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The U.S. Treasury has sanctioned two individuals and a UAE-based company for laundering millions in illicit funds for North Korea, which continues to exploit digital assets to support its WMD and missile programs. Key figure Sim Hyon Sop, linked to North Korean financial institutions, orchestrated these schemes, while recent cybercrimes by North Korean hackers have further destabilized the crypto industry.
The European Union's new crypto regulations, effective December 30, will require exchanges to delist Tether's USDT, raising concerns about liquidity disruptions in the market. As traders shift to fiat pairs, the move could inflate costs and fragment trading activities. Meanwhile, Tether is enhancing security measures to combat financial crime, even as crypto ownership in the eurozone surges amid declining venture capital investment in the sector.
Two California men, Gabriel Hay and Gavin Mayo, have been charged with orchestrating a $22 million NFT rug pull scheme, marking the largest NFT fraud case prosecuted by the U.S. Department of Justice. They allegedly misled investors with false claims about various NFT projects on the Ethereum and Solana blockchains, before abandoning them and leaving investors with losses. If convicted, they face up to 20 years in prison for conspiracy and wire fraud, along with five years for stalking a project manager who exposed their activities.
Interpol has issued a Red Notice for Richard Schueler, known as Richard Heart, founder of Hex, over allegations of tax fraud and assault. The charges, which include tax evasion from June 2020 to April 2024 and a violent incident involving a minor, have led to his listing on Europe’s most wanted fugitives list.Despite the serious accusations, Schueler remains active on social media, posting cryptic messages. He is also facing a $1 billion lawsuit from the SEC for unregistered offerings of crypto tokens, including Hex, PulseChain, and PulseX, which he promoted as high-yield investments.
Operation Choke Point 2.0 is an alleged initiative by the Biden administration aimed at restricting crypto firms' access to banking services, drawing parallels to a previous program under Obama. Critics argue that regulatory actions from agencies like the SEC and FDIC have pressured banks to sever ties with the crypto industry, despite official denials of the program's existence. Trump has pledged to dismantle this initiative if re-elected, echoing his previous efforts to end the original Operation Choke Point.
Key policymakers and blockchain leaders gathered in Washington, D.C., for the Blockchain Association’s third annual Policy Summit on December 16-17, 2024. Discussions focused on regulating stablecoins and securities laws, emphasizing the need for balanced regulation to foster innovation while ensuring national security.President-elect Donald Trump addressed attendees via video, expressing support for blockchain technology's role in enhancing national security. Industry representatives showcased decentralized projects like CESS, Filecoin, and Helium, highlighting blockchain's potential to protect sensitive information and privacy.
Jump Trading has agreed to pay $123 million to settle SEC charges related to its involvement in the collapse of the algorithmic stablecoin TerraUSD, which resulted in over $40 billion in investor losses. The SEC accused the firm of misleading investors about TerraUSD's stability and violating securities laws during Luna token offerings. Despite earning $1.28 billion from backing TerraUSD, the settlement suggests an acknowledgment of the issues surrounding its actions, prompting calls for stricter regulations in the crypto market.
Interpol has issued a "Red Notice" for Hex founder Richard Schueler, also known as Richard Heart, for alleged tax fraud and assault, with Finnish authorities seeking his arrest. The allegations include a physical assault on a minor and tax evasion from June 2020 to April 2024. Schueler is also embroiled in a $1 billion lawsuit with the SEC over unregistered crypto token offerings.
The potential U.S. government shutdown could impact the SEC's ongoing case against Ripple, with a January deadline looming. Legal analysts suggest that a delay might lead to a resolution, potentially boosting XRP's price, as recent whale activity indicates growing interest in the cryptocurrency. Technical analysis highlights key price levels, with a bullish target of $5.85 if momentum continues.
The Australian Securities and Investments Commission (ASIC) has initiated legal action against Binance Australia for alleged violations of counter-terrorism financing and anti-money laundering laws, marking a pivotal moment in cryptocurrency regulation. This case could lead to significant penalties for Binance, impacting its operations and investor confidence both locally and internationally. As regulators worldwide observe, the outcome may set a precedent for stricter compliance measures across the cryptocurrency industry, emphasizing the need for robust frameworks to protect investors and ensure market integrity.
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