Crypto

Crypto executives put under microscope at Congress hearing

Published

1 year ago

December 2, 2021

The executives of eight major crypto firms will testify at a US Congress hearing on December 8, set to face tough questions on the sector

The bosses of eight major cryptocurrency agencies have been called to testify before a US congressional committee on the 8th of December. Among those called to appear include Coinbase’s Alesia Haas, Circle’s Jeremy Allaire and Bitfury’s Brian Brooks.

It will be the first time agencies representing the controversial sector have been questioned in this particular way, following American politicians across the political spectrum calling for more regulation on crypto.

Elizabeth Warren on the left of the Democratic Party has called for tougher regulation of the sector and Donald Trump has described crypto-currencies as “a scam”.

Mr Brooks, an executive of Bitfury previously served as a top banking regulator under the Trump administration and had a role in policy-making around cryptocurrencies.

Digital coins are not traditional currencies in the traditional sense, however they can sometimes be used to make payments. They are stored online in a “digital wallet” and act more like an investment often carried with a high degree of volatility.

The anonymity of paying using crypto means they have been favoured for criminal activities such as drug dealing, money laundering and ransomware attacks. However their supporters say the view that they are predominantly for circumventing the law is outdated and that innovation in this area offers huge potential.

Countries around the world have taken radically different approaches to crypto, with nations like El Salvador embracing it – making it legal tender – and others like China imposing bans.

China has declared crypto-currency transactions illegal, a move India looks set to follow. Many other central banks are eyeing the sector warily and discussing regulation.

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Anthony Lucas

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network.

Crypto

Sam Bankman-Fried accused of conspiring to bribe Chinese officials

Published

3 days ago

March 29, 2023

ticker NEWS

The charge is added to his list of indictments since the collapse of FTX

The founder of now bankrupt crypto exchange FTX was accused by Manhattan federal prosecutors on Tuesday of conspiring to bribe Chinese government officials with $40 million worth of payments.

The new charge adds pressure on the 31-year-old former billionaire, who now faces a 13-count indictment over the November collapse of FTX.

Prosecutors had previously accused Bankman-Fried of stealing billions of dollars in customer funds to plug losses at his Alameda Research hedge fund, and orchestrating an illegal campaign donation scheme to buy influence in Washington.

He has pleaded not guilty to eight of the 12 prior counts he faces.

The latest indictment accuses Bankman-Fried of ordering a $40 million cryptocurrency payment to a private wallet from Alameda’s main trading account, to persuade Chinese authorities to unfreeze Alameda accounts with more than $1 billion of cryptocurrency.

A spokesman for Bankman-Fried declined to comment. China’s foreign ministry could not immediately be reached for comment after business hours in Beijing. The Chinese embassy in Washington, D.C. did not immediately respond to a request for comment.

Bankman-Fried – who has been confined to his parents’ Palo Alto, California, home ahead of his October trial – is expected to be arraigned Thursday on the latest charge.

The judge on Tuesday also approved modifications to Bankman-Fried’s $250 million bail package, which include the use of a cell phone without internet connection and a laptop with limited functions.

Crypto

Celebrities busted over illegal crypto scheme

Published

1 week ago

March 24, 2023

ticker NEWS

Agreements have been settled without admitting guilt

Eight celebrities have been busted over allegations they’ve been participating in an illegal crypto scheme.

The stars, including Lindsay Lohan, Logan Paul and Soulja Boy, were all charged following an investigation by the U.S. Securities and Exchange Commission.

Lohan and Paul have reportedly settled the matter without admitting guilt.

But, regardless, it’s just another bad look for the already embattled crypto industry.