Top Crypto News of the Day Curated by CoinChapter.com Terraform Labs To Sell Four Businesses
Terraform Labs is attempting to sell four of its businesses as part of its Chapter 11 bankruptcy proceedings. On July 9, the firm announced it is looking for buyers to sell Pulsar Finance, a cross-chain portfolio tracker. The firm is also looking to sell other businesses such as Station, Enterprise, and Warp.
The company stated this sale process is a key step in maximizing value for creditors and stakeholders. The firm has already winds down its operations in line with its settlement agreement with the U.S. Securities and Exchange Commission. The announcement had little impact on LUNA, the native token of Terra 2.0, which saw a modest 1.4% daily gain.
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Crypto News: Huione Guarantee Implicated in $11B Crypto Scam
Blockchain analytics firm Elliptic has linked online marketplace Huione Guarantee to an $11 billion crypto scam operation in Southeast Asia. Huione, which operates similarly to a darknet marketplace, facilitates various cyber scams primarily using USDT stablecoin for transactions.
Huione is part of Huione Group, a conglomerate with connections to Cambodia’s ruling Hun family. Additionally, another subsidiary, Huione International Payments, allegedly involved in global money laundering of scam proceeds.
Elliptic has identified hundreds of crypto addresses associated with Huione’s activities to assist exchanges and law enforcement. These scams include “pig butchering” schemes, Ponzi schemes, impersonation frauds, and sextortion.
CFTC Chair Reaffirms BTC and ETH as Commodities
Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), has reiterated that Bitcoin and Ethereum should be classified as commodities and fall under CFTC oversight. Speaking before the U.S. Senate Committee on July 9, Behnam cited a recent Illinois court ruling that affirmed Bitcoin and Ethereum commodity status.
Source: X
Behnam emphasized the need for federal legislation to create a regulatory framework for digital assets. He warned that inaction would lead to increased risks for financial markets and investors. He also referenced a 2022 Financial Stability Oversight Council report highlighting the regulatory gap in the spot market for non-security digital assets.
Read The Full Story Here: CFTC Chair Behnam Asserts 70-80% of Crypto Are Non-Securities
Crypto News: BitMEX Pleads Guilty to Bank Secrecy Act Violations
Cryptocurrency exchange BitMEX has pleaded guilty to violating the Bank Secrecy Act (BSA) between September 2015 and September 2020. The U.S. Department of Justice announced that BitMEX failed to implement adequate know-your-customer (KYC) and anti-money laundering (AML) programs during this period.
The exchange allowed customers to trade anonymously without providing identifying information, making it a potential vehicle for money laundering and sanctions evasion. BitMEX also admitted to lying to a foreign bank to open an account for a shell company.
Lithuanian Authorities Fine Payeer $10 Million
The Lithuanian Financial Crime Investigation Service (FNTT) has imposed a record fine of 9.29 million euros (approximately $10 million) on crypto payment company Payeer for violating Anti-Money Laundering regulations and allowing transfers to sanctioned banks.
Payeer, a crypto exchange and e-commerce payment service, reportedly continued operating from Lithuania after its Estonian license was revoked in January. The FNTT found that Payeer failed to properly identify customers and allowed transactions in Russian rubles through sanctioned Russian banks for over 1.5 years.
The fine consists of 8.23 million euros for violating international sanctions and 1.06 million euros for breaching money laundering prevention laws. Payeer has the right to appeal the decision.
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