The British Columbia Securities Commission (BCSC) said its investigation into Liquitrade’s crypto asset trading platform found that the company operated an illegal exchange. The probe also determined that users were trading contractual rights, not crypto assets, as the platform had claimed. Latoken Users Trading Derivatives, Not Crypto Assets On July 3, the British Columbia Securities […]
Bitcoin News
North Korea’s Lazarus Group Exploited Defi Protocol Alex Lab for $4.3 Million, Probe Reveals
Bitcoin layer-two developer Alex Lab revealed that an investigation linked the North Korea-linked Lazarus Group to the .3 million exploit that occurred on May 16. Alex Lab has facilitated communication between the Singapore Police Force and relevant cryptocurrency exchanges as part of the ongoing investigation. Alex Lab Collaborates With Law Enforcement in .3M Hack Investigation […]
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Report Claims Jump Trading Under CFTC Probe for Crypto Activities
The Commodity Futures Trading Commission (CFTC) has initiated an inquiry into the cryptocurrency activities of Chicago-based Jump Trading, according to a report by Fortune’s Leo Schwartz. This investigation forms part of a larger regulatory review, though it does not suggest any wrongdoing by the firm. Jump Trading Under CFTC Scrutiny Jump Trading, noted for its […]
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Jack Dorsey’s Block Faces DOJ Probe Over Alleged Transactions With Sanctioned Nations and Terrorist Groups
Department of Justice (DOJ) federal prosecutors from the Southern District of New York are investigating fintech company Block, formerly known as Square, for significant compliance failures in its transaction monitoring systems after a former employee revealed lapses that included processing transactions with sanctioned nations and groups linked to terrorism. Allegations against Block include handling transactions […]
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Venezuelan Probe Unveils Crypto Money Laundering Scheme Linked to Oil Sale Embezzlement; Kraken Involved
The Venezuelan Attorney General, Tarek William Saab, unveiled the second wave of detentions linked to a crypto money laundering scheme derived from unregistered oil sales paid in different currencies and crypto. The former president of the state-owned oil company PDVSA, Tareck El Aissami, the former Economy Minister Simon Alejandro Zerpa, and entrepreneur Samark Lopez were […]
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UK, US Probe $20B in USDT Transfers by Sanctioned Russian Crypto Exchange
The U.K. and the U.S. are reviewing tether transactions, valued at billion, processed by the sanctioned cryptocurrency exchange Garantex. Digital currency transactions and crude oil sales are believed to be a significant source of foreign currency for Russia. Russia Sanctions Busting The U.K. and the U.S. are reportedly reviewing cryptocurrency transactions valued at […]
Bitcoin News
Telegram Banned in Spain for Not Cooperating in Unauthorized Content Probe
Telegram, the messaging powerhouse, has been banned in Spain on a case investigating the hosting of unauthorized content owned by media companies in Spain. The Audiencia Nacional (National Court), one of the highest courts in Spain, has authorized this ban until Telegram cooperates by sending the required info to the court. Audiencia Nacional Bans Telegram […]
Bitcoin News
Dogecoin Plunges 5% After Elon Musk Gets Called Back For Twitter Probe
The cryptocurrency market was rattled as Dogecoin (DOGE) experienced a significant 5% decline in value, sending shockwaves through the industry. This decline, which caught many investors off guard, is attributed to a combination of factors that have created a cloud of uncertainty around the popular digital asset.
Firstly, the overall market sentiment towards cryptocurrencies has been bearish, with many investors becoming more cautious due to regulatory concerns and the ongoing legal troubles of influential figures in the industry.
Elon Musk’s Issues Affect Dogecoin Price
Elon Musk, the enigmatic figure known for his support of Dogecoin, was called back to provide testimony in a regulatory investigation regarding his purchase of Twitter. This has cast a shadow over the future of Dogecoin, as the outcome of Musk’s legal battles could have far-reaching implications for the cryptocurrency.
ELON MUSK MUST TESTIFY AGAIN IN REGULATOR’S PROBE INTO TWITTER ACQUISITION — U.S. COURT RULING
— *Walter Bloomberg (@DeItaone) February 11, 2024
Technical indicators further compound the challenges facing Dogecoin, as they reveal that the coin’s bulls are struggling to gain momentum. The rejection at the 50-day Exponential Moving Average has created a strong resistance level, hindering any significant upward movement.
