Crypto Crime

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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Thu Jun 30, 2022

Crypto hedge fund Three Arrows Capital plunges into liquidation as market crash takes toll

Major cryptocurrency hedge fund Three Arrows Capital has fallen into liquidation, a person with knowledge of the matter told CNBC, marking one of the biggest casualties of the latest so-called “crypto winter.”

Teneo has been brought on board in the last few days to deal with the liquidation process.


https://www.cnbc.com/2022/06/29/crypto- ... %20capital
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Re: Crypto Crime

Postby tdtwedt » Thu Jun 30, 2022

Genesis Faces ‘Hundreds of Millions’ in Losses as 3AC Exposure Swamps Crypto Lenders

Cryptocurrency market maker and lending firm Genesis Trading is facing potential losses into the “hundreds of millions,” according to three people familiar with the matter.

The losses at Genesis relate in part to exposure to over-leveraged hedge fund Three Arrows Capital and Hong Kong-based crypto lender Babel Finance and are on the order of “a few hundred million dollars,” one of the people said.


https://www.coindesk.com/business/2022/ ... s-sources/
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Re: Crypto Crime

Postby tdtwedt » Thu Jun 30, 2022

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Re: Crypto Crime

Postby tdtwedt » Thu Jun 30, 2022

European Union inks deal on crypto transfer tracing rules

The European Union has agreed on new rules subjecting cryptocurrency transfers to the same money-laundering rules as traditional banking transfers.

EU negotiators signed a provisional agreement late Wednesday for the 27-nation bloc's first rules on tracing transfers of crypto assets like bitcoin, which is aimed at clamping down on illicit transfers and blocking suspicious transactions.


https://www.msn.com/en-us/news/world/eu ... 50f43bf268
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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Fri Jul 01, 2022

EU agrees on landmark regulation to clean up crypto ‘Wild West’

The European Commission, EU lawmakers and member states hammered out a deal in Brussels after hours of negotiations. The move came a day after the three main institutions finalized measures aimed at stamping out money laundering in crypto.

The landmark law, known as Markets in Crypto-Assets, or MiCA, is designed to make life tougher for numerous players in the crypto market, including exchanges and issuers of so-called stablecoins, tokens that are meant to be pegged to existing assets like the U.S. dollar.


https://www.cnbc.com/2022/06/30/eu-agre ... ation.html
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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Fri Jul 01, 2022

Justice Department Announces Enforcement Action Charging Six Individuals with Cryptocurrency Fraud Offenses in Cases Involving Over $100 Million in Intended Losses

The Department of Justice, together with federal law enforcement partners, today announced criminal charges against six defendants in four separate cases for their alleged involvement in cryptocurrency-related fraud, including the largest known Non-Fungible Token (NFT) scheme charged to date, a fraudulent investment fund that purportedly traded on cryptocurrency exchanges, a global Ponzi scheme involving the sale of unregistered crypto securities, and a fraudulent initial coin offering.

“The Department of Justice and our partners are dedicated to using every available tool to protect consumers and investors from fraud and manipulation,” said Assistant Attorney General Kenneth A. Polite, Jr. of the Justice Department’s Criminal Division. “These indictments reflect our deep commitment to prosecuting individuals involved in cryptocurrency fraud and market manipulation.”

“Our office is committed to protecting investors from sophisticated scammers seeking to capitalize on the relative novelty of digital currency,” said U.S. Attorney Juan Antonio Gonzalez for the Southern District of Florida. “As with any emerging technology, those who invest in cryptocurrency must beware of profit-making opportunities that appear too good to be true.”

“These cases serve as a crucial reminder that some con artists hide behind trendy buzzwords, but at the end of the day they are simply seeking to separate people from their money,” said U.S. Attorney Tracy L. Wilkison for the Central District of California. “We will continue to work with our law enforcement partners to educate and protect potential investors about both traditional and trendy investments.”

“As cryptocurrency marketplaces advance and offer new opportunities for consumers, criminals also seek ways to exploit them,” said Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division. “The FBI, alongside our law enforcement partners, will continue to investigate and bring those criminals to justice, and to protect the American people.”


https://www.justice.gov/opa/pr/justice- ... ency-fraud
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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Sat Jul 02, 2022

Crypto Hedge Fund Three Arrows Files For Chapter 15 Bankruptcy

Crypto hedge fund Three Arrows Capital has filed for Chapter 15 bankruptcy, a move that protects its US assets while a liquidation is carried out in the British Virgin Islands.

Representatives for Three Arrows filed the bankruptcy petition in New York on Friday, court papers show.


https://www.bloomberg.com/news/articles ... bankruptcy
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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Sat Jul 02, 2022

Major crypto broker Voyager Digital suspends all trading, deposits and withdrawals

The news comes a few days after one of Voyager’s customers failed to make payments on a loan worth hundreds of millions of dollars, fueling growing concerns of an insolvency contagion effect across the industry.

