Daily Archives: August 2, 2022, 11:40 am

Robinhood’s crypto arm fined $30 mln by New York State’s financial regulator | Reuters

New York State’s financial regulator has fined the crypto arm of Robinhood Markets Inc $30 million for alleged violations of anti-money-laundering, cybersecurity and consumer protection rules. The New York State Department of Financial Services (NYDFS) said on Tuesday that Robinhood Crypto did not devote sufficient resources to address compliance and cybersecurity risks. Source: Robinhood’s crypto arm fined $30 mln by…

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Former FinCEN Enforcement Head Alessio Evangelista Joins Skadden in Washington, D.C. | News & Rankings | Skadden, Arps, Slate, Meagher & Flom LLP

Skadden is pleased to announce that Alessio D. Evangelista, most recently head of enforcement and compliance at the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), has joined the firm as a litigation partner in our Washington, D.C. office. He will advise financial services clients — ranging from banks and investment management companies to fintech companies and digital assets…

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Elon Musk Sued by Twitter Investor Over Busted $44 Billion Deal – Bloomberg

A Twitter Inc. shareholder hit Elon Musk with a proposed class action, effectively joining the tech giant’s bid to block the world’s richest man from backing out of his pledge to pay $44 billion to acquire the influential social networking platform. The lawsuit was filed in Delaware Chancery Court—the same forum that’s set to hold a fast-tracked trial in October…

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The Crypto Market Crashed. They’re Still Buying Bitcoin. – The New York Times

Cory Klippsten started issuing warnings about the cryptocurrency market in March. The digital coin Luna, Mr. Klippsten tweeted, was a scam, run by an entrepreneur with “major Elizabeth Holmes vibes.” The newfangled crypto bank Celsius Network was a “massive blowup risk,” he said. When those crypto projects collapsed a few weeks later, causing a crash that has wiped out about…

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Twitter Went Into Ludicrous Mode in Elon Musk Suit

Over the weekend, Twitter sent subpoenas to 17 Wall Street bank entities that have helped Musk put together the deal. The volume of information requested is huge, as you may expect for a deal like this: every pertinent text message, email, voice-mail, DM, and whatever other way they may have communicated. The requests cover everything from basic discussions over debt financing…

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Attorney General James Urges New Yorkers Deceived by Crypto Platforms to Report Concerns to OAG | NYAG

New York Attorney General Letitia James today issued an investor alert urging any New Yorker deceived or affected by the cryptocurrency crash to contact her office. Many high-profile cryptocurrency businesses have frozen customer withdrawals, announced mass layoffs, or filed for bankruptcy, while investors have been left in financial ruin. As part of the Office of the Attorney General’s (OAG) ongoing investigative work, OAG is interested in hearing from New York investors…

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Crypto Firm Nomad Loses Nearly $200 Million in Bridge Hack – Bloomberg

Nomad, a bridge protocol for transferring crypto tokens across different blockchains, lost close to $200 million in a security exploit on Monday, according to security firm PeckShield Inc. The software system was drained of funds over hours and in small batches by various accounts, blockchain data shows. Source: Crypto Firm Nomad Loses Nearly $200 Million in Bridge Hack – Bloomberg

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