In a significant development in the crypto sphere, the U.S. Department of Justice (DOJ) has taken a firm stance on the absence of a clear legal framework for cryptocurrencies. Bankman-Fried, the founder of FTX, faces fraud charges related to allegations of misappropriating customer funds from the leading cryptocurrency exchange. The trial, which commenced on Tuesday, […]
department of justice
Over an Alleged $1M NFT Scheme, the Department of Justice Sued Two 20-Year-Olds
For their roles in a $1.1 million NFT scam, the Department of Justice charged two 20-year-olds with fraud and money laundering. It is one of the first steps taken by federal authorities to rein in the burgeoning asset class. The project was dubbed “Frosties” by Ethan Nguyen and Andrew Llacuna, both of Los Angeles, and […]
FBI plans to form a new team dedicated to cryptocurrency
According to the Department of Justice, the FBI is developing a new squad dedicated to cryptocurrencies (DOJ). The Department of Justice stated Thursday that the new squad would collaborate closely with the National Cryptocurrency Enforcement Team. The National Cryptocurrency Enforcement Team’s first director will be prosecutor Eun Young Choi, who has a history in cyber-related […]
Bitcoin is once again in the spotlight of the US government as a $1 billion crypto gets seized from the “Silk Road”
Bitcoin has been associated with multiple underground networks since its inception and has become the pariah of law enforcement agencies. The Silk Road, an illegal marketplace dealing with multiple substances, is one of the biggest scandals associated with Bitcoin. Since the arrest of Silk Road founder Ross Ulbricht in 2013, the dealings on the network […]
BitMEX Officials Get Slapped with Criminal Charges as US DoJ Investigates Money Laundering Activities
The cryptocurrency market has again been mired in controversies, this time involving one of the most high profile companies in the industry. Recent reports revealed that prosecutors in the United States have filed criminal charges against crypto exchange primo BitMEX for flouting money laundering rules. The case has sent shockwaves across the industry with the decision splitting the industry. […]