United States | FinTelegram News

Category: United States

July 12, 2024

Paxos Prevails in SEC Investigation of BUSD Stablecoin: No Enforcement Action to be Taken

Paxos, a US-based regulated blockchain and tokenization infrastructure platform, has announced that it received a formal termination notice from the U.S. Securities and Exchange Commission (SEC) on July 9, 2024. This notice indicates that the SEC will not recommend enforcement action against Paxos Trust Company regarding the investigation of the Binance USD (BUSD) stablecoin.

July 11, 2024

BitMEX Pleads Guilty to Money Laundering Violations, Highlighting Persistent Compliance Issues in Crypto Industry!

The U.S. Attorney for the Southern District of New York has announced that HDR GLOBAL TRADING LIMITED, a/k/a BitMEX, a prominent cryptocurrency exchange and derivatives trading platform, has pled guilty to charges of violating the Bank Secrecy Act (BSA). This admission underscores significant lapses in the exchange's anti-money laundering (AML) protocols, which have been a point of contention for regulatory authorities.

July 10, 2024

Ex-FTX Executives to Be Sentenced Following Testimonies Against Sam Bankman-Fried

FTX, once a leading U.S. crypto exchange, filed for bankruptcy in November 2022 after allegations of financial misconduct surfaced. The company's founder, Sam Bankman-Fried (SBF), was accused of orchestrating a massive fraud that resulted in losing $8 billion in customer funds. In March 2023, SBF was convicted and subsequently sentenced to 25 years in prison, marking one of the most significant financial fraud cases in U.S. history.

June 28, 2024

Fugitive Malaysian Financier Jho Low and US Justice Department Reach Agreement on 1MDB Money Laundering Case!

The U.S. Department of Justice (DOJ) announced that it has reached a confidential agreement with fugitive Malsaysian financier Low Taek Jho, better known as Jho Low, aimed at resolving the extensive asset forfeiture cases linked to the 1Malaysia Development Bhd (1MDB) corruption and money laundering scandal. This agreement represents a potential final chapter in the long-running legal saga and the largest civil forfeiture ever concluded by DOJ.

June 19, 2024

U.S. Prosecutors Unveil the Sinaloa Cartel’s Alliance with Chinese Money Launderers

A recent investigation by the U.S. Department of Justice (DOJ) has exposed a sophisticated money laundering scheme involving the Sinaloa Cartel and Chinese underground banking networks. This extensive operation, known as "Operation Fortune Runner," highlights the intricate methods used to launder drug trafficking proceeds. The DOJ's 10-count superseding indictment charges 24 individuals associated with the Sinaloa Cartel and Chinese underground banking groups.

June 17, 2024

SEC Challenges Ripple’s Request for Reduced Penalty

The U.S. SEC has dismissed Ripple Labs' request for a lower penalty, asserting that it would be insufficient and should not be compared to its settlement with Terraform Labs. On June 13, Ripple appealed to Judge Analisa Torres for a penalty "no more than $10 million," significantly less than the SEC's proposed $876.3 million civil penalty. Ripple referenced the SEC's settlement with Terraform Labs as a precedent.

June 16, 2024

Competing Claims for Bankman-Fried’s Forfeited Assets: A Legal Analysis

In the FTX bankruptcy saga, three distinct groups have lodged competing claims over assets seized from former FTX CEO Sam Bankman-Fried (SBF) following his criminal conviction. In March, the Federal High Court's $11 billion forfeiture order included various properties such as crypto tokens, private jets, and bank funds. Now, the FTX debtors' estate, a class of creditors, and an offshore entity founded by SBF are all vying for control over these assets.

June 13, 2024

Terraform Labs Agrees to $4.5 Billion Settlement in SEC Fraud Case

The collapsed crypto company Terraform Labs Pte. Ltd, the operator behind the Terra/Luna scheme, has agreed to a total monetary remedy of $4.47 billion settlement with the U.S. Securities and Exchange Commission (SEC) after a jury found them liable for defrauding cryptocurrency investors. The former CEO, Do Kwon, has to pay monetary relief totaling. Furthermore, Kwon is required to transfer at least $204,320,196 to the Terraform bankruptcy estate.

June 13, 2024

Kenyan National Sentenced to Over 11 Years for Fraudulent Advance Fee and Investment Scheme

In a decisive legal outcome, Kenyan national Paul Maucha, 59, has been sentenced to 11 years and three months in prison for orchestrating an advance fee and investment fraud scheme that deceived numerous victims. Court documents and trial evidence revealed that Maucha, in collaboration with a co-conspirator, utilized a shell company under his control, American Eagle Services Group Inc. (AESG), to execute the scheme.

June 13, 2024

Two U.S. Citizens Arrested for Smuggling $500,000 Worth of Luxury Goods to Russia!

The U.S. Department of Justice (DOJ) announced that the authorities had arrested two Russian-born U.S. citizens for allegedly conspiring to export nearly half a million dollars worth of luxury goods, specifically snowmachines, and associated parts, to Russia without the required licenses. The suspects, Sergey Nefedov, 40, of Anchorage, Alaska, and Mark Shumovich, 35, of Bellevue, Washington, were taken into custody.

June 10, 2024

FTX Loaned Millions to Australian Influencer to Ward Off Potential Litigation, Bankruptcy Report Reveals

A recent bankruptcy report from collapsed crypto exchange FTX has unveiled another incredible story. The now-defunct cryptocurrency exchange extended a loan of over $13 million to Australian influencer Alex Saunders. The loan was intended to help Saunders repay investors and protect FTX's reputation from potential litigation. Bitcoin.com News first brought this story to light. The FTX bankruptcy case seems to produce a neverending stream of stories.

June 4, 2024

CFO of U.S. Right-Wing Media Firm Faces $67 Million Money Laundering Charges Using Crypto!

The CFO of a prominent multinational media company, Weidong Guan, a/k/a Bill Guan, has been charged with participating in an elaborate scheme to launder approximately $67 million in illicit funds. Guan, who served as CFO for The Epoch Times headquartered in New York City, was arrested recently and will appear before U.S. Magistrate Judge. The case has been assigned to U.S. District Judge Victor Marrero.

The Unraveling of Rabidi and the Rise of the SoftSwiss Network: Our Updated Forensic Report

A few months ago, FinTelegram released a first forensic report on the bankruptcy of Rabidi N.V., a Curacao-registered online casino operator with hundreds of millions in revenues — and no traceable assets by the time of its collapse in May 2024. That report already raised serious questions about the opaque structures behind Rabidi’s operations and its successor, Liernin Enterprises Ltd.

DeFi Decoded: Smart Contracts – The Code Behind the DeFi Revolution

Smart contracts are the invisible architects of decentralized finance. These self-executing lines of code run everything from token swaps to lending platforms without middlemen. But while they offer autonomy, they also introduce new risks—bugs, exploits, and irreversible mistakes. In this fourth installment of our FinTelegram DeFi Series, we explain what smart contracts are.

CFTC

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.