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☆ Terraform Labs and founder Do Kwon found liable in U.S. civil fraud trial
▼ + stars: | 2024-04-05 | by ( ) www.cnbc.com time to read: +2 min

A police officer escorts Terraform Labs co-founder Do Kwon after he served a sentence for document forgery in Podgorica, Montenegro, March 23, 2024. A jury in Manhattan found Singapore-based Terraform Labs and its founder Do Kwon liable on civil fraud charges on Friday, agreeing with the U.S. Securities and Exchange Commission that they misled investors before their stablecoin's 2022 collapse shocked cryptocurrency markets. The regulator is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry. Kwon, who was arrested in Montenegro in March 2023, did not attend the trial, which began March 25. Kwon designed TerraUSD and Luna, a more traditional token that fluctuated in value but was closely linked to TerraUSD.

Persons: Kwon, Terraform's blockchain, Laura Meehan, Meehan, Louis Pellegrino, Luna Organizations: Terraform Labs, Labs, U.S . Securities, Exchange Commission, SEC Locations: Podgorica, Montenegro, Manhattan, Singapore, South Korea

☆ Terraform Labs and founder Do Kwon found liable in US civil fraud trial
▼ + stars: | 2024-04-05 | by ( ) edition.cnn.com time to read: +4 min

Kwon designed TerraUSD and Luna, a more traditional token that fluctuated in value but was closely linked to TerraUSD. The SEC is seeking civil financial penalties and orders barring Kwon and Terraform from the securities industry. Kwon falsely attributed the recovery to the reliability of TerraUSD’s algorithms, according to the regulator. Earlier in the case, Terraform argued that securities laws did not apply to the cryptocurrencies it developed. After a final judgment in the case, Terraform will be able to challenge that ruling on appeal.

Persons: Kwon, Terraform’s blockchain, Luna, Jed Rakoff, Terraform, Gurbir Grewal, ” Grewal, ”, Laura Meehan, ” Meehan, Terraform’s, Louis Pellegrino, ” Pellegrino, Rakoff Organizations: Labs, US Securities and Exchange Commission, SEC, SEC Division Locations: Manhattan, Singapore, Montenegro, United States, South Korea

☆ Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether, Circle
▼ + stars: | 2024-04-04 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

Jakub Porzycki | Nurphoto | Getty ImagesCrypto startup Ripple is the latest major player to jump into the $150 billion stablecoin market with the launch of a digital currency pegged to the U.S. dollar. The move would pit Ripple against stablecoin giants like Tether, which is behind the largest stablecoin UDST, and USDC issuer Circle. Payments giant PayPal , meanwhile, launched its own U.S. dollar stablecoin called PayPal USD, a stablecoin backed by U.S. dollars and dollar equivalents that is issued by crypto firm Paxos. watch nowTether is the market leader for stablecoins with a market capitalization of $106.3 billion, according to CoinGecko data. "In fact, the number one request we get from the XRP community is to launch a USD-backed stablecoin on the XRP Ledger."

Persons: Jakub Porzycki, Brad Garlinghouse, he's, Garlinghouse, Tether's, USDT, USDC, MoneyGram Organizations: U.S, SEC, Nurphoto, Getty, U.S ., PayPal, CNBC, Bank, FinCEN, Santander, U.S . Securities, Exchange Commission, Southern, of Locations: U.S, Europe, Asia, New York, Ireland, Singapore, of New York

☆ Terraform Labs files for bankruptcy protection in the U.S.
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +1 min

PODGORICA, MONTENEGRO - JUNE 16: Do Kwon is taken outside of court on June 16, 2023 in Podgorica, Montenegro. Singapore-based Terraform labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100 million to $500 million. Recently, a federal judge postponed the trial of the U.S. Securities and Exchange Commission (SEC) against the company and its co-founder, Do Kwon, over an alleged $40 billion cryptocurrency fraud. Kwon and Terraform Labs were held responsible for two cryptocurrencies whose collapse caused turbulence in crypto markets around the world in 2022. Both cryptocurrencies lost an estimated $40 billion or more when TerraUSD failed to maintain its $1 peg in May 2022.

