The United Kingdom is set to ban cold calls selling financial products, including insurance and cryptocurrencies, to crack down on fraud. It is estimated that fraud costs the country approximately £7 billion ($8.7 billion) annually. The U.K. government announced its new fraud strategy, pledging 400 new jobs to update its approach to intelligence-led policing. The government…
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A cryptocurrency YouTuber has been served a lawsuit through a tweet after a United States court allowed the action as lawyers claimed they couldn’t serve him through other means. A May 2 order from a Florida District Court Judge granted The Moskowitz Law Firm permission to serve legal notice to crypto YouTuber Tom Nash via…
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Nine digital currency exchanges allegedly aiding and abetting cybercriminals had their domains seized by the United States Federal Bureau of Investigation and Ukrainian law enforcement. According to a May 1 press release, the FBI’s Detroit Field Office and the National Police of Ukraine “conducted coordinated, court-authorized activity” that resulted in the shutdown and seizure of…
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The lawyers and consulting firms assisting cryptocurrency exchange FTX through its bankruptcy proceedings are set to cash in a total of $103 million over the first quarter. March saw five firms — Sullivan & Cromwell, Alvarez & Marshal, AlixPartners, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb — bill FTX a combined $36.4…
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The Biden administration has renewed its push for a 30% Digital Asset Mining Energy (DAME) tax on cryptocurrency miners, part of efforts to minimize the industry’s alleged impact on climate change. The proposed crypto-mining tax was first announced on March 9 as part of President Biden’s FY2024 budget and seeks to impose a phased-in 30%…
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Defunct crypto lender Celsius Network is looking to combine its United Kingdom and United States entities as new court filings allege that any supposed distinction between the two companies was a “sham.” The central point of dispute is focused on a decision made by the crypto lender in June 2021, when Celsius Network Limited (CNL)…
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A myriad of unforeseeable “consequences” will be brought about by retail central bank digital currencies (CBDCs), the managing director of the International Monetary Fund (IMF) claimed. The IMF’s Kristalina Georgieva erred on the side of caution regarding retail CBDCs in a May 1 interview at the Milken Institute’s 2023 Global Conference. Georgieva explained the IMF…
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A $1 million Bitcoin (BTC) price bet has been closed out 97% under its target price, with its backer Balaji Srinivasan choosing instead to donate a total of $1.5 million to three different entities as a settlement. On May 2, Srinivasan, the former chief technology officer at Coinbase, said the bet had been “closed out…
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United States Congressmen Warren Davidson and Mike Flood have written a letter to the chair of the Council of Economic Advisers (CEA) demanding an explanation for a chapter the agency prepared for the “Economic Report of the President” that expressed “a hostile view towards the digital asset ecosystem.” The report, presented to Congress in March,…
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On May 2, European cryptocurrency investment firm CoinShares published its latest “Digital Asset Fund Flows Weekly Report,” which stated that the digital asset market experienced bearish sentiment for the second consecutive week, resulting in outflows totaling $72 million. The report noted that the bearish sentiment could be attributed to the probability of further interest rate hikes…
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