President Biden finally signed the crypto-executive order whcih seeks to establish a strategy to regulate the crypto industry so let’s read more in today’s latest cryptocurrency news. President Biden finally signed the crypto executive order on Ensuring Responsible Development of Digital Assets which is a first-of-its-kind order and approach to regulating the crypto industry with […]
The Department of Justice (DOJ) on Tuesday charged John and Tina Barksdale, two Texas residents, for securities fraud, wire fraud, and conspiracy to commit both. The two siblings are accused of operating a crypto fraud known as “Ormeus Coin.” The Barksdales lied about Ormeus Coin obtaining a $250 million mining operation and collecting more than $5 million in revenue each month, according to the DOJ. The currency, on the other hand, has never reached that level of value per the release. The U.S. Attorney for the Southern District of New York, Damian Williams, said in a statement that John Barksdale ran a fraud to sell Ormeus Coin to investors around the globe through a web of lies that he spread through in-person roadshows, social media and even a jumbotron in Times Square. The allegations stem from a period beginning in June 2017 and culminating in January 2018, when Ormeus Coin’s market capitalization reached approximately $52 million. According to the SEC’s release, Barksdales dishonestly obtained more than $124 million through the alleged fraudulent Ormeus Coin cryptocurrency scheme. The Barksdales face a maximum term of 20 years in prison for each count of securities fraud, wire fraud, and conspiracy to commit crypto fraud. Rise In Protocol Exploits And Crypto Fraud In 2022 Hacks, rug-pulls, and security breaches are all frequent in the digital assets world. According to decentralized finance security platform and bug bounty program Immunefi, cybercrime losses reached $10.2 billion in 2021. There have already been several reports of crypto-related misconduct this year. Last month, a US grand jury indicted Satish Kumbhani, the creator of BitConnect, on charges that he operated a worldwide Ponzi scheme and fraudulently acquired more than $2.4 billion from investors in an illegal cryptocurrency investment platform. In late Jan., hackers were able to access and steal over $80 million from Qubit Finance, a firm based on the Binance Smart Chain. In February, the Wormhole token bridge was targeted by hackers, resulting in the loss of 120,000 Wrapped Ether (wETH) tokens ($321 million). Following a security breach on Jan. 17, nearly $34 million in cryptocurrency were stolen from Crypto.com.
The Financial Crime Enforcement Network (FinCEN) mentioned cryptocurrency in its latest alert on Russian sanctions. FinCEN advised all financial institutions to be “vigilant against potential efforts to evade the expansive sanctions and other U.S.-imposed restrictions implemented in connection with the Russian Federation’s further invasion of Ukraine.” The agency reminds financial institutions that they have an […]