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Bitfinex-NY Attorney General Case: Injunction Extended — What’s Next?

Good or bad sign? The New York attorney general’s injunction against Bitfinex has been extended. The saga continues. Despite everything that's been said about Tether and Bitfinex, defying all the scrutiny and suspicion, they continue to survive as a controversial pillar of the global crypto ecosystem. And in their ongoing legal battle with the New York State Office of the Attorney General (OAG), they continue to fight against the attempt to sue them and their parent company, iFinex. Against all the odds, they're doing a good job of holding their ground. This was underlined most clearly at the end of July, when Justice Joel M. Cohen of the New York Supreme Court (NYSC) ruled to extend the attorney general's preliminary injunction against iFinex and its subsidiaries. This was to provide the OAG with more time to investigate its case but also to provide the judge himself with more time to decide whether to accept or reject iFinex's appeal to have the case dismissed, b..

IRS Sending ‘Fishing’ Letters to Crypto Users So They Pay Taxes:...

The United States Internal Revenue Service is sending letters to crypto investors to apparently scare them into accurately reporting their crypto-related income. The United States Internal Revenue Service (IRS) is sending letters to crypto investors to apparently scare them into accurately reporting their crypto-related income. ‘Don’t Panic’According to a Forbes report by crypto tax attorney Tyson Cross, published on July 26, a number of Cross’s clients have received a letter “6174-A” from the IRS, threatening "future civil and criminal enforcement activity" if they fail to fully comply with reporting requirements. IRS Letter 6174-A. Source: Tyson Cross via Forbes While Cross notes that the letter may give the impression that it is a personally targeted enforcement action, he argues that it is much more likely to be a generic mailing campaign intended to encourage voluntary compliance — one year after the IRS first launched its cryptocurrency compliance push. Although the agency co..

Tether’s Trouble With New York Attorney General — Will Crypto Cope?

Tether vs. New York: Regardless of who wins or loses, crypto will keep growing. Are Bitfinex and Tether in trouble? Maybe, but the thing is, we don't know just how much trouble, because the stablecoin issuer has challenged the New York State Office of the Attorney General's (OAG) case against them. In claims filed in April, Attorney General Letitia James asserted that Bitfinex defrauded its customers, having lost $850 million in client and corporate funds, and then having attempted to cover up this loss by secretly helping itself to around $900 million of Tether's cash reserves. Serious charges, but they're denied by Bitfinex and Tether’s parent company, iFinex, which responded in April that the OAG's claims were "riddled with false assertions" and that the lost $850 million is being safeguarded, although it didn't specify whether this amount is being held by Crypto Capital Corp. (which initially received it) or by some other entity. Regardless, iFinex h..

New York Attorney General Fights Dismissal Motion in Bitfinex, Tether Case

The office of the New York Attorney General has filed a memorandum arguing that its case against Bitfinex and Tether should proceed. The office of the New York Attorney General (OAG) has claimed that crypto exchange Bitfinex and stablecoin firm Tether have been operating in New York into 2019, according to official documents filed in the New York State Courts on June 8. The OAG has submitted these documents to fight Bitfinex and Tether’s motion to dismiss the case, a motion filed in May. The defendants argued that the case should be thrown out because they were not operating their businesses in New York. They noted that the OAG had appealed to the Martin Act in bringing their case against the defendants, which is a securities and commodities law specific to New York State. In yesterdays string of filings, the OAG submitted almost 30 documents that allegedly demonstrate that the defendants have, in fact, been operating in New York. In an affirmation against the case dismissal, Assistan..

New York Judge Criticizes Attorney General Claims Against Bitfinex, Tether

Judge Joel M. Cohen refused to dismiss the court order entirely, but took aim at the “amorphous and endless” nature of its accusations. The New York Attorney General cannot bring the full force of its court order against cryptocurrency exchange Bitfinex and stablecoin Tether (USDT), cryptocurrency news media outlet CoinDesk reported, quoting a judge on May 6. Following submission of a refute from lawyers representing the co-defendants, New York Supreme Court judge Joel M. Cohen decided the parties should try to resolve their dispute and submit a refined argument. The Attorney General had accused Bitfinex of losing control of $850 million under suspicious circumstances, subsequently using sister company Tether’s reserves to temporarily fill the gap. “What I would suggest you both do is meet and talk about it, you seem like a reasonable group, in let’s say a week either with a single or proposed revision that accomplishes what we’re trying to accomplish here, and if you can’t, with indi..

