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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInWire fraud: the most powerful law in crypto right now | Reuters
My previous article in February 2022 highlighted how DOJ could seek to use the wire fraud statute to prosecute rug pulls (i.e., take the money and run schemes), insider trading, and the market manipulation of digital assets. (See McGinley, “Expect indictments in the NFT space soon,” Reuters Legal News (Feb. 4, 2022)). Since then, DOJ […]
Coinme Brings DOGE, ETH, MATIC and More to Grocery Crypto Kiosks
Bitcoin kiosk company Coinme on Wednesday said it now sells ETH, MATIC, CHAIN, DOGE, LTC and XLM from its 10,000 grocery store kiosks. Coinme’s integration of the six additional cryptocurrencies offers users greater freedom to interact with different tokens beyond Bitcoin, CEO Neil Bergquist said. Where some users may purchase ETH to buy an NFT, […]
Detection Efforts Are Job One at the CFP Board | RIAIntel
When Tom Sporkin joined the CFP Board as managing director of enforcement in January 2021, he was met with his fair share of challenges. Sporkin and his team are constantly trying to improve and implement the significant resources dedicated to their detection efforts, but at the end of the day, “we’re aware that we can’t […]
Tether, a top crypto company, defies U.S. sanctions on service that hid stolen assets – The Washington Post
One crypto company that has attracted scrutiny from U.S. regulators and law enforcement in the past, Tether, may be in violation of Treasury’s new rules. According to a Washington Post analysis of data from Dune Analytics, a crypto intelligence firm, Tether is not blacklisting accounts associated with Tornado Cash. So far, the U.S. government has […]
Miami Trio Duped Banks, Crypto Exchange in $4 Million Scam, Prosecutors Say – WSJ
The three men, residents of Miami, bought more than $4 million in cryptocurrency by opening accounts with a leading cryptocurrency exchange using photos of fake U.S. passports and drivers’ licenses, according to an unsealed indictment. The accounts were linked to bank accounts controlled by the trio. After purchasing the cryptocurrency, the men quickly transferred it […]
The 30-Year-Old Spending $1 Billion to Save Crypto – WSJ
Crypto is ailing. Sam Bankman-Fried is betting a billion dollars he can fix it. The chief executive of cryptocurrency exchange FTX Trading Ltd. has appointed himself the industry’s savior—and crypto investors are closely watching his moves after months of market carnage. This year, he bailed out a troubled digital-currency lender and tried to stabilize another. […]
Ex-OpenSea exec calls for NFT “insider trading” charges to be dismissed—because NFTs are not securities or commodities | Fortune
The Justice Department filed money laundering charges in June against Nate Chastain, the former head of product at the most popular NFT marketplace OpenSea, in what the agency called the “first ever digital asset insider trading scheme. But in a motion filed Friday in New York federal court, Chastain asked a judge to dismiss the […]
Dragonchain Defends Itself Against SEC’s Latest ICO Case – Blockchain
The SEC’s investigation had been going on for years and, in an apparent surprise to Dragonchain, as the statute of limitation was about to run, the SEC informed the company in April that it would be bringing charges. Thus, even in advance of the filing of the SEC’s complaint, Dragonchain posted its defense to the […]