Persons: Kwon, Cryptocurrency, Filip Filipovic, Do Kwon, Terraform, cryptocurrencies, TerraUSD Organizations: Labs, Sunday ., U.S . Securities, Exchange Commission, SEC, Terraform Labs Locations: PODGORICA, MONTENEGRO, Podgorica, Montenegro, United States, Sunday . Singapore, Delaware

Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa

☆ Bitcoin hits $40,000 level for the first time this year
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +1 min

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File photo Acquire Licensing RightsDec 3 (Reuters) - Bitcoin hit $40,085 on Sunday, its highest in almost a year and a half, fuelled by bets that U.S. regulators will soon approve stock-market traded bitcoin funds. Bitcoin was up 1.55% at 2234 GMT, adding $611 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is up 51.1% from the year's low of $26,533 on Oct. 11. Their downfall caused havoc in crypto markets and sparked the bankruptcy of some high-profile companies in the crypto sector.

Persons: Marco Bello, Bitcoin, Nilutpal, Lisa Shumaker Organizations: REUTERS, Thomson Locations: Miami Beach , Florida, U.S, Bitcoin, Bengaluru

☆ Montenegro court approves extradition of 'cryptocurrency king' Do Kwon
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

Do Kwon, the cryptocurrency entrepreneur, who created the failed Terra (UST) stablecoin, is taken to court in Podgorica, Montenegro, March 24, 2023. The decision will be made after Do Kwon completes serving his prison sentence for document forgery, the court said. A South Korean national, Kwon is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets. Following Kwon's arrest, the U.S. District Court in Manhattan made public an eight-count indictment against him for securities fraud, wire fraud, commodities fraud and conspiracy. In late May, a Montenegrin court scrapped a bail of 800,000 euros for the pair, saying it could not be taken as a solid guarantee, nor their promise they would not run away once released from detention.

Persons: Kwon, Stevo, Do Kwon, Kwon ´, Han Chang, joon, Daria Sito, Mark Potter Organizations: UST, REUTERS, Rights, Police, Terraform Labs, Court, Korean, Labs, U.S, Thomson Locations: Podgorica, Montenegro, Rights SARAJEVO, South Korea, United States, U.S, Rican, Montenegrin, Dubai, Manhattan

As token prices plummeted last year, the sector saw other stunning meltdowns that put several industry moguls into authorities' crosshairs. Changpeng "CZ" ZhaoThe U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Zhao in June for allegedly operating "a web of deception." Kwon faces multiple charges of fraud in the U.S. and was arrested in Montenegro earlier this year for allegedly forging documents, authorities said. He has pleaded not guilty to U.S. fraud charges that he misled customers and artificially inflated the value of his company's proprietary crypto token. Barry SilbertSilbert is the boss of crypto group Digital Currency Group whose subsidiary Genesis Global Capital filed for bankruptcy in January.

Persons: Zhao Changpeng, Binance, Costas Baltas, Sam Bankman, Fried, he's, Zhao, Kwon, Luna, Terraform, Alex Mashinsky, Mashinsky, Barry Silbert Silbert, Letitia James, Silbert, Stephen Ehrlich Stephen Ehrlich's, Ehrlich, Justin Sun, Sun, Niket Nishant, Hannah Lang, Michelle Price, Anil D'Silva Organizations: REUTERS, Rights, Zhao, U.S . Securities, Exchange Commission, SEC, U.S . Commodity Futures Trading Commission, Korean, Terraform Labs, Montenegrin, Mashinsky, CFTC, U.S . Federal Trade Commission, Digital Currency Group, Genesis Global Capital, New York, FTC, Tron Foundation, Thomson Locations: Athens, Greece, China, Canada, U.S, Montenegro, New York

☆ SBF's conviction is the final nail in the coffin for crypto bros hoping to get rich quick
▼ + stars: | 2023-11-03 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

Sam Bankman-Fried was found guilty of all seven charges against him. AdvertisementAdvertisementA New York jury took less than five hours on Thursday to find Sam Bankman-Fried guilty of all seven charges the FTX founder faced. Now facing up to 110 years in prison, SBF's conviction marks the final nail in the coffin for the coterie of crypto bros who got rich quick. Bankman-Fried also testified he believed regulation would help give FTX a competitive edge over rival crypto exchange Binance. That complaint includes one especially damning exchange, in which the SEC alleges Binance's chief compliance officer said:"we are operating as a fking unlicensed securities exchange in the USA bro."

