The collector going by the initials 0x650d pulled out the auction of his CryptoPunk NFT collection.

The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States. “If convicted of all counts, he faces a maximum total penalty of 70 years in prison,” said the U.S. Department of Justice. Bitconnect’s Founder Could Go to Prison for 70 Years The U.S. Department of Justice […]

Contrary to some expectations, Beijing’s crackdown on the crypto mining industry has increased Bitcoin’s carbon emissions, researchers have alleged. Leaving China, miners also left behind its eco-friendly hydropower and are increasingly relying on energy generated by fossil fuels, they claim. Bitcoin Mining Allegedly Less Green Since Miners’ Exodus From China Cryptocurrency mining has become a […]

The US Department of Justice (DOJ) today announced that Satish Kumbhani, the founder of the $2.4 billion crypto scam BitConnect, has been indicted.

The U.S. Department of Justice announced its indictment against Satish Kumbhani, the founder of defunct cryptocurrency platform BitConnect on charges of ‘orchestrating a global Ponzi scheme’ worth $2.4 billion, believed to be the largest cryptocurrency fraud ever. US Justice Department Indicts BitConnect Founder In an official press release, the Justice Department said that Satish Kumbhani had been charged with conspiracy to commit wire fraud, wire fraud, commodity price manipulation, operation of an unlicensed money transmitting business, and committing international money laundering. All the charges have been associated with the operation of BitConnect crypto platform. The service was sold as a lending program that ultimately proved to be a pyramid business of global dimensions, ranking 20th in the list of cryptocurrencies with the most market capitalization. “This indictment alleges a massive cryptocurrency scheme that defrauded investors of more than $2 billion. The U.S. Attorney’s Office and our law enforcement partners are committed to pursuing justice for victims of cryptocurrency fraud,” U.S. Attorney Randy Grossman said in a statement. Crypto Frauds Draw Scrutiny from Regulators The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DoJ) has been actively hunting down cryptocurrency-related cases recently. Just this week, BitMEX co-founders Delo and Hayes pleaded guilty to violating the U.S Bank Secrecy Act. Under the terms of their plea agreements, the co-founders have agreed to pay a $10 million criminal fine ‘representing pecuniary gain derived from the offense.; Similarly, crypto lending firm BlockFi also paid a $100 million penalty in an SEC settlement this month.

The post BitConnect Founder Indicated Over $2.4B Crypto Fraud appeared first on Cryptoknowmics-Crypto News and Media Platform.

With the rising popularity of the Metaverse, the digital fashion industry turns into a global empire, involving both the major luxury brands and retail consumers.

Satish Kumbhani remains at large, according to the Department of Justice.

Key Takeaways Russian protest band Pussy Riot is collaborating with PleasrDAO, Trippy Labs, and others to organize a DAO for Ukrainian war relief efforts. The...

Pemo: Welcome Kam, thanks so much for joining us today. I’m really fascinated by your experience and background and your expertise in marketing, particularly obviously to the FinTech sector. And I was wondering if you could talk a little bit about your overview of it all? Kamyar: Yes, sure. Well, thanks Pemo. Thanks for having […]

Arthur Hayes, the founder of once the biggest crypto derivatives exchange, BitMex, has pleaded guilty to violating the Bank Secrecy Act, the US Justice Department said. The exchange did not...

The Ukraine central bank, amid an escalating war, is clamping down on digital money transfers in the country. This measure was enforced as the nation declared martial law. In its official statement, the National Bank of Ukraine noted, “banks – issuers of electronic money to suspend the issuance of electronic money, replenishment of electronic wallets […]

Read full post Ukraine’s central bank clamps down on digital money transfers in the country. on Chaintimes.com.

Recently, Charles Hoskinson, Co-Founder and CEO of IO Global (aka “IOG”, formerly known as “IOHK”), the company responsible for Cardano ($ADA) research and development, explained what he admires about Ethereum and its ecosystem. Hoskinson, who is also one of the original co-founders of Ethereum Foundation (as well as its first CEO), made these comments during a “Surprise AMA” […]