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☆ 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

☆ Is Crypto Back? What to Know About Bitcoin’s Surge.
▼ + stars: | 2024-03-05 | by ( David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

For believers, it was a moment of vindication after a 2022 industry downturn that sent several major companies into bankruptcy and tainted crypto’s reputation. Here’s what to know about the new crypto surge. Crypto executives hung out with celebrities, and their companies conducted giant marketing campaigns featuring Super Bowl commercials. Prices crashed in the spring of 2022, as some of the most prominent crypto firms were exposed as frauds. The decline culminated in November 2022, when the FTX crypto exchange, founded by Sam Bankman-Fried, collapsed after the equivalent of a bank run, costing customers $8 billion.

Persons: Bitcoin, cryptocurrencies, Sam Bankman Organizations: Super

☆ Ether is poised for an ETF approval in May, but the crypto’s price action may be subdued
▼ + stars: | 2024-02-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Investors expect the Securities and Exchange Commission to greenlight spot ether ETFs in May, but the price action for the crypto could be subdued compared to bitcoin's moves in the runup to its ETF approvals. That compares to the 55% surge bitcoin saw after BlackRock first filed its spot ETF application for the flagship crypto. Regardless, we see the spot ether ETF being less appreciated by the market." JPMorgan estimates a "no more than 50% chance" of spot ether ETF approval by May 23, the final deadline for the SEC to approve or deny the Ark/21Shares application . Schwenkler said any excitement leading up to potential ether ETF approvals will be "less speculative" and that a lot of it is priced in already.

Persons: Kenneth Worthington, Nico Cordeiro, there's, Owen Lau, Oppenheimer, Gustavo Schwenkler, Bitcoin, Solana, Schwenkler, — CNBC's Michael Bloom Organizations: Securities and Exchange Commission, JPMorgan, BlackRock, BTC, ETH, SEC, CNBC, Leavey School of Business, Santa Clara University, of Locations: Southern, of New York, bitcoin

☆ Crypto’s 2023 was marred by fraud and scandal. It was its best year ever
▼ + stars: | 2023-12-24 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —Crypto’s 14th year in existence was one marred by scandal, bankruptcy, fraud and regulatory squabbling. Bitcoin, the crypto’s bellwether asset, is up 160% for the year. “It was the year of crypto’s resiliency,” Kyla Curley, a crypto expert and partner at global advisory StoneTurn, tells CNN. “Fraud is fraud,” Curley says, “Regardless of the technology or the industry … you cannot stop human nature. Adding to that bullish sentiment: the bitcoin halving, or, more menacingly, “the halvening.”While it’s often a buy-the-hype-sell-the-news kind of event, the halving does tend to push bitcoin higher.

Persons: New York CNN —, “, ”, Sam Bankman, Zhao, Alex Mashinsky, Heather “ Razzlekhan ” Morgan, Ilya Lichtenstein, ‘, Bonnie, Clyde ’, Bitcoin, crypto’s, ” Kyla Curley, ” Curley, Changpeng Zhao, Eduardo Munoz, Costas Baltas, Faryar Shirzad, bitcoin, ” Antoni Trenchev, ” Trenchev, Warren Buffett, Anthony Scaramucci, “ Bitcoin Organizations: New, New York CNN, New York CNN — Crypto’s, CNN, Department of Justice, crypto’s, grifters, Bitcoiners, SkyBridge Locations: New York, SBF, Bitcoin

☆ Bitcoin price hits highest level in 18 months as investors gear up for ETF approval
▼ + stars: | 2023-12-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —The price of bitcoin soared above $40,000 on Monday, hitting its highest level in 18 months as investors look ahead to a lower interest rate environment and key regulatory approvals that could make the crypto asset more mainstream. Bitcoin, the world’s most popular cryptocurrency, was up more than 5% over the past 24 hours, trading at $41,600, according to CoinMarketCap. Bitcoin is now up 150% for the year, though it remains far from its historical high of $69,000 in November of 2021. A spot bitcoin ETF would allow traditional investors to have exposure to the digital asset without actually owning it. The market has long desired a way to ride the digital asset’s wild rallies, but its volatility has also made owning bitcoin unappealing outside of the digital asset community.

Persons: Jerome Powell, Powell, ”, Antoni Trenchev, Changpeng Zhao, Binance, FTX, Sam Bankman Organizations: New, New York CNN, Federal, Securities and Exchange, SEC Locations: New York

☆ Opinion: Why crypto was the perfect tool for criminals and kleptocrats
▼ + stars: | 2023-12-02 | by ( Opinion Casey Michel | ) edition.cnn.com time to read: +6 min

CNN —The news last week of money laundering charges against crypto exchange Binance and its CEO, Changpeng Zhao, sent shockwaves through both financial markets and crypto consumers alike. But for those familiar with the history of modern money laundering, they’re hardly surprising. Over and again, everything from Manhattan high-rises to Malibu beachfronts to Midwest manufacturing plants have allegedly housed illicit wealth, easily and anonymously. But crypto was also, in many ways, the perfect tool for kleptocrats and criminals trying to dodge sanctions and duck investigators. Like banks, real estate and more before it, the best days of the crypto industry as a haven for money laundering may yet be behind it.