Persons: Sam Bankman, Fried, Crypto's, —, Renato Mariotti, that's, it's, SBF, Binance's, There's, Kwon, Luna, Elon Musk's, Joe Biden's Organizations: Service, bros, BlackRock, DMs, Securities, Exchange Commission, Binance, SEC, New York Magazine Locations: York, Japan, Washington, Binance, USA

☆ Central bank test lab develops global bitcoin mapping system
▼ + stars: | 2023-10-04 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 4 (Reuters) - A global central bank test lab has designed a prototype bitcoin monitoring system aimed at giving authorities a clearer picture on how, when and where the cryptocurrency is used. The Bank for International Settlements (BIS) project, codenamed Atlas, began at the Dutch central bank more than five years ago, but its potential value has been underscored over the last 18 months by a series of chaotic collapses across the crypto industry. Cross-border crypto flows are particularly relevant for central banks in the context of cross-border payments, economic analysis and balance of payments statistics, the BIS said. "Central banks need to gain first-hand knowledge of crypto and DeFi and the risks and opportunities they present to the financial system," the BIS said. It added the dashboards would now be made available to a group of "test" central banks to gather feedback and for further development.

Persons: Atlas, Elizabeth Howcroft, Gareth Jones Organizations: Bank for International Settlements, Atlas, BIS, Regulators, Thomson Locations: London

REUTERS/David 'Dee' Delgado/ Acquire Licensing RightsOct 3 (Reuters) - The global cryptocurrency market remains badly scarred following the tumultuous collapse of crypto exchange FTX and other big players last year, with crypto prices, volumes and venture capital investment well below their 2021 peaks. BITCOIN BLUESBitcoin, by far the biggest cryptocurrency and the chief barometer for crypto market sentiment, has bounced back about 37% since Nov. 1. Reuters Image Acquire Licensing RightsCRUMBLING MARKET CAPAfter peaking at $3 trillion in November 2021, the value of the overall crypto market plummeted through 2022, hitting a two-year low of $796 billion as FTX imploded. Yet the relative calm in crypto markets is not necessarily a good thing, said some market participants, noting that many investors are attracted to crypto precisely because of its volatility, which offers opportunities to make quick profits. Reuters GraphicsVC CRYPTO BETS TUMBLEVenture capital (VC) investments flooded into crypto during its boom year of 2021, and even through 2022.

Persons: Damian Williams, Samuel Bankman, David, Dee, Delgado, Sam Bankman, FTX, cryptocurrencies, Bitcoin, bitcoin, Ben Laidler, Usman Ahmad, Anders Kvamme Jensen, Robert Le, CCData, Noelle Acheson, Hannah Lang, Elizabeth Howcroft, Tom Wilson, Michelle Price, Andrea Ricci Organizations: REUTERS, Capital, Silvergate Bank, BlackRock, Reuters, Zodia, Chartered, Reuters Graphics, U.S, Venture, Thomson Locations: New York City, U.S, New York, Singapore, London, Washington

Sept 19 (Reuters) - Bitcoin isn't the only asset experiencing a late summer slump. It has shrunk by almost a tenth this year, standing at $124.4 billion as of Sept. 14. A jump in the dollar index on interest rate hikes last year was accompanied by a big rise in stablecoin volumes, he added. Yet all is not equal: Dollar-pegged Tether, the biggest stablecoin, is bucking the losing trend. Reporting by Hannah Lang in Washington; Editing by Michelle Price and Pravin CharOur Standards: The Thomson Reuters Trust Principles.

Persons: James Butterfill, CoinGecko, Paolo Ardoino, Paxos, USDC, TerraUSD, Dante Disparte, it's, Hannah Lang, Michelle Price Organizations: U.S ., New York Department of Financial Services, U.S, Silicon, Bank —, Thomson, Reuters Locations: South America, Central Asia, U.S, Washington

☆ Singapore c.bank bars 3AC founders from market activity
▼ + stars: | 2023-09-14 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. REUTERS/Darren Whiteside/File Photo Acquire Licensing RightsSINGAPORE, Sept 14 (Reuters) - Singapore's central bank said on Thursday it has barred the founders of bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) from market activity in the city-state for nine years. The Monetary Authority of Singapore (MAS) said in a statement it had issued orders, which, effective from Sept 13, prohibit 3AC founder Zhu Su and Kyle Livingston Davies from performing any regulated activity and from managing any capital market services firms in Singapore. "Senior management of fund managers are required to implement robust risk management measures to protect the interest of investors," Loo Siew Yee, MAS Assistant Managing Director said. Representatives for Zhu and Davies could not immediately be reached for comment.

