As a part of its legal battle with the Securities and Exchange Commission (SEC), Ripple filed a motion on June 2nd to obtain documents from 14 international exchanges that the company believes could serve its case.
If the motion was to be approved it would result in a formal request for Finex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology to provide documentation that could prove ripple didn’t violate Section 5 of the Securities Act.
The motion would also require authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles, and Malta to help enforce the request.
Ripple’s defense team insists that all XRP sales made by the company took place on foreign exchanges instead of domestic ones, which means the Securities Act was not violated as the transactions took place outside the SEC’s jurisdiction:
“In the case of transactions conducted on such foreign trading platforms, both the offers of XRP and the sales of XRP occurred on the books and records of the respective platforms, and therefore geographically outside the United States. The SEC’s failure to allege domestic offers and sales should be fatal to its claims.”
The motion’s approval would also require assistance from authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles, and Malta to help enforce the request.
SEC is Unable To Obtain Legal Docs From Ripple
The motion-filled by Ripple on Tuesday is just the latest chapter in a saga that has been developing since December of 2020 when the SEC filed a lawsuit against the company for violating the securities act after the regulator deemed XRP to be a security.
The previous chapter in the legal battle was the SEC’s defeat when it requested access to privileged legal documents currently in the hands of Ripple’s legal team, claiming that Ripple had waived attorney-client privileges back in March.
Manhattan’s U.S. Magistrate Judge Sarah Netburn ruled in favor of Ripple on Sunday 30th of May, concluding:
“The SEC’s motion is DENIED. If at some later date, Ripple raises its good faith beliefs or relies upon its privileged communications in support of its fair notice defense, the Plaintiff may renew its application to the Court.”
The magistrate also clarified that her ruling was limited to the claim that Ripple had waived its privileges by asserting a fair notice defense as a result of the lack of notice by the SEC regarding the legal status of XRP.
The SEC’s Case Seems to be Crumbling
The motion filed by Ripple is sure to add weight to its “fair notice” defend, which could have a favorable impact on other lawsuits filed by the SEC against cryptocurrency projects as it also failed to provide warnings in such cases.
#XRPCommunity #SEC_NEWS v. #Ripple #XRP After a 2 1/2 year investigation, and almost 6 months after filing the complaint, the SEC has just requested that the Court extend the deadlines for both fact and expert discovery by sixty (60) days.https://t.co/CVOAXqOWBm
— James K. Filan (@FilanLaw) June 2, 2021
A recent Tweet by James K. Filan revealed on June 2nd that the SEC had requested an extension of the deadlines for fact and expert discovery by 60 days, which has been seen as an indication of a lack of clarity in its legal team’s approach.
Jeremy Hogan, a partner at Hogan & Hogan, referred to this news by stating in a tweet:
“The SEC has apparently bitten off more than it can chew and is asking the Court for more time at the dinner table. I don’t know if the Court will grant the extension but I do know that the SEC is way behind the eight ball!”
The lawsuit’s resolution will directly impact the future requirement for the SEC to give fair notice and in the legitimacy of SEC’s claims over jurisdiction over transactions that took place on international exchanges.
John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories
Today is a sad day for the crypto-verse. For good or bad, John McAfee, one of the most eccentric, bizarre, and influential personalities of the ecosystem, said his goodbyes to the physical world in a no less eccentric, bizarre, and controversial way: He committed suicide by hanging himself from a rope in his prison hours after learning that the Spanish justice system had approved his extradition to the United States.
The news was first announced by his lawyer and later confirmed by the government of Catalonia, the region of Spain where McAfee was imprisoned.
“Everything indicates that it could be a death by suicide.”
Immediately after the news broke, the Crypto Twitter community quickly shared their shock. Some paid respect, others criticized… and others questioned everything that happened.
The conspiracy was easy to imagine, given McAfee’s background. Several cryptocurrency influencers began trying to tie up loose ends to understad what happened. They relied on several tweets from McAfee claiming that he would never commit suicide, that he was being threatened, and that he knew some secrets that the elites needed to silence.
But something that blew everyone’s minds was a picture uploaded post-mortem to his official Instagram account. A black letter Q, presumably pointing to the QAnon movement, though without explanation.
QAnon, or simply Q, is a conspiracy movement that claims that a group of satanic pedophiles dominate government and media elites. Its followers claimed that former President Donald Trump was waging a battle to destroy this group.
The movement gained momentum with the arrest of Harvey Epstein on sex charges. The suspicious causes of his controversial suicide prior to his testimony further heightened suspicions that he had in fact been murdered in order to be silenced.
The slogan “Epstein didn’t kill himself” went viral and is still observed when references are made to corrupt government practices in the United States.
And, of course, McAfee had a thing or two to say about this. He pointed out to similarities between his case and Harvey Epstein’s in many times, and assured he had many secrets that the government wanted to hide. If his allegations are true, and the QAnon post means anything, we could soon find out what he knew.
For you panicked people involved, even peripherally in Epstein’s murder:
I do, absolutely, 1,000% have, not just a dead man switch, but a twice daily check in switch.