Persons: Casey Michel, Changpeng Zhao, Zhao, ”, Versha Sharma, Hamas’s Al, they’re, —, kleptocrats Organizations: CNN, Wall Street Journal, Binance, Hamas’s, ISIS, Patriot Locations: Washington, American, Manhattan, Malibu, Midwest

☆ Binance and the End of Crypto’s Dream to Escape From Government
▼ + stars: | 2023-11-24 | by ( Henry Farrell | Abraham Newman | ) www.wsj.com time to read: +1 min

On Nov. 21, Binance, the world’s largest cryptocurrency exchange, pleaded guilty to breaking U.S. anti-money-laundering laws. U.S. authorities describe this as a watershed moment for crypto’s compliance with American law. Crypto’s creators aspired to create a decentralized money system, with no entry points for state oversight and surveillance. But the crypto economy has become increasingly centralized around exchanges like Binance and Coinbase. Crypto is being tamed, as its central actors agree to implement U.S. rules, extending the government’s reach into the heart of the crypto economy.

Persons: Crypto Locations: U.S

☆ Binance Guilty Plea Shows What Crypto’s Really About
▼ + stars: | 2023-11-22 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

Binance CEO Changpeng Zhao, in center as he leaves a Seattle courthouse, stepped down and pleaded guilty to violating U.S. anti-money-laundering requirements. Photo: M. Scott Brauer for The Wall Street JournalSo it turns out that of the two largest crypto exchanges, one was a fraud and the other was a money launderer. Whoever could have guessed? Skeptics of bitcoin and other cryptocurrencies have had their prejudices reinforced. The two main use cases—fraud and crime—have been exposed to the public in dramatic fashion, so now all we have to do is sit back and wait for the inevitable collapse in value.

Persons: Changpeng Zhao, Scott Brauer Organizations: The Wall Locations: Seattle

Binance skirted regulation to become the world’s largest cryptocurrency exchange by trading volume. Now, the company will plead guilty to violating anti-money-laundering requirements in the U.S. and agree to pay $4.3 billion in fines. Photo: Benoit Tessier/ReutersThe king of crypto’s largest outlaw empire told employees for years that he would never turn himself in. But on Tuesday, a jittery Changpeng Zhao showed up in a Seattle federal court to plead guilty to violating U.S. money-laundering rules. So this is new to me,” Zhao told a judge.

Persons: Benoit Tessier, Zhao, “ I’ve, I’ve, ” Zhao Locations: U.S, Seattle

☆ Cryptocurrency Prices Surge, Driven by a Potential Bitcoin Fund
▼ + stars: | 2023-11-16 | by ( David Yaffe-Bellany | More About David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

Shortly before Mr. Bankman-Fried’s verdict landed on Nov. 2, the price of Bitcoin surpassed $35,000, its highest level since an industry meltdown in 2022. Crypto investors are growing optimistic that the Securities and Exchange Commission will approve an exchange traded fund, or E.T.F., that tracks the price of Bitcoin, analysts said. The fund would trade on traditional stock exchanges and offer an easy way for people to invest in cryptocurrencies, potentially bringing a wave of money into the industry. that seemed to pave the way for it to offer the Bitcoin product. And last week, BlackRock, a giant money manager, filed paperwork to establish a similar E.T.F.

Persons: Sam Bankman, Bankman, ” Organizations: Mr, Securities and Exchange, BlackRock Locations: Manhattan

☆ Sam Bankman-Fried Verdict Reflects Crypto’s Broken Dreams
▼ + stars: | 2023-11-04 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

Sam Bankman-Fried is gone. And crypto is back to its favorite activity: a wild speculative rally. The FTX founder’s trial featured a parade of witnesses detailing a multibillion-dollar fraud at the heart of the crypto market. During the trial, crypto prices surged on optimism that U.S. regulators would allow an exchange-traded fund that holds bitcoin. Bitcoin is up more than 25% since the start of October and recently touched an 18-month high.

Persons: Sam Bankman, Bitcoin

☆ After a year in FTX’s shadow, the crypto industry is deligting in Bankman-Fried’s conviction
▼ + stars: | 2023-11-04 | by ( Manav Tanneeru | Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —It took just under a year for Sam Bankman-Fried to go from crypto wunderkind to convicted felon. When Bankman-Fried’s crypto empire collapsed last November, it sent the fledgling industry back years. For the crypto faithful who are still standing and striving, the trial couldn’t be over soon enough. “A lot of folks in the crypto industry are delighted,” said Yesha Yadav, a law professor and associate dean at Vanderbilt University. “There’s definitely an element of ‘ding-dong the witch is dead,’” said Eric Soufer, a political adviser to major crypto companies, referring to Bankman-Fried’s conviction.

