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Tag: Celsius Network

March 10, 2024

MicroStrategy’s Bitcoin Bet: Michael Saylor’s Bold Strategy Amidst Crypto Turbulence!

As the founder of MicroStrategy, Michael Saylor stands out not just as an executive but as one of the most fervent Bitcoin advocates on the global stage. His unwavering belief in Bitcoin has shaped MicroStrategy's strategic direction, marking it as a unique case study in corporate crypto investment. Despite navigating through the tumultuous crypto winter of 2022, which saw the collapse of major crypto players, Saylor's Bitcoin-centric strategy appears to be regaining its footing.

March 1, 2024

SEC Challenges Terraform Labs ‘Suspicious’ $166 Million Legal Fees To Law Firm Dentons!

In a move that underscores the ongoing tensions between regulatory bodies and crypto enterprises, the U.S. SEC has raised objections to Terraform Labs' financial arrangements for its legal defense during its bankruptcy proceedings, Reuters reports. The SEC's concern centers around a substantial $166 million transferred to the law firm Dentons since early 2023, suggesting these funds might be an attempt by Terraform to shield assets from a potential adverse judgment in a fraud case brought by the SEC.

February 2, 2024

Celsius Network Initiates $3 Billion Payout in Historic Bankruptcy Exit Strategy!

The collapsed crypto enterprise Celsius Network has embarked to emerge from bankruptcy, announcing the initiation of a $3 billion payout plan after officially resolving its Chapter 11 bankruptcy. This strategic decision came after a New York judge greenlighted Celsius's restructuring proposal in November 2023, marking a pivotal step towards repaying its customers' assets. The Plan includes the creation of a new Bitcoin mining company, Ionic Digital.

November 17, 2023

Fallen Crypto Heroes: Appeal Of Convicted Terra/Luna Founder Do Kwon In Montenegro Denied!

He is one of the fallen crypto heroes: Do Kwon, co-founder and CEO of Terraform Labs, was arrested in Montenegro in March 2023 amidst charges of orchestrating a multi-billion dollar crypto asset securities fraud. By June, he received a four-month jail sentence from a Basic Court in Podgorica for forging official documents. His appeal was denied by the Montenegro High Court, affirming the "adequate" punishment for his crime.

Crypto

October 10, 2023

The Rise, Crisis, Consolidation, And Reboot of the Global FinTech Scene!

The global financial landscape has undergone a seismic shift over the past two decades, with FinTech and cryptocurrencies at the forefront of this transformation. However, with innovation comes challenges, and the FinTech scene has seen its fair share of highs and lows. From the meteoric rise of companies like Wirecard to the subsequent crises faced by crypto giants, the journey has been tumultuous. Here is a summary and a glimpse into the future.

October 4, 2023

Court Times: Trial Against Crypto Entrepreneur Alex Mashinsky Scheduled!

The former CEO of Celsius Network, Alex Mashinsky, is set to face his criminal trial on September 17, 2024, as determined by a New York court. The crypto lender declared bankruptcy in July 2022. While the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) reached settlements with Celsius in July, both agencies, along with the Federal Trade Commission (FTC), have ongoing cases against Mashinsky.

September 26, 2023

Strange: US regulator SEC Objected To Repayment Plan Of Bankrupt Crypto Lender Celsius Network!

The U.S. SEC has raised concerns over the reorganization plans of the collapsed crypto scheme Celsius Network, citing its ongoing legal battle with crypto exchange Coinbase. On September 22, the SEC voiced its reservations to the U.S. Bankruptcy Court regarding Celsius' fourth restructuring proposal. Coinbase Chief Legal Officer Paul Grewal took to Twitter to publicly challenge the SEC's view.

July 14, 2023

Former CEO Of Bankrupt Crypto Scheme Celsius Networks Arrested On Fraud Charges

In a significant development, U.S. prosecutors have charged Alexander Mashinsky, 57, the former CEO of Celsius Network, with defrauding customers and providing misleading information about the company's operations. He has pleaded not guilty and was released on a $40 million bond. His attorney, Jonathan Ohring, stated that Mashinsky vehemently denies the allegations and looks forward to a robust defense in court.

March 23, 2023

Montenegro Interior Minister Announced Arrest Of Terra-Luna Founder Do Kwon!

Do Kwon, the co-founder of the failed TerraUSD stablecoin, has been arrested in Montenegro after months of hiding, Montenegro Interior Minister Filip Adzic said on Twitter. The suspect was detained in the airport of the country’s capital of Podgorica with false documents. In September, South Korean authorities issued a warrant for Kwon’s arrest in September. The U.S. Justice Department is investigating the collapse of TerraUSD, WSJ reports.

March 13, 2023

The Conspiracy Narrative Behind The Global Spreading Of Sudden Death Virus In A Nutshell!

The narrative of the sudden death of U.S. banks Silvergate, Silicon Valley Bank, and most recently Signature Bank sounds like a complicated conspiracy story written by John Grisham, Ken Follet, or John Le Carre. The main character is Sam Bankman-Fried (SBF). He allegedly intentionally triggered the collapse of the Terra-Luna stablecoin scheme in 2022 and, with it, the implosion of the worldwide crypto scene, which finally also swept the banking scene, forcing states and regulators to intervene.

Crypto

March 9, 2023

Crypto On Fire: Gemini Denies Rumors About Ended Relationship With JPMorgan!

Banking is becoming more difficult in the U.S. for crypto schemes. After Silvergate announced its voluntary liquidation, CoinDesk reported this morning that U.S. banking giant JPMorgan plans to end its banking relationship with crypto exchange Gemini owned by Winklevoss Twins, Cameron and Tyler. Back in early 2020, JPMorgan took on Gemini and Coinbase as customers. Gemini immediately denied the CoinDesk report on Twitter.

January 7, 2023

Crypto Court Season: Disgraced Celsius Founder Alex Mashinsky Sued For Crypto Fraud!

She did it again! She is famous for going after crypto schemes and their operators. New York Attorney General Letitia James filed a civil lawsuit against Celsius Network founder Alex Mashinsky, alleging that he defrauded investors out of billions of dollars with his crypto lending scheme by hiding its true financial situation. Mashinsky allegedly continued to promote Celsius as a safe alternative to banks and paid up to 17% interest on deposits while already deep in shit!

UNODC Report: Technology-Powered Cybercrime on the Rise in Southeast Asia!

The billion-dollar cyberfraud industry in Southeast Asia is booming, fueled by organized crime syndicates exploiting the latest in AI and cryptocurrency. The UNODC report notes that these criminal networks are outpacing government efforts to regulate and combat their operations. Urgent reforms and enforcement are needed to prevent further damage.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.