Crypto

FTX Crypto Trading Platform Accused of Running Profit-Making Scam with Bahamas Bank: Lawsuit Reveals Secrets

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MIAMI, FL – FTX, a cryptocurrency trading platform, is at the center of a scandal involving the creation and sale of Tether stablecoins in a profit-making scheme. According to a recent lawsuit reported by Bloomberg, FTX allegedly worked secretly with Deltec Bank & Trust Ltd., based in the Bahamas, to carry out this fraudulent activity. The lawsuit, filed in a Florida court, also implicates Alameda Research, FTX’s sister firm. Caroline Ellison, former CEO of Alameda Research, provided details of the scheme in the court filing. The process involved Alameda creating Tether, also known as USDT, … Read more

Massachusetts Attorney and Crypto Advocate John Deaton Considers Challenging Senator Elizabeth Warren in Senate Race

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BOSTON, MASSACHUSETTS – Senator Elizabeth Warren, known for her skepticism toward cryptocurrencies, could face a significant challenge in her reelection bid from a proponent of the industry. John Deaton, a digital assets advocate and attorney from Massachusetts, is seriously contemplating running as a Republican candidate, according to reports by the Boston Globe. Deaton, who has been consulting with key advisors, including Jim Conroy from Republican Gov. Charlie Baker’s political operation, is expected to make a decision in the coming days. If Deaton enters the race, he will be the first notable Republican challenger to Warren … Read more

Parents of Crypto Exchange Founder Seek Dismissal of Fraudulent Fund Transfer Lawsuit, Citing Lack of Fiduciary Relationship

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San Francisco, California – Joseph Bankman and Barbara Fried, parents of Sam Bankman-Fried, are seeking the dismissal of a lawsuit filed by bankrupt cryptocurrency exchange FTX. The exchange alleges that funds were fraudulently transferred and seeks to recover millions of dollars from Bankman and Fried. Bankman-Fried, less than two months after the lawsuit was filed, was found guilty on all seven charges of defrauding customers and the United States. His sentencing is expected to take place in March. Bankman and Fried, both professors at Stanford Law School, argue that Bankman had no fiduciary relationship with … Read more

Crypto Exchanges Under Fire for Hosting Extremists While Congress Proposes New Law to Curb Militia Activity

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Washington D.C. – Exchanges that allow users to convert cryptocurrency into traditional currency are facing scrutiny for hosting white supremacists and neo-Nazis. A recent report from the Anti-Defamation League revealed that many of these exchanges have no policies in place to prevent extremists from using their platforms. The report tracked over $140,000 in extremist financing and raised questions about why these exchanges have not taken stronger action against hosting extremists. According to the Anti-Defamation League’s findings, 15 individual domestic extremists and extremist groups were monitored as they moved cryptocurrency through 22 different exchanges in 2023. … Read more