Persons: Sam Bankman, Fried, ”, Bobby Zagotta, “ SBF, Yesha Yadav, “, FTX, they’ll, Bernie Madoff, Elizabeth Holmes, Gary Gensler, “ There’s, ’ ”, Eric Soufer Organizations: New, New York CNN, Vanderbilt University, BlackRock, Fidelity, Justice Department, Securities and Exchange Commission, SEC Locations: New York, European

☆ Sam Bankman-Fried Was a Grown Up Criminal, Not an Impulsive Man-Child
▼ + stars: | 2023-11-03 | by ( Ginia Bellafante | More About Ginia Bellafante | ) www.nytimes.com time to read: +2 min

Sam Bankman-Fried, crypto’s Icarus, was convicted of seven counts of fraud and conspiracy on Thursday night after a trial that generated 10 million pages of documents and only a few hours of jury deliberation. As ever, it is perhaps best to start from the very beginning. Or, in the specific absence of that, what would 12 ordinary people see when they were seated on the other side of the witness stand from him? The prosecution hoped that they would observe a grown man, steeped in self-contradiction and capable of criminality, rather than the 31-year-old boy Mr. Bankman-Fried appeared to be, someone whose adolescent enthusiasms and distractibility caused him to make billions of dollars worth of hapless, innocent errors. In the end, the jury saw only the duplicitous adult.

Persons: Sam Bankman, Michael Lewis, Bankman, “, Fried, Ostentatiously, Shakespeare, distractibility

Sam Bankman-Fried, the tousle-haired mogul who founded the FTX cryptocurrency exchange, was convicted on Thursday of seven charges of fraud and conspiracy after a monthlong trial that laid bare the rampant hubris and risk-taking across the crypto industry. Mr. Bankman-Fried became a symbol of crypto’s excesses last year when FTX collapsed and he was charged with stealing as much as $10 billion from customers to finance political contributions, venture capital investments and other extravagant spending. A jury of nine women and three men took more than four hours of deliberation on Thursday to reach a verdict, convicting Mr. Bankman-Fried of wire fraud and conspiracy. Together the counts carry a maximum sentence of 110 years. Mr. Bankman-Fried, 31, is expected to appeal.

Persons: Sam Bankman, Fried, FTX, convicting Mr, He’s

“I’m not sure,” he responded over and over, as Ms. Sassoon asked about statements he had made when he was chief executive of FTX. Ms. Sassoon displayed statements that appeared to show Mr. Bankman-Fried saying one thing in public, then acting differently in private. Criminal defendants usually avoid testifying so that prosecutors don’t have a chance to question them. In December, federal prosecutors charged Mr. Bankman-Fried with orchestrating a sweeping scheme to steal as much as $10 billion from FTX’s customers. Mr. Bankman-Fried was also accused of creating a secret backdoor in FTX’s code that allowed Alameda to seize billions of dollars in customer funds.

Persons: “ I’m, ”, Sassoon, Bankman, Elizabeth Holmes, don’t, FTX, Fried Locations: Washington, Bahamas, Alameda

☆ Why Hamas Uses Crypto to Raise Money
▼ + stars: | 2023-10-20 | by ( Paul Kiernan | Mengqi Sun | ) www.wsj.com time to read: 1 min

Crypto technology helped Hamas raise millions of dollars before the Israel-Hamas war. Photo: menahem kahana/Agence France-Presse/Getty ImagesWASHINGTON—The role of cryptocurrencies in illicit finance has come under renewed scrutiny after The Wall Street Journal’s report that Hamas and other militant groups used the technology to raise millions of dollars ahead of their recent attacks in Israel. Some lawmakers responded by calling for tougher rules to curb crypto’s utility for criminals and groups under U.S. sanctions. Crypto firms say they work to keep such users off their platforms and argue that digital tokens can help law enforcement track bad actors.

Persons: menahem kahana Organizations: Agence France, Getty, WASHINGTON Locations: Israel

☆ Top Crypto Brands Step Up Their Pitches to Consumers and Lawmakers
▼ + stars: | 2023-10-19 | by ( Patrick Coffee | ) www.wsj.com time to read: 1 min

Both Coinbase and Kraken have been lobbying the U.S. government for an industry-friendly regulatory framework. Photo: Pavlo Gonchar/Zuma PressTwo of crypto’s biggest brands are working to reintroduce consumers and lawmakers alike to the optimism that powered early investment in the sector, even as the high-stakes trial of FTX founder Sam Bankman-Fried continues to dominate conversation around digital currencies. Despite these efforts by exchanges Kraken and Coinbase and the recent introduction of parallel House and Senate bills to establish a nationwide regulatory framework for crypto, the industry faces an uphill battle on the regulatory front, with some senators expressing opposition to crypto-friendly legislation.

