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Two Estonian nationals have been extradited from Estonia to the U.S. to face charges for their roles in “a massive multi-faceted cryptocurrency Ponzi scheme,” according to an announcement by the U.S. Department of Justice (DOJ). Sergei Potapenko and Ivan Turõgin are accused of operating a $575 million Ponzi scheme involving the fraudulent cryptocurrency mining service … Read more
U.S. President Joe Biden issued a veto against H.J.Res. 109, a resolution that would disapprove of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121). In its veto document, Bides states that the approval of this Republican-led resolution would “inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address … Read more
The New York State Department of Financial Services (DFS) has introduced new guidance mandating regulated cryptocurrency entities to implement customer service policies and procedures. Crypto entities must collect data to ensure timely and fair resolution of issues, maintain records for regulatory review, and provide quarterly analyses. New York Regulator Requires Crypto Firms to Adopt New … Read more
The rising trend of “re-staking” has driven significant cryptocurrency investments into platforms that reward users for locking up their tokens. Leading this movement is Seattle-based startup Eigenlayer, which secured $100 million in funding from Andreessen Horowitz’s crypto arm in February. Eigenlayer has attracted $18.8 billion worth of crypto to its platform from less than $400 … Read more
In a significant development, Grayscale has reportedly commissioned Flow Traders to sell 5,812 ETH, valued at approximately $21.75 million. This move is speculated to be for covering the management fees of the Ethereum Trust Fund. Grayscale imposes a 2.5% annual management fee on the Ethereum Trust (ETHE). With the current holdings standing at 2.97 million … Read more
Metaplex, a Solana-based protocol that allows for the easy deployment of NFTs across applications, has introduced MPL-404, a hybrid decentralized finance standard. MPL-404 leans on SPL-404, a protocol that allows for the exchange of an NFT for a fixed number of tokens assigned by the designers of each artistic collection. Metaplex Aims to Extend Hybrid … Read more
Agora, a stablecoin company that recently raised $12 million in its Series A funding round led by Dragonfly, has announced that it will launch its AUSD token natively on Sui. The company aims to produce a better stablecoin focusing on emerging markets, and sharing the revenue obtained with partners integrating AUSD in their services platforms. … Read more
Nigerian artist Davido has been accused of perpetrating an “outright scam” after pocketing over $468,000 from selling his recently launched meme coin. A prominent Nigerian crypto enthusiast claims Davido’s actions create problems for many legitimate crypto businesses and startups operating in good faith. Davido Offloads Meme Coin Hours After Promoting It to Followers The Nigerian … Read more
Following the landmark news of former President Donald Trump’s conviction on 34 counts related to a hush-money scheme allegedly influencing the 2016 election, data from the Polygon-powered prediction market Polymarket shows Trump still leading in forecast bets for the 2024 election. Convicted But Leading: Trump Tops 2024 Election Predictions on Polymarket According to Polymarket, Donald … Read more
Transak, a Web3 payments provider, has teamed up with blockchain development platform Cometh to introduce a streamlined fiat-to-Layer three (L3) onboarding solution. This new system reportedly simplifies the purchase of crypto assets directly on Cometh’s L3 blockchain, Arbitrum Orbit. Transak Partners With Cometh to Simplify Fiat-to-L3 Crypto Transactions According to the company’s announcement, Transak and … Read more