated on November 20, 2023

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

About The Distributed

Terms

Contact

Privacy

Editorial

Careers

RSS Feed

© 2023 The Distributed

No Result

View All Result

Cryptocurrencies

Adoption

Altcoins

Bitcoin

Blockchain

Business

Decentralized Finance

Ethereum

Hacks

Crypto Markets

NFTs

Regulation

Scams

Stablecoins

Finance

Banking

Central Banks

Financial Markets

Technology

Artificial Intelligence

Cyber Security

Metaverse

Web3

Learn

The Coins

The Future

The Innovations

The Technology

Tools

Cryptocurrency Market

Stock Market

Economic Calendar

Research

Reviews

Exchanges

Wallets

Headlines

About Us

Contact Us

© 2023 The Distributed

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.