If you think you are fast enough to grab me, torture me and get what you need before it activates,
— John McAfee (@officialmcafee) January 16, 2020
“McAfee Didn’t Kill Himself”
A Twitter user attempted to contact the administrator of the controversial right-wing news site Zero Hedge and introduce him to a Spanish journalist who claims to have video recordings and reports that Joe Biden allegedly teamed up with the Prime Minister of Spain, Pedro Sanchez, to fake McAfee’s suicide.
— ブランスさん (@brunsjpnrmu) June 23, 2021
MMCrypto, a cryptocurrency trader, also questioned McAfee’s suicide. He shared a tweet from McAfee in which he assured that if he were to appear dead, it would not be by his own decision, and everything could be a set-up “a la Epstein.”
Podcaster Peter McCormack shared the ticker $WHACKD in reference to another McAfee tweet showing a tattoo as a reminder that he would never commit suicide despite threats from US Officials.
— Peter McCormack (@PeterMcCormack) June 23, 2021
Getting subtle messages from U.S. officials saying, in effect: “We’re coming for you McAfee! We’re going to kill yourself”. I got a tattoo today just in case. If I suicide myself, I didn’t. I was whackd. Check my right arm.$WHACKD available only on https://t.co/HdSEYi9krq🙂 pic.twitter.com/rJ0Vi2Hpjj
— John McAfee (@officialmcafee) November 30, 2019
Also, Kim Dotcom, the man behind Mega.nz and active Bitcoin Cash advocate, claimed to be working with McAfee on an initiative to fight government surveillance shortly before the tragic news.
John was a colorful guy. A pioneer in data security. I always thought he partied too hard, should have avoided the drugs and focus on using his brillant mind for good. When he had a sober mind it was all about freedom. That’s how I will remember him, a freedom fighter.
— Kim Dotcom (@KimDotcom) June 23, 2021
And finance lecturer Vladislav Ginko also shared several tweets warning about the danger of McAfee and his family suffering from deaths caused by USAMRIID, the Department of Defense’s (DoD) lead laboratory for medical, biological defense research.
So far, no official autopsy has indicated his cause of death. In the meantime, theories will continue to emerge. But if there is one thing that everyone – conspiracy theorists or not – can agree on, it is that John McAfee lived his own way until the end.
Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin
The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC. Largest Exit Scam ever? In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth […]
The post Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin appeared first on CryptoCoin.News.
The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC.
Largest Exit Scam ever?
In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth 3.6 billions USD at that time. This claim has since then lost most of its credibility, since the brothers cannot be reached anymore.
The South African law firm Hanekom Attorneys, who handle the case on behalf of the victims, believe the incident to be an exit scam, rather than a hack. By their account, employees of AfriCrypt had already lost access to the platform’s backend seven days before the alleged hack. The fact that the owners of AfriCrypt urged investors not to take legal action made the law firm even more suspicious. If proven true, this would make AfriCrypt the largest exit scam in history.
10% Daily Return too good to be true
Reportedly, AfriCrypt attracted new investors by promising them a whopping return of 10% on a daily basis. Additionally, the investment firm promised referral rewards for bringing in more customers. Unrealistically high returns like this should automatically make anyone suspicious, but greed and FOMO drive investors into the arms of fraudulent investment companies and crypto projects.
For the scammers, this is a highly profitable business model, as can be seen by the example of the TRON blockchain. Besides gambling, TRON is notorious for “high risk” investment platforms that typically promise daily returns on the same scale as AfriCrypt, but pull an exit scam shortly after their scheme has gained enough traction.
The success of these fraudulent schemes is a result of the huge influx of new and inexperienced investors over the last months. Just recently, the UK-based Financial Conduct Authority warned against unregulated crypto companies, which operate in a legal grey market.
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The Bank for International Settlements Gives CBDCs Full Backing
The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks. (Read More)
The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks.
CBDCs are crucial in modernising finance
The BIS acknowledged that CBDCs must modernise finance and keep ‘Big Tech’ in check not to control money.
Benoit Coeure, a member of the BIS, warned:
“Without CBDCs, digital money would become increasingly dominated by big tech firms, as they would leverage enormous social media user bases.”
CBDCs are digital assets pegged to a real-world asset and backed by the central banks, meaning that they represent a claim against the bank exactly how banknotes work. Furthermore, they are blockchain-enabled, representing a new technology for issuing central bank money at the wholesale and retail level.
According to the announcement:
“As part of its upcoming annual report it estimated that at least 56 central banks and monetary authorities, representing around a fifth of the world’s population, are now looking at digital currencies as commerce shifts online.”
The issuance of CBDCs seems to be a race against time; many nations believe owning a CBDC is instrumental in having control of the global markets.
The Bahamas- the first nation to launch a CBDC
The Bahamas launched the Sand Dollar in October last year, making it the first country in the world to release a CBDC beyond the testing phase officially.
As more nations reveal their interest in CBDCs, the BIS noted that authorities would have to decide whether citizens require digital IDs to use them or choose the token-based route, making transactions more anonymous.
Once rolled out, CBDCs are expected to drive the financial inclusion of nearly 1.7 billion people left out of the banking system.
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