Tag Archives: AA News

Faruk Fatih Özer – the founder of crypto exchange Thodex – has been extradited to his home country, Turkey, where he faces charges of fraud and operating a criminal organization. Thodex was one of the largest crypto exchanges in Turkey. It later turned out to be an exit scam, with Özer disappearing with $2.6 billion worth of crypto funds leaving around 400K users high and dry. According to the latest report by state media, the 27-year-old founder was detained by police upon...

In a landmark ruling, Hong Kong’s High Court declared crypto as property that can be held in trust. This marks the first time such a decision regarding asset class has been made in the city-state. The ruling, which was handed down in liquidation of a case involving the now-defunct crypto exchange Gatecoin, essentially puts crypto on par with other intangible assets such as stocks and bonds. Cryptocurrencies Constitute Property The judgment was revealed by London-based law...

Bitcoin has shown immense resilience this year. While the overall rally hasn’t been smooth sailing per se, it holds significance as it came against the backdrop of the banking scandal. This essentially represented a shift in investor sentiment shifted toward viewing Bitcoin as a hedge against banks. According to the latest report by the market tracking platform CoinGecko, spot trading volume across the top 10 crypto exchanges was recorded to be at $2.8 trillion for 2023 Q1,...

The authorities of Venezuela have reportedly urged local bitcoin miners to temporarily halt operations while inspecting a major corruption scheme that could have drained up to $20 billion. People who are part of President Maduro’s inner cycle are suspected of orchestrating the crime that involved the national oil and gas company – Petróleos de Venezuela. Pausing Crypto Activities During the Investigation According to a Forbes coverage, large-scale BTC miners in Venezuela will...

Damian Williams, the US attorney for the Southern District of New York, has requested a seven-year sentence for Reginald Fowler, the alleged executive in a crypto shadow banking business that operated in 2018. According to an April 18 filing, Fowler’s court case has dragged on for five years, and he is scheduled to be sentenced on April 20. US Attorney Seeks Seven-Year Sentence for Defendant In a letter of request written to US District Judge Andrew Carter, Williams explained...

The New York State Department of Financial Services (NYDFS) said it will start billing cryptocurrency entities registered in the state in exchange for annual examination and supervision.  Superintendent Adrienne Harris explained the fees will be different for each organization, depending on their size and complexity. Bringing Crypto Closer to Banks The NYDFS stated the new rule will apply to those entities which have already obtained the so-called Bitlicense. The financial...

On April 21, the Texas House of Representatives approved a bill requiring cryptocurrency exchanges to maintain sufficient reserves to fulfill their clients’ payment obligations. According to the announcement by the Texas House of Representatives, the “HB 166” bill filed by State Rep. Giovanni Capriglione was passed by a majority of 150 members, aiming to “rebuild trust in the market by requiring Proof of Reserves for digital asset exchanges.” Texas Aims to Protect Citizens...

Ontario Teachers’ Pension Plan (OTPP) – Canada’s largest single-profession pension plan – decided not to rush into another cryptocurrency investment following its bad experience with FTX.  The organization was among the prominent backers of the now-bankrupt exchange, investing $95 million. The dramatic crash, though, shrank that sum to virtually zero. Change of Heart After the FTX Implosion Jo Taylor – Chief Executive Officer of the $190 billion pension plan – told the...

A resident of Scotland’s county Lanarkshire was left with a £150,000 debt (almost $190,000) after falling victim to a cryptocurrency fraud. She is now forced to sell her home to avoid additional financial issues. The woman sought support from Advice Direct Scotland and the local police, but the entities could not help her retrieve the funds. ‘It’s Absolutely Horrific’ Jennifer decided to invest her money into a crypto scheme after seeing a dubious advert on Facebook featuring...

Blur appears to have lost its title as the world’s most popular NFT marketplace. OpenSea Pro was rebranded and unveiled to court active traders from Blur. The latter was eating away at OpenSea’s market share since its launch last October. The counteroffensive proved somewhat successful as data suggest that the new “polished” NFT aggregator has surpassed Blur by daily transaction count. Delphi Digital’s analysis indicates that OpenSea Pro has surpassed transactions since...