Persons: Pavlo Gonchar, Sam Bankman, Fried Organizations: Zuma, crypto’s

☆ Israel Prepares for Gaza Invasion as Hamas Threatens Hostage Executions
▼ + stars: | 2023-10-11 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Sam Bankman-Fried, Crypto’s Former Golden Boy, Goes on Trial FTX founder Sam Bankman-Fried is on trial for fraud and conspiracy charges after the collapse of his crypto empire last year. WSJ’s Alexander Osipovich breaks down what happened to FTX and what to look for as the trial unfolds. Photo illustration: Annie Zhao

Persons: Sam Bankman, Crypto’s, WSJ’s Alexander Osipovich, Annie Zhao Organizations: Golden

☆ The Trial of Crypto’s Golden Boy
▼ + stars: | 2023-10-06 | by ( The Journal. | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/trial-of-cryptos-golden-boy-4c376cef

Persons: Dow Jones

☆ Why You Just Got a FEMA Emergency Alert on Your Cellphone
▼ + stars: | 2023-10-04 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Sam Bankman-Fried, Crypto’s Former Golden Boy, Goes on Trial FTX founder Sam Bankman-Fried is about to go on trial for fraud and conspiracy charges after the collapse of his crypto empire last year. WSJ’s Alexander Osipovich breaks down what happened to FTX and what to look for as the trial unfolds. Photo Illustration: Annie Zhao

Persons: Sam Bankman, Crypto’s, WSJ’s Alexander Osipovich, Annie Zhao Organizations: Golden

☆ Sam Bankman-Fried, Crypto’s Former Golden Boy, Goes on Trial
▼ + stars: | 2023-10-04 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

‘This Is Only a Test’: What to Expect From FEMA’s Nationwide Alert Today FEMA is testing today at 2:20 p.m. ET its ability to send emergency alerts to cellphones, TVs and radios on a nationwide scale. WSJ looks at why this alert is happening and explains how the technology of the alerts has evolved. Photo: Andrew Harrer/Bloomberg News

Persons: Andrew Harrer Organizations: Nationwide Alert, FEMA, Bloomberg

☆ ‘This Is Only a Test’: What to Expect From FEMA’s Nationwide Alert Today
▼ + stars: | 2023-10-04 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Persons: Sam Bankman, Crypto’s, WSJ’s Alexander Osipovich, Annie Zhao Organizations: Golden

☆ House Votes to Oust Speaker Kevin McCarthy
▼ + stars: | 2023-10-03 | by ( ) www.wsj.com time to read: 1 min

Sam Bankman-Fried, Crypto’s Former Golden Boy, Goes on TrialFTX founder Sam Bankman-Fried is about to go on trial for fraud and conspiracy charges after the collapse of his crypto empire last year. WSJ’s Alexander Osipovich breaks down what happened to FTX and what to look for as the trial unfolds. Photo Illustration: Annie Zhao

Persons: Sam Bankman, Crypto’s, WSJ’s Alexander Osipovich, Annie Zhao Organizations: Golden

Follow live updates on the Sam Bankman-Fried fraud trial. A year ago, Sam Bankman-Fried was a fixture on magazine covers and in the halls of Congress, a tousle-haired crypto billionaire who hobnobbed with movie stars and bankrolled political campaigns. The charges against Mr. Bankman-Fried, 31, have put the rest of the crypto industry on trial with him. He has emerged as a symbol of the unrestrained hubris and shady deal-making that turned cryptocurrencies into a multitrillion-dollar industry during the pandemic. The demise of FTX in November helped burst that bubble, sending other high-profile companies into bankruptcy and provoking a government crackdown.

Persons: Sam Bankman, Fried Locations: Manhattan

Mr. Powell’s public calendar shows that he and Mr. Bankman-Fried met as planned. And Mr. Wetjen went on to send the Fed chair two policy papers that FTX had recently published, according to emails obtained through a public records request. “Hope you’re finding these useful!” Mr. Wetjen wrote. According to newly released records, Mr. Wetjen managed to gain access to a range of federal officials. And public calendars show that Mr. Bankman-Fried went on to meet with another top financial regulator, Martin Gruenberg, head of the Federal Deposit Insurance Corporation.

Persons: Jerome H, Powell, Sam Bankman, ” Mr, Mark Wetjen, Fried, Wetjen, FTX, Hope, Mr, Lael Brainard, Martin Gruenberg Organizations: Federal Reserve, Commodity Futures Trading Commission, Fed, White, National Economic Council, Federal Deposit Insurance Corporation Locations: Washington

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