Persons: Darren Whiteside, cryptocurrencies Luna, TerraUSD, Zhu Su, Kyle Livingston Davies, Loo Siew Yee, Zhu, Davies, Kanupriya Kapoor Organizations: Monetary Authority, REUTERS, Rights, Arrows, British Virgin Islands, Monetary Authority of Singapore, MAS, Thomson Locations: Singapore, Rights SINGAPORE, British Virgin

REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsWASHINGTON, Aug 21 (Reuters) - PayPal's (PYPL.O) stablecoin is likely to succeed where Facebook's failed, thanks to the payment giant's standing in Washington and policymakers' greater understanding of the issues in the last three years. "From a policy perspective, there is a seismic difference between Facebook's Libra and PayPal's stablecoin," said Isaac Boltansky, director of policy research for brokerage BTIG. Dan Dolev, a senior analyst at Mizuho, said PayPal USD is not a game-changer for PayPal investors. When Facebook unveiled Libra, a stablecoin whose operations were based in Switzerland and which was pegged to a basket of currencies, executives made no secret of their ambitions. Facebook rebranded Libra, scaled it back and moved the project to the United States, in a bid to win U.S. regulatory approval.

Persons: Fabrizio Bensch, stablecoin, Facebook's, Christopher Giancarlo, PayPal's, Isaac Boltansky, Dan Schulman, Dan Dolev, Maxine Waters, Joe Biden's, Janet Yellen, Yellen, TerraUSD, stablecoins, There's, Jack Fletcher, Patrick McHenry, Hannah Lang, Andrea Shalal, Pete Schroeder, Niket, Michelle Price, Matthew Lewis Organizations: PayPal, REUTERS, Rights, U.S ., Facebook, U.S . Commodity Futures Trading Commission, Federal Reserve, Meta, Paxos Trust, New York State Department of Financial Services, Mizuho, Financial Services, Treasury, Congress, prudential, Republican, Thomson Locations: Berlin, Germany, Washington, U.S, Switzerland, United States, transact, stablecoins, Bengaluru

SINGAPORE, Aug 15 (Reuters) - Singapore's central bank released a regulatory framework on Tuesday intended to bolster the stability of single-currency stablecoins. The framework will apply to non-bank issuers of single-currency stablecoins pegged to the Singapore Dollar or any G10 currencies where their circulation exceeds S$5 million, said the Monetary Authority of Singapore (MAS). The central bank has to hold legislative consultations before Parliament passes amendments that would bring the framework into force. Single-currency stablecoins are a type of cryptocurrency pegged to a traditional asset like national currencies. The reserve assets must be at least at 100% of the outstanding single-currency stablecoins that are in circulation.

Persons: Xinghui Kok, Simon Cameron, Moore Organizations: Singapore, Monetary Authority of Singapore, MAS, UST, U.S . House Financial Services, Thomson Locations: SINGAPORE, Singapore, U.S

☆ PayPal bets on crypto's future with US-dollar-backed stablecoin PYUSD
▼ + stars: | 2023-08-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

The stablecoin, PayPal USD, is fully backed by the US dollar and is “designed to reduce friction” for payments within virtual spaces and provide faster, cheaper transfers of money across borders. But PayPal is betting on a future in which digital currency is more mainstream and merchants may request payment in stablecoins to avoid credit card processing fees. In May 2022, the “algorithmic” stablecoin TerraUSD collapsed when the crypto token backing it, Luna, collapsed. The value of PayPal USD, or PYUSD, doesn’t rely on a complex algorithm the way Terra did. In other words: every PayPal USD should be worth $1.00, no matter what.

Persons: ”, Dan Schulman, Stablecoins, Stablecoins aren’t, TerraUSD, Luna, Kwon, Charles Cascarilla Organizations: New, New York CNN, PayPal, Securities, Exchange Commission, Paxos Trust Locations: New York, cryptocurrencies, Venmo, Terra

NEW YORK, July 31 (Reuters) - Terraform Labs and its founder, Do Kwon, must face fraud allegations brought by the U.S. Securities and Exchange Commission, a federal judge ruled on Monday. Kwon and Terraform Labs were behind two cryptocurrencies whose implosion roiled crypto markets around the world last year. A spokesperson for Terraform Labs said the company "will continue to fight the SEC's misguided and deeply flawed allegations and legal theories." SEC attorneys in the Terraform Labs case have said that part of the ruling by Torres was wrongly decided and that SEC staff are exploring ways to have it reviewed. The case is SEC v. Terraform Labs Pte Ltd. et al., No.

