Monthly Archives: July 2022

Tether’s recovery of an $840mn loan scrutinised in Celsius bankruptcy | Financial Times

Tether, whose $66bn stablecoin known as USDT plays a key role in crypto markets, recouped an $840mn loan to Celsius ahead of the bankruptcy by selling bitcoin Celsius pledged as collateral. The question now is whether Celsius could reclaim the value Tether received in the loan liquidation. The answer would clarify an uncertain area of bankruptcy law and in the…

Read More

Kraken, a U.S. Crypto Exchange, Is Suspected of Violating Sanctions – The New York Times

Kraken, one of the world’s largest cryptocurrency exchanges, is under federal investigation, suspected of violating U.S. sanctions by allowing users in Iran and elsewhere to buy and sell digital tokens, according to five people affiliated with the company or with knowledge of the inquiry. The Treasury Department’s Office of Foreign Assets Control has been investigating Kraken since 2019 and is…

Read More

SEC Denies Whistleblower Award Claim Because Disclosure was Not Voluntary

Under the SEC Whistleblower Program rules, a whistleblower’s disclosure is voluntary if it is made “before a request, inquiry, or demand that relates to the subject matter of [their] submission is directed to [the whistleblower] or anyone representing [the whistleblower] by the Commission.” In this case, the SEC issued a Preliminary Determination denying a whistleblower award claim because the Claimant…

Read More

Celsius customers write pleas to bankruptcy court to get crypto back: ‘This is an emergency situation, simply to keep a roof over my family and food on their table.’ – MarketWatch

Some customers of crypto lender Celsius Network, which filed for bankruptcy earlier this month, have written to the Bankruptcy Court for the Southern District of New York, with a hope of getting their funds back. *** In letters to the bankruptcy court, many Celsius customers said they felt lied to by the company and by Alex Mashinsky, its chief executive.…

Read More

What reports of the SEC investigation of Coinbase have missed | John Reed Stark on LinkedIn

What reports of the SEC investigation of Coinbase have missed is the unique nature of the SEC’s jurisdiction. The SEC probe of Coinbase is likely vast and infinite in an unusual way. First off, the SEC is looking for fraud, market manipulation, insider trading, registration failures and other securities violations relating to Coinbase’s crypto-trading platform operations. But there is also…

Read More

Binance CEO Sues Bloomberg’s Hong Kong Partner for Defamation

Zhao demanded a retraction, called for the edition’s removal from newsstands and for a restraining order to stop the defendants from further spreading the portrayal; Modern Media has already obliged in part. He separately filed a motion for discovery against Bloomberg L.P. and Bloomberg Inc. in the U.S. District Court for the Southern District of New York, over “defamatory allegations”…

Read More

SEC Seeks More Details From Companies on Russia-Linked Losses, Risks – WSJ

The SEC, between March 9 and Friday, has sent at least 39 letters to 16 companies asking about the war’s impact, according to research firm Audit Analytics. It also questioned nine funds, including exchange-traded funds and mutual funds. The regulator last year sent a total of 1,140 letters to U.S.-listed companies with questions about their financial reporting, down 19.1% from…

Read More

CEO of Titanium Blockchain Pleads Guilty in $21 Million Cryptocurrency Fraud Scheme | Department of Justice

The CEO of Titanium Blockchain Infrastructure Services Inc. (TBIS) pleaded guilty Friday for his role in a cryptocurrency fraud scheme involving TBIS’s initial coin offering (ICO) that raised approximately $21 million from investors in the United States and overseas. According to court documents, Michael Alan Stollery, 54, of Reseda, California, was the CEO and founder of TBIS, a purported cryptocurrency…

Read More

Coinbase Faces SEC Investigation Over Cryptocurrency Listings – Bloomberg

Coinbase Global Inc. is facing a US probe into whether it improperly let Americans trade digital assets that should have been registered as securities, according to three people familiar with the matter. The US Securities and Exchange Commission’s scrutiny of Coinbase has increased since the platform expanded the number of tokens in which it offers trading, said two of the…

Read More