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Keeping up with crypto – Kardashian slammed for promoting digital tokens

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Kim Kardashian is in hot water over crypto tokens

The reality TV star has been slammed for promoting an untested cryptocurrency on Instagram.

Kim asked her 250 million followers to speculate on crypto tokens by promoting an advert for Ethereum Max.

The head of the UK’s Financial watchdog said influencers fuel the “delusions of quick riches”

Charles Randell called it “a speculative digital token created a month before by unknown developers”.

Mr Randell was speaking to the Cambridge International Symposium on Economic Crime.

The FCA chairman said the post may have been the “financial promotion with the single biggest audience reach in history”.

“I can’t say whether this particular token [Ethereum Max] is a scam,” he said.

“If you buy them, you should be prepared to lose all your money.”

Mr Randell said there was a case for regulation of promotions to address consumers’ misconceptions and “often misleading advertising techniques of some crypto businesses”.

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Crypto

FTX creditor list goes public

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New court filings have shown crypto exchange FTX owes money to several companies

These include Apple, Binance, Coinbase and Netflix, among others.

The names were revealed on the extensive FTX creditor list that went public today.

The 116-page document displays a host of well-known corporations and distinguishes the immense reach of FTX.

Institutions, media companies, and fellow cryptocurrency exchange platforms are the list, as well as almost 10 million redacted customer names.

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Business

Binance processed over $340m in Bitzlato funds

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Binance processed over $340 million in Bitcoin for the Bitzlato digital currency exchange, whose founder was arrested last week for money laundering.

 
The U.S. Justice Department revealed Bitzlato processed $700 million dollars in illicit funds.

Bitzlato didn’t do proper background checks on clients, when asking for IDs.

Binance is among the top three counterparties by the amount of bitcoin it received between May 2018 and September 2022.

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Crypto

FBI confirms North Korean heist from U.S. crypto firm

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The groups used a privacy protocol called Railgun to launder over $60m worth of Ethereum stolen during the theft, according to an F.B.I. statement.

A portion of the stolen Ethereum was subsequently sent to several virtual asset providers and converted to Bitcoin.

North Korea’s theft and laundering of virtual currency is used to support its ballistic missile and Weapons of Mass Destruction programs.

In June 2022, Harmony said that a heist hit its Horizon bridge, which was the underlying software used by digital tokens such as bitcoin and ether for transferring crypto between different blockchains.

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