Persons: Do Kwon, Kwon, Jed Rakoff, TerraUSD, Rakoff, Analisa Torres, Torres, Jody Godoy, Will Dunham, Grant McCool, Leslie Adler Organizations: YORK, Terraform Labs, U.S . Securities, Exchange Commission, U.S, SEC, U.S ., UST, Labs, District, Court, Southern District of, York, Thomson Locations: Manhattan, U.S, Southern District, New York

☆ Some crypto assets are securities, Manhattan judge says, complicating Coinbase and Ripple cases
▼ + stars: | 2023-08-01 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

A Manhattan federal judge said in an opinion that cryptocurrencies are considered securities regardless of how they are sold. U.S. District Judge Jed Rakoff's decision Monday complicates SEC's litigation with both Ripple and crypto exchange Coinbase. The Ripple ruling was considered a win by the industry because it said a cryptocurrency may or may not be a security depending on who's buying it. The SEC has argued in cases against Binance, Coinbase and Kraken that many cryptocurrencies listed on popular exchanges are securities. The SEC has pursued numerous other crypto firms over the alleged unregistered offer and sale of securities, including Coinbase , Gemini and Genesis.

Persons: Hon Chang, joon, Kwon, cryptocurrencies, Jed Rakoff's, Coinbase, Rakoff, — CNBC's Lora Kolodny Organizations: UST, Securities and Exchange Commission, Terraform Labs, U.S, SEC, Binance Locations: Podgorica, Montenegro, Manhattan

☆ South Korea launches interagency investigation team to tackle rising crypto crimes
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

SEOUL, July 26 (Reuters) - South Korea launched an interagency investigation unit to tackle crypto-currency crimes on Wednesday amid a surge in illegal activities in the market and a lack of legal protections for investors. The Joint Investigation Centre for Crypto Crimes will be manned by some 30 personnel from judicial, financial, tax and customs agencies, the Prosecutors' Office said in a statement. The Prosecutors' Office said that until the crypto-currency market was regulated under law, the investigation team would fill the gap in investor protection. South Korea's crypto-currency market, which had been one of the fastest growing in the world, shrank 66% last year by market capitalisation, on a series of global and domestic events dampening investor sentiment, on top of high interest rates. Across local crypto-currency exchanges, suspected crime-related transactions jumped 1,263%, to 900 in 2022 from 66 in 2021, according to the statement.

Persons: Luna, Kown, 1,278.5000, Jihoon Lee, Michael Perry Organizations: Joint Investigation, Crypto, Prosecutors, Office, Thomson Locations: SEOUL, South Korea, Montenegro, United States

☆ Global rules leave crypto firms with no place to hide, says G20 watchdog
▼ + stars: | 2023-07-17 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 17 (Reuters) - Globally agreed rules leave crypto firms with no option but to introduce basic safeguards to prevent the blow-ups seen at FTX exchange and other crypto casualties, the G20's Financial Stability Board said on Monday. The FSB published on Monday final recommendations requested by the G20 on supervising firms that trade cryptoassets such as bitcoin. The watchdog also revised its existing recommendations for stablecoins in light of the demise of TerraUSD/Luna coins. The collapse of FTX in November 2022 highlighted vulnerabilities from crypto firms and the FSB said that all countries should apply the recommendations, even those that are not members of the watchdog. "Therefore, cryptoasset players need to stop operating outside the regulatory perimeter or in non-compliance with existing rules," FSB Secretary General John Schindler told reporters.

Persons: FTX, John Schindler, Schindler, Bitcoin, IOSCO, Huw Jones, Louise Heavens Organizations: Ripple Labs, European Union, FSB, Thomson Locations: FTX, Bahamas, Basel

☆ Twenty-four central banks will have digital currencies by 2030 - BIS survey
▼ + stars: | 2023-07-10 | by ( Karin Strohecker | ) www.reuters.com time to read: +3 min

Central banks around the globe have been studying and working on digital versions of their currencies for retail use to avoid leaving digital payments to the private sector amid an accelerating decline of cash. Most of the new Central Bank Digital Currencies (CBDCs) will emerge in the retail space, where eleven central banks could join peers in the Bahamas, the Eastern Caribbean, Jamaica and Nigeria which already run live digital retail currencies, the BIS found in its survey of 86 central banks conducted late 2022. On the wholesale side, which in future could allow financial institutions to access new functionalities thanks to tokenisation, nine central banks could launch CBDCs, the BIS said. "Enhancing cross-border payments is among the key drivers of central banks' work on wholesale CBDCs," the authors of the report wrote. Pilot testing in China now reaches 260 million people and two other big emerging economies, India and Brazil, plan to launch digital currencies next year.

