Julius Bär, a Swiss private bank, has experienced a downgrade in its rating due to hundreds of millions of loans to Benko. This downgrade directly impacts the bank’s profitability as it will have to pay more for borrowing money.The question of who is to blame for this situation has gained momentum. Bloomberg has pointed out […]
A Zurich court has handed down a significant verdict in one of the city’s largest financial fraud cases. Financier Bismark Badilla has been sentenced to six years in prison for “systematic fraud” and multiple counts of forgery. The case involves around 70 victims, including prominent law firms and a former top compliance officer from Credit […]
A Swiss banker has pleaded guilty in the United States to hiding over $60 million in secret accounts from tax authorities through opaque channels.The Swiss banker admitted to conspiring to defraud the United States by participating in a system that helped wealthy US taxpayers hide their income and assets in offshore accounts.According to court documents, […]
In 2023, the cryptocurrency industry saw several controversial figures making headlines for their involvement in scams and illegal activities. Three of the most notable figures include Karl Sebastian Greenwood, Ian Freeman, and Amir Bruno Elmaani.Karl Sebastian Greenwood, co-founder of One Coin, was sentenced to 20 years in prison and ordered to pay $300 million in […]
In a significant development, a court in the British Virgin Islands has issued a worldwide asset freeze worth $1.14 billion on the co-founders of cryptocurrency hedge fund Three Arrows Capital (3AC). The freeze order, part of the liquidators’ efforts to recover the fund’s assets and provide returns to creditors, affects co-founders Su Zhu and Kyle […]
A court in the British Virgin Islands has frozen $1 billion in assets belonging to the founders of collapsed crypto hedge fund, Three Arrows Capital (3AC). The court order prohibits co-founders Su Zhu and Kyle Davies, as well as Davies’ wife, from transferring or selling assets worth over $1 billion.According to liquidators Teneo, 3AC owes […]
Worldcoin, a cryptocurrency company, has reportedly disabled its offline orb verification function in India, Brazil, and France. The company had introduced the Orb, a five-pound chromatic helmet that scans individuals’ eyeballs to verify their identities, as a means of onboarding people in regions where traditional identification is not always available.Worldcoin incentivized the offline onboarding process […]
A U.S. appeals court has finalized the legal process to confiscate over 69,000 Bitcoin and other cryptocurrencies from Silk Road, a defunct dark web marketplace. The court ruling affirms the transfer of the Bitcoin to federal control, following a previous decision that recognized the government’s claim to the digital assets associated with Silk Road’s illegal […]
Hardware wallet provider Ledger has announced that it will fully compensate users who were impacted by a recent vulnerability in its ConnectKit library. The compromise resulted in the theft of approximately $600,000 in digital assets from users who blind-signed on Ethereum virtual machine (EVM) decentralized applications (dApps). Ledger has committed to reimbursing the affected individuals […]
In 2024, the cryptocurrency trading sector is set to experience significant court rulings that could shape the future of the global financial world. Key players such as Coinbase, Binance, Ripple, and prominent figures like Changpeng Zhao and Sam Bankman-Fried are at the center of these legal battles.One of the most closely watched cases is the […]
