News – Page 57

eToro Imposes Restrictions on 4 Crypto Assets Labelled as Securities in SEC Lawsuit

eToro bans US customers from buying four crypto assets that were recently deemed securities by the United States Securities and Exchange Commission. Customers will still be able to retain the ability to “hold and sell existing positions in these coins.” Earlier this year, the SEC filed lawsuits against Coinbase and Binance in lawsuits against the two companies for alleged violations of the federal securities laws. The SEC is also suing Robinhood for allegedly violating the federal Securities Act of 1933 by failing to register its trading platform as a broker.

Source: Chayanika Deka, 2023-06-14; https://cryptopotato.com/etoro-imposes-restrictions-on-4-crypto-assets-labelled-as-securities-in-sec-lawsuit/

Crypto and Fiat Stored on Apps Might Not Be Insured by The FDIC

Regulators warn that crypto and fiat held on mobile apps may not actually benefit from the FDIC’s policy of insuring up to $250k per depositor. Consumers are often given the impression that in the event of the platform going bankrupt, the government will reimburse user funds stuck with these services. This is not the case. For funds to be reimbursed, they would have to be deposited at an FDIC or NCUA-insured bank. Plenty of payment services do not hold user funds in escrow at one of these banks.

Source: Jordan Lyanchev, 2023-06-03; https://cryptopotato.com/crypto-and-fiat-stored-on-apps-might-not-be-insured-by-the-fdic/

OKX Completes 20th Quarterly Burn: Here’s How Much OKB Was Destroyed

Seychelles-based cryptocurrency exchange OKX has implemented the 20th round of its Buy-Back and Burn program. The total number of OKB tokens bought back from the secondary market and burned was 5,497,312.77, worth $258 million at a 90-day average. The crypto exchange launched the Buy- back and burn program in May 2019. It started repurchasing OKB from the original supply of 300 million tokens every three months. The 20thround of the program was between March 1 and May 31, 2023.

Source: Mandy Williams, 2023-06-10; https://cryptopotato.com/okx-completes-20th-quarterly-burn-heres-how-much-okb-was-destroyed/

Nigerian Fraudsters Plead Guilty to Defrauding Elderly Victims in the US

Jerry Chucks Ozor, 43, and Iheanyichukwu Jonathan Abraham, 44, were part of a larger group of fraudsters. They falsely claimed to represent a Spanish bank and asserted that the recipients were beneficiaries of a multimillion-dollar inheritance left by a deceased family member. In total, the scammers admitted to obtaining over US$6 million from more than 400 victims. The scheme also involved a crucial element known as “money mules” – individuals who, often unknowingly, transfer illicit funds on behalf of the criminals.

Source: Written by Erika Di Benedetto, 2023-06-06; https://www.occrp.org/en/daily//en/daily/17717-nigerian-fraudsters-plead-guilty-to-defrauding-elderly-victims-in-the-us

Former Pakistani Prime Minister Imran Khan Placed Under Travel Ban in Graft Case

The government alleges that Khan and Bibi accepted land worth millions of dollars as a bribe from property tycoon Malik Riaz Hussain. Hussain, 69, amassed his fortune through real estate ventures in Asia and is the owner of the Bahria Town gated flagship real estate empire. Khan was arrested in the same graft case on May 9, which led to violent clashes between his supporters and security forces, with attacks on military installations. On Wednesday, Khan’s bail in this case wasuntil June 19 by the court.

Source: Written by Haroon Janjua, 2023-06-02; https://www.occrp.org/en/daily//en/daily/17710-former-pakistani-prime-minister-imran-khan-placed-under-travel-ban-in-graft-case

Bloodbath: The Reasons Behind SOL, MATIC, ADA, SAND Crash Today

Major cryptocurrencies like Solana (SOL), Polygon (MATIC), Cardano (ADA), and many others – are plummeting in value. Earlier this week, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its CEO, and the US arm of the firm. The very next day, the SEC completed the one-two punch, filing another case against the leading US-based crypto exchange – Coinbase. The main reason seems to be the fact that the SEC a “non-exhaustive” list of 13 cryptocurrencies that it considers to be fraudulent.

Source: George Georgiev, 2023-06-11; https://cryptopotato.com/bloodbath-the-reasons-behind-sol-matic-ada-sand-crash-today/

Crypto Rug Pull Losses Outpaced DeFi Exploits in May: Report

Bosnian Police Seize Cocaine Concealed in Bananas

Bosnia and Herzegovina’sauthorities seize 124 kilograms of cocaine. The drugs were concealed in packages of bananas mistakenly delivered to a trade company. The company had neither ordered the cocaine, nor the bananas. The State Investigation and Protection Agency (SIPA) estimated the street value of the drugs at $1.5 million. The investigation will determine whether these bananas are linked to the confiscated drugs.. A pile of discarded bananas was discovered near Lipno village, approximately ten kilometers south of Široki Brijeg.

Source: Written by Zdravko Ljubas, 2023-06-09; https://www.occrp.org/en/daily//en/daily/17724-bosnian-police-seize-cocaine-concealed-in-bananas

ChatGPT Predicts: 6 Things That Will Trigger the Next Bitcoin Bull Market

Bitcoin has undergone numerous ups and downs in its relatively short history, but only a few have been proclaimed as a full-on bull market. The latest one was back in late 2021 when the cryptocurrency skyrocketed to its ATH of $69,000. As bitcoin has recovered a lot of ground since its sub-$16,000 endeavor, the community frequently speculates whether a new bull market has already started or is it right around the corner. In this topic, we will explore what the AI chatbot ChatGPT thinks about it.

Source: Jordan Lyanchev, 2023-06-07; https://cryptopotato.com/chatgpt-predicts-6-things-that-will-trigger-the-next-bitcoin-bull-market/

Binance Deliberates on Enabling Traders to Keep Collateral at Banks: Report

The move comes amidst growing calls from institutional digital-asset traders for a much-needed change after FTX’s dramatic collapse late last year that led to significant losses. Names of two potential intermediaries – Swiss-based FlowBank and Liechtenstein-based Bank Frick – have been mentioned, but details on further deliberations remained private. Both financial institutions have refrained from commenting on the setup, for one, cited banking secrecy laws and declined to comment. FlowBank, on the other hand, said its license does not cover crypto trading.

Source: Chayanika Deka, 2023-06-01; https://cryptopotato.com/binance-deliberates-on-enabling-traders-to-keep-collateral-at-banks-report/

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