Do Kwon reportedly hires lawyers in S.Korea to prepare for Terra investigation

Terraform Labs co-founder Do Kwon has reportedly hired a lawyer from a domestic law firm in South Korea just days after claiming the South Korean authorities are yet to reach out to him or file any charges against him. According to a local media report, Kwon recently submitted a letter of appointment to an attorney at the Seoul Southern District Prosecutors’ Office, the department that is currently investigating the Terra-LUNA collapse. While Kwon claims no charges were filed against him, prosecutors in South Korea behind the investigation of Terraform Labs…

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Indian authorities freeze $8.1M in WazirX funds as part of AML investigation

India’s Directorate of Enforcement, or ED, has announced it froze roughly $8.1 million in funds and conducted a search connected to cryptocurrency exchange WazirX as part of an investigation into instant personal loan fraud. In a Friday announcement, the Directorate of Enforcement alleged WazirX facilitated transactions by unnamed fintech firms “to purchase crypto assets and then launder them abroad” as part of a scheme involving Chinese-backed companies circumventing India’s licensing regulations. In its investigation, the ED said it ordered WazirX bank accounts containing 646.7 million Indian rupees — roughly $8.1…

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Vermont becomes the sixth US state to launch investigation against Celsius

Vermont’s Department of Financial Regulation (DFR) issued a warning against troubled crypto lending firm Celsius on Tuesday, reminding users that the crypto lending firm is not licensed to offer its services in the state. The DFR alleged that Celsius is “deeply insolvent” and doesn’t possess “assets and liquidity” to fulfill its obligations toward the customers. The state regulator accused the crypto lender of mismanaging customers’ funds by allocating them toward risky and illiquid investments: “In addition to the ordinary risks of cryptocurrency investing, holders of Celsius interest accounts were also…

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Korea and US agree to share investigation data on Terra-Luna

South Korean justice minister Han Dong-hoon was in New York recently to discuss various ways in which the two nations can corporate on investigations associated with financial crimes, especially crypto-related crimes. Hoon met with Securities and Commodities Task Force co-chief Andrea M. Griswold, at the U.S. Attorney’s Office for the Southern District of New York along with Scott Hartman, chief of the Securities and Commodities Fraud Task Force of the same office on Tuesday, reported a local daily. The two sides discussed ways to exchange information and strengthen cooperation to…

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Crema Finance shuts liquidity protocol on Solana amid hack investigation

Crema Finance, a concentrated liquidity protocol over the Solana blockchain, announced the temporary suspension of its services owing to a successful exploit that has drained a substantial but undisclosed amount of funds. Soon after realizing the hack on its protocol, Crema Finance suspended the liquidity services to refrain the hacker from draining out its liquidity reserves — which include the funds of the service provider and investors. Attention! Our protocol seems to have just experienced a hacking. We temporarily suspended the program and are investigating it. Updates will be shared…

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SEC reportedly launches investigation into insider trading on exchanges

The Securities and Exchange Commission (SEC) has reportedly launched a probe to discover how crypto exchanges are working to prevent insider trading. FOX Business reported on June 15 that a person with direct knowledge of the SEC’s activities said that the commission had sent a letter to a major crypto exchange requesting information about how the platform protects users from insider trading. The source believes the same letter has been sent to multiple exchanges. It is not clear which exchange or exchanges have received the request, but the news outlet…

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BNB Price Could Drop 40% Following SEC’s Investigation

On June 7, the price of Binance Coin (BNB) price fell 7.3% to drop below $275, hitting its lowest level in three weeks. In addition, the price of BNB could fall another 25-40% in 2022 as its parent company, Binance, faces allegations of breaching securities rules and laundering billions of dollars in illicit funds for criminals. Binance Is in Hot Water In 2017, Binance raised $15 million in 16 days as part of an initial coin offering (ICO) during which it issued Binance coin (BNB) for $0.15 each to the…

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BNB Price Could Drop 40% Folllowing SEC’s Investigation

On June 7, the price of Binance Coin (BNB) price fell 7.3% to drop below $275, hitting its lowest level in three weeks. In addition, the price of BNB could fall another 25-40% in 2022 as its parent company, Binance, faces allegations of breaching securities rules and laundering billions of dollars in illicit funds for criminals. Binance Is in Hot Water In 2017, Binance raised $15 million in 16 days as part of an initial coin offering (ICO) during which it issued Binance coin (BNB) for $0.15 each to the…

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Bad day for Binance with SEC investigation and Reuters exposé

The United States Securities and Exchange Commission (SEC) is investigating whether Binance Holdings broke securities rules when it launched its BNB token in an initial coin offering (ICO) five years ago, Bloomberg reported on June 6. Binance is the world’s largest crypto exchange, and BNB is the fifth largest cryptocurrency. The BNB ICO took place in July 2017 on several platforms, during the height of the so-called ICO boom, and the Binance exchange opened just days afterward. According to Bloomberg, citing unnamed people familiar with the matter, at least one…

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