US District Attorney Seeks to Retain Defendant in Crypto Shadow Banking...

The District of Arizona Attorney is seeking to retain a defendant in custody in a case of allegedly shadow banking in custody as they are concerned he could flee. The United States Attorney for the District of Arizona (DA) is seeking to retain a defendant in custody in a case of alleged shadow banking for cryptocurrency companies. In a court filing released on May 1, the DA states that they are concerned the accused will flee. The filing follows the official announcement published by the Southern District of New York Attorney in April, ordering to charge an Arizona citizen Reginald Fowler and Israeli woman Ravid Yosef for allegedly operating an unlicensed money transferring business and bank fraud. The recent filing asks the court to detain the defendant pending trial as he purportedly presents a risk of continued economic danger. Since the defendant purportedly has access to millions of dollars in bank accounts around the world and overseas ties that would facilitate the flight — amo..

New York District Attorney Charges Two for Shadow Banking Crypto Companies

The U.S. Attorney for the Southern District of New York has charged an Arizona man and Israeli woman for allegedly shadow banking cryptocurrency companies. The Southern District of New York Attorney has charged an Arizona man and Israeli woman for allegedly shadow banking cryptocurrency companies, according to an official announcement published on April 30. Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced the arrest of Reginald Fowler for allegedly operating an unlicensed money transferring business and bank fraud. His purported co-conspirator Ravid Yosef has also been charged with bank fraud and is still at large, according to the announcement. In 2018, the accused allegedly worked for several associated companies that provided fiat currency banking services to cryptocurrency exchanges, where Fowler made numerous misleading statements to banks in a bid to open bank accounts further used to receive deposits from individuals purchasing dig..

US District Attorney Indicts Three for Laundering Millions With Bitcoin

The Manhattan district attorney has indicted a group of individuals with allegedly selling drugs and laundering millions with bitcoin. The Manhattan district attorney has indicted a group of individuals with allegedly selling drugs and laundering millions of dollars with bitcoin (BTC). The development was announced in a press release published on April 16. Manhattan District Attorney Cyrus R. Vance, Jr., the United States Secret Service, the U.S. Postal Inspection Service (USPIS), and U.S. Homeland Security Investigations (HSI) have indicted Chester Anderson and his criminal accomplices Jarrette Codd and Ronald Maccarty. The defendants allegedly operated stores on the dark web that sold and shipped “hundreds of thousands” of tablets of counterfeit drugs. Authorities seized 420,000 to 620,000 alprazolam tablets, 500 glassines of fentanyl-laced heroin and quantities of methamphetamine, ketamine and gamma hydroxybutyric acid (GHB), among others. This was purportedly the largest such seiz..

US SEC Seeks Crypto Specialist Attorney Advisor to Develop Plan for...

The United States Securities and Exchange Commission is looking to hire a crypto specialist attorney advisor for its Division of Trading and Markets. The United States Securities and Exchange Commission (SEC) is looking to hire a crypto specialist attorney advisor for its Division of Trading and Markets (TM). The new job listing was posted on March 29 to the official government employment portal, USAJobs. The successful candidate will reportedly be tasked with establishing “a comprehensive plan to address crypto and digital asset securities” in coordination with TM staff and members of other SEC offices and divisions. The new hire would be expected to develop and maintain expert-level industry knowledge of crypto and digital asset securities as well as related products, and to serve as the division’s point of contact for domestic and global regulators, market participants and the wider public. Other crucial responsibilities will reportedly include “applying knowledge of federal securi..

US District Attorney Charges OneCoin Founders With ‘Billions’ in Alleged Fraud

А U.S. District Attorney has charged the founders of a crypto pyramid scheme that involved the marketing of a fraudulent digital currency “OneCoin.” A United States District Attorney has charged the founders of an international cryptocurrency pyramid scheme that involved the marketing of an allegedly fraudulent digital currency called “OneCoin.” The announcement was published by the U.S. Attorney Office of the Southern District of New York on March 8. The founders and leaders of OneCoin, Konstantin Ignatov and his sister Ruja Ignatova, were reportedly arrested on March 6, 2019, in Los Angeles. The siblings were accused of “wire fraud, securities fraud, and money laundering offenses,” wherein they allegedly lured investors to contribute “billions of dollars in the fraudulent cryptocurrency.” OneCoin was established in 2014 and is based in the capital city of Bulgaria, Sofia. The project operates as a marketing network through which members receive commissions for attracting other poten..
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