Additionally, Dogecoin is at a critical juncture due to declining trading volume, signaling a potential period of consolidation or a waning interest in the digital asset.
#Dogecoin is experiencing a decrease in transaction volume and whale transaction count, which typically indicates lower trading activity. This could be a sign that fewer people are buying, selling, or transferring #DOGE, possibly due to reduced interest or confidence in it! pic.twitter.com/SiKNxx4FhN
— Ali (@ali_charts) February 12, 2024
The uncertainty surrounding Dogecoin is exacerbated by the possibility of it being classified as an investment akin to a stock, which could subject it to stringent regulations and negatively impact its value. If judges rule in this manner, it could deter potential buyers and erode the coin’s value, posing a significant threat to its future.
There’s Still Light Ahead
Despite these challenges, there is still a glimmer of hope for Dogecoin’s supporters. A potential recovery in the cryptocurrency is on the horizon if it can maintain its position above the 200-day moving average and overcome the negative sentiment stemming from Musk’s legal woes. However, a breach of this support level could lead to further declines and test lower support levels, potentially dropping to .065.
The decline in Dogecoin’s market capitalization and trading volume underscores the unpredictable nature of the cryptocurrency industry. As the market leader grapples with these challenges, it must adapt to the rise of other cryptocurrencies and find ways to distinguish itself.
Featured image from Pexels, chart from TradingView
UN Sanctions Inspectors Probe Alleged North Korean Cyberattacks Targeting Crypto Firms
United Nations (UN) sanctions monitors are reportedly investigating specific cases of hacking attacks allegedly carried out by North Korea-affiliated hackers between 2017 and 2023. Besides attacking decentralized finance platforms, the UN monitors alleged that North Korea-affiliated hackers are targeting defense companies and supply chains. Hackers Rake in Billion in Six Years The United Nations […]
Bitcoin News
Binance Founder Ordered To Stay Put In The US In Ongoing Probe
Binance Co-founder and former Chief Executive Officer (CEO) Changpeng CZ Zhao, has been confined to remain in the United States in advance of his sentencing expected to take place next year.
Former Binance CEO No Longer Leaving The US
The Binance co-founder has been ordered by US District Judge Richard Jones to remain in the country in a ruling on Thursday. Zhao was instructed to stay in the US due to the significance of his recent guilty plea.
The ruling read:
As relief, the government requests that Mr. Zhao be required to remain in the continental United States in the period between his plea and sentencing.
The Thursday ruling reversed an earlier decision that would have allowed Zhao to return to the United Arab Emirates (UAE). Jones acknowledged in his decision the arguments provided by Zhao, which ordinarily would result in the government’s motion being denied.
However, Jones highlighted the distinctive features of Zhao’s case. These include his riches, the absence of an extradition treaty with the UAE, and Zhao’s family living in the UAE.
Furthermore, the judge also highlighted that Zhao poses a flight risk if he were allowed to return to the UAE. This is due to the former CEO’s substantial assets and the meager connections he has to the United States.
Additionally, knowing that the Binance ex-CEO faces a potential 18-month sentence in prison also sparks a possible flight risk. Jones asserted that Zhao is asking for a lesser sentence, which might lead to 18 months of incarceration as indicated by the government.
The judge stated that despite promises that CZ wouldn’t flee if permitted to travel to the UAE, the court wasn’t convinced. This led to the order that he should remain in the US until his sentencing on February 23, 2024.
So far, the court stated in the ruling that its decision is not based on Zhao’s citizenship and alienage. “The risk of the defendant not showing up is posed by the circumstances surrounding their combined facts,” the court said.
Changpeng “CZ” Zhao’s Guilty Plea
Last Month, the former Binance CEO pleaded guilty and stepped down from the cryptocurrency exchange he founded about 6 years ago. Zhao’s plea to one count of violating the Bank Secrecy Act was formally accepted by Judge Jones.
Jones accepted the plea after a thorough consideration report and recommendation of the United States Magistrate Judge which found him guilty.
Jones wrote:
This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection, hereby accepts the plea of guilty of the defendant.
His plea was accepted just over two weeks after both he and Binance acknowledged a number of criminal and civil charges. These include failure to maintain an appropriate anti-money laundering program, running an unlicensed money transfer business, and violation of sanctions law.