On Monday, the broker issued a notice that prominent crypto hedge fund Three Arrows Capital (3AC) had defaulted on a loan worth more than $670 million. At the time, Voyager said that it intended to pursue recovery from 3AC, and in the interim, said it would continue to operate and fulfill customer orders and withdrawals.


https://www.cnbc.com/2022/07/01/voyager ... wals-.html
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Re: Crypto Crime

Postby SilverDoge » Sat Jul 02, 2022

Meet Kevin shares his personal story which cost him over $420k. He lays out all the risks quite well but still lost it all.

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Re: Crypto Crime

Postby tdtwedt » Sun Jul 03, 2022

Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

For those seeking restitution from Three Arrows Capital via a lawsuit, the legal separation may complicate efforts to obtain a payout. Named after Tai Ping Shan mountain on the island of Hong Kong, TPS Capital is registered in Singapore but domiciled in the British Virgin Islands. The parent company is now facing a lawsuit, but according to corporate filings, TPS Capital has a different ownership structure and hidden directors.


https://www.coindesk.com/markets/2022/0 ... -entities/
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Re: Crypto Crime

Postby tdtwedt » Mon Jul 04, 2022

British Army’s Twitter and YouTube accounts hacked to promote cryptocurrency scams

A hacker, or hackers, took over the Twitter and YouTube accounts of the British Army on Sunday.

The army’s Twitter profile was altered to show images of fake NFTs and promote crypto giveaway schemes.

Its YouTube account, meanwhile, aired livestreams with clips of Elon Musk and directed users to crypto scam websites.


https://www.cnbc.com/2022/07/04/uk-army ... scams.html
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Re: Crypto Crime

Postby tdtwedt » Mon Jul 04, 2022

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Re: Crypto Crime

Postby tdtwedt » Tue Jul 05, 2022

Another crypto lender Vauld pauses withdrawals as market crash takes its toll

Crypto lender Vauld on Monday paused all withdrawals, trading and deposits on its platform and is exploring potential restructuring options, the company said.

Vauld said it is facing “financial challenges” due to “volatile market conditions” which has led to customers withdrawing more than $197.7 million from the platform since June 12.

Vauld is the latest victim of the cryptocurrency price plunge this year that has exposed flaws in a number of digital coin projects and business models.


https://www.cnbc.com/2022/07/04/crypto- ... toll-.html
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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Tue Jul 05, 2022

Temporary change in withdrawal limits

Please rest assured that your assets are safe. CoinLoan is the oldest CeFi platform on the lending market.


https://coinloan.io/blog/temporary-chan ... al-limits/

:pop:
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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Wed Jul 06, 2022

Crypto brokerage Voyager Digital files for Chapter 11 bankruptcy protection

Voyager commenced bankruptcy proceedings in the U.S. Bankruptcy Court of the Southern District of New York on Tuesday.

The company suffered huge losses from its exposure to crypto hedge fund Three Arrows Capital, which went bust last week.

Sam Bankman-Fried’s Alameda Research is listed as Voyager’s largest creditor, with an unsecured claim of $75 million.


https://www.cnbc.com/2022/07/06/crypto- ... ction.html
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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Wed Jul 06, 2022

French MEP asks regulator to review Binance approval, cites Reuters report

A French Member of the European Parliament (MEP) urged France’s market regulator to review its decision to register the Binance cryptocurrency exchange, citing a recent Reuters investigation into money laundering on the platform.

In a June 13 letter, Aurore Lalucq, also a member of the European Parliament’s Committee on Economic and Monetary Affairs, asked the AMF regulator to justify its “incomprehensible” decision to register a Binance unit as a digital assets service provider.

As a basis for her concerns, Lalucq cited a statement from Britain’s financial regulator last year which said Binance was “not capable of being effectively supervised”, and the Reuters report, published in June, which found Binance served as a conduit for the laundering of at least $2.35 billion in illicit funds.


https://cyprus-mail.com/2022/07/06/fren ... rs-report/
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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Thu Jul 07, 2022

Genesis Confirms Exposure to Three Arrows Capital

Genesis Global Trading CEO Michael Moro on Wednesday said Three Arrows Capital was the large counterparty that failed to meet a large margin call in June, forcing liquidation of the related collateral.

Since then, said Moro in a series of tweets, Genesis has worked with its parent company, Digital Currency Group, to continue to isolate risk, with DCG assuming certain liabilities of Genesis related to Three Arrows Capital, a crypto hedge fund that has been ordered by British Virgin Islands court to liquidate.

DCG also owns CoinDesk.


https://www.coindesk.com/business/2022/ ... ssistance/
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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Thu Jul 07, 2022

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Re: Crypto Crime

Postby Munkish » Thu Jul 07, 2022



What better way to ensure people who don't know what they are talking about end up writing crypto policy...

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tdtwedt
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Re: Crypto Crime

Postby tdtwedt » Fri Jul 08, 2022

So, 3AC owes Voyager a few 100m, went bust. FTX/Alameda gives 3AC $100m, but didn’t save it.

Alameda invests in Voyager, then takes a $377 million loan from Voyager... ok...

V went bust. FTX didn't “bail them out” or return the money?

hard to follow?


https://twitter.com/cz_binance/status/1 ... 9867428866

:pop:
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