Financial Scams and Security 39

Britannia Financial Faces Lawsuit Over Alleged Failure to Pay Full Price for Revenue-Generating Assets Linked to Tether Deposit

Tether’s bank partner, Britannia Financial, is facing a lawsuit over allegations of failing to pay the full price for revenue-generating assets related to a large deposit from Tether. The lawsuit, filed by Arbitral International, claims that Britannia did not fulfill its payment obligations regarding the acquisition of Arbitral Securities, a brokerage business based in the […]

SEC Sues Kraken for Operating as Unregistered Securities Exchange

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency exchange Kraken, accusing it of operating as an unregistered securities exchange, broker, dealer, and clearing agency. This legal action is part of SEC Chair Gary Gensler’s efforts to assert the agency’s jurisdiction over the crypto industry. The SEC claims that Kraken […]

SEC Files Lawsuit Against Kraken, Alleging Securities Law Violations and Commingling of Customer Funds

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency exchange Kraken, accusing the company of violating securities laws and commingling customer funds with corporate assets. The SEC claims that Kraken has been operating as an unregistered securities exchange, broker, dealer, and clearing agency since 2018. The lawsuit alleges that Kraken unlawfully […]

SEC Files Charges Against Kraken Over Unregistered Exchange Operations and Commingling of Funds

The U.S. Securities and Exchange Commission (SEC) has filed charges against cryptocurrency exchange Kraken for operating an unregistered securities exchange, broker, dealer, and clearing agency. The SEC alleges that Kraken has generated hundreds of millions of dollars in revenue since 2018 by facilitating the purchase and sale of securities without registering with the SEC, which […]

US Justice Department Seeks $4 Billion from Binance in Money Laundering Probe

The US Justice Department is reportedly seeking over $4 billion from cryptocurrency exchange Binance to settle a criminal investigation into alleged money laundering, bank fraud, and sanctions violations. Negotiations between federal prosecutors and Binance have included the possibility of criminal charges against the exchange’s founder and CEO, Changpeng Zhao. Despite residing in the United Arab […]

Cryptocurrency Exchange and Stablecoin Issuer Freeze $225 Million in Stolen USDT Linked to International Crime Syndicate

In a groundbreaking move, cryptocurrency exchange OKX and stablecoin issuer Tether have jointly announced the freezing of $225 million in stolen USDT, marking the most extensive seizure in the history of the popular stablecoin.The funds were traced back to an international crime syndicate involved in a notorious “pig butchering” romance scam, where individuals are lured […]

Tether and OKX Collaborate with DOJ to Seize $225 Million in Illicit USDT Funds

Tether, the issuer of the USDT stablecoin, and crypto exchange OKX have collaborated with the U.S. Department of Justice (DOJ) to seize a record $225 million in illicit USDT funds. This marks the largest-ever freeze of USDT in history. The frozen funds were linked to an international human trafficking syndicate in Southeast Asia that was […]

Tether Collaborates with DOJ to Freeze $225 Million in USDT Linked to Human Trafficking Syndicate

Stablecoin issuer Tether has frozen $225 million worth of USDT tokens as part of an investigation into a human trafficking syndicate in Southeast Asia. The United States Department of Justice (DOJ) collaborated with Tether and crypto exchange OKX to freeze the funds, which were used by a crime syndicate involved in a romance scam. The […]

Mastercard Partners with Feedzai to Enhance Fraud Detection in Cryptocurrency Exchanges

Mastercard has announced a new partnership with AI firm Feedzai to enhance its ability to detect and prevent fraud in cryptocurrency exchanges. The integration will involve Feedzai’s software being integrated with Mastercard’s CipherTrace Armada platform, which allows banks to monitor transactions from thousands of crypto exchanges for fraudulent activities. Feedzai’s AI-powered software can quickly identify […]

FTX Founder Granted Extension for Post-Trial Motions in High-Stakes Legal Battle

Judge Lewis A. Kaplan of the United States District Court, Southern District of New York, has granted a request for an extension for filing post-trial motions in the case against Sam Bankman-Fried. The extension allows Bankman-Fried’s legal team to prepare for the subsequent stages of the case. The defense’s post-trial motions, initially due on November […]