The New York Attorney General's office has updated its lawsuit against prominent blockchain companies Gemini, Genesis, and Digital Currency Group (DCG), following a recent settlement with Genesis. The lawsuit expansion comes after allegations of fraud, with investor losses now totaling over $3 billion, highlighting the widespread impact of deceptive practices within the crypto industry.
Binance's recent decision to delist Monero reflects a broader trend in the cryptocurrency market, following a similar move by OKX last December. These actions highlight the challenges exchanges face in balancing regulatory compliance with the demand for privacy-enhancing features in digital assets.
A recent investigative report by Joseph Cox of 404 Media underscores the ease with which synthetic identities can circumvent verification on major crypto exchanges like OKX, raising concerns about susceptibility to fraud. Urgent regulatory action is needed to bolster KYC and AML protocols, ensuring the integrity of the financial system.
The U.S. Department of Justice has charged three individuals in connection with the FTX Exchange Hack, a sophisticated SIM-swapping scheme that led to the disappearance of $400 million in cryptocurrency. The orchestrated attack, coinciding with FTX's bankruptcy filing, unravels the mystery surrounding the missing funds, shedding light on a cyber saga that rocked the crypto community.
Genesis Global, in a strategic move amid bankruptcy proceedings, settles a $21 million SEC lawsuit over its Gemini Earn program. Simultaneously, it seeks approval for a significant $1.6 billion sale of Grayscale Bitcoin Trust shares, marking pivotal developments in the cryptocurrency landscape.