Persons: Francois Lenoir, CBDC, Karin Strohecker, Mark Potter Organizations: REUTERS, Francois Lenoir LONDON, Bank for International Settlements, Central Bank Digital, BIS, Swiss National Bank, European Central Bank, Silicon Valley Bank, Signature Bank, Thomson Locations: Brussels, Belgium, Bahamas, Eastern Caribbean, Jamaica, Nigeria, China, India, Brazil, Silicon, stablecoins

☆ CFTC investigators conclude Celsius, ex-CEO broke rules - Bloomberg News
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 5 (Reuters) - Commodity Futures Trading Commission (CFTC) investigators have concluded that bankrupt crypto lender Celsius and its former CEO Alex Mashinsky broke U.S. rules before the firm's implosion, Bloomberg News reported on Wednesday. Attorneys in the regulator's enforcement unit determined that Celsius misled investors and should have registered with the regulator, according to the report, citing people familiar with the matter. Celsius and the CFTC did not immediately respond to a Reuters request for comment. Last year's market turmoil after the collapse of TerraUSD led to the failure of several major crypto companies including Celsius Network. As part of Celsius' bankruptcy case, an independent examiner was appointed to investigate accusations that Celsius had operated as a Ponzi scheme and report on how it handled crypto assets.

Persons: Alex Mashinsky, TerraUSD, Akanksha, Rashmi Organizations: Futures Trading Commission, Bloomberg, CFTC, Thomson Locations: Bengaluru

The liquidators discussed the allegations against Three Arrows co-founders Su Zhu and Kyle Davies at a Tuesday meeting with the hedge fund's creditors, the person said. Representatives for Zhu and Davies could not be reached for comment immediately. Three Arrows was the first major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD in May. The liquidators were appointed by that court to wind down the company and pay its debt. Earlier this month, a set of non-fungible tokens previously bought by Three Arrows was sold for $10.9 million at Sotheby's in New York.

Persons: Su Zhu, Kyle Davies, Zhu, Davies, cryptocurrencies Luna, TerraUSD, Jaiveer Singh, Dietrich Knauth, Sriraj Organizations: Arrows, Reuters, Three Arrows, Virgin, Bloomberg News, British Virgin Islands, Thomson Locations: British Virgin, Manhattan, New York, Bengaluru

☆ Do Kwon: Crypto fugitive sentenced to four months in Montenegro prison
▼ + stars: | 2023-06-20 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Kwon Do-hyeong, also known as Do Kwon, the disgraced former crypto boss who is wanted in the United States and South Korea on fraud and other charges, has been sentenced to four months in prison in Montenegro. A court in the southern European country sentenced Do Kwon and another South Korean national, Han Chang-Joon, Monday to four months behind bars after they were found guilty of falsifying documents, a spokesperson for the Basic Court in Podgorica told CNN. According to Reuters, Han was previously the finance officer of Terraform Labs, a blockchain platform founded by Kwon. Authorities found and confiscated two Costa Rican passports, two Belgian passports and two identity cards from the former crypto executives. The court in Podgorica said Monday the sentence would be written and delivered to Kwon and Han within the following 30 days.

Persons: London CNN — Kwon, Kwon, Han Chang, Joon, Han, Luna Organizations: London CNN, Korean, CNN, Reuters, Terraform Labs, Authorities, Costa, Labs, US Securities and Exchange Commission, ” Prosecutors, Twitter Locations: United States, South Korea, Montenegro, Podgorica, Montenegro’s, Dubai, Costa Rican, Seoul, Serbia

☆ Montenegro court jails 'cryptocurrency king' Do Kwon for four months -media
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

A South Korean national, Kwon is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets. Police said after arresting them they had found doctored Costa Rican passports, a separate set of Belgian passports, laptop computers and other devices in their luggage. The sentence follows a court hearing last week at which Do Kwon dropped his request for checking authenticity of the Costa Rican passports after Interpol's confirmation they were fake. South Korean and U.S. authorities have sought the extradition of Kwon and Han and the handover of the computers. Following Kwon's arrest, the U.S. District Court in Manhattan made public an eight-count indictment against him for securities fraud, wire fraud, commodities fraud and conspiracy.

Persons: Do Kwon, Kwon, Han Chang, joon, Han, Daria Sito, Gareth Jones, Jason Neely Organizations: Korean, Labs, Police, Costa, U.S, Thomson Locations: SARAJEVO, Montenegro, U.S, South Korea, Dubai, Podgorica, Montenegro's, Rican, Costa Rican, Manhattan

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