The United States Commodity Futures Trading Commission (CFTC) announced during a July 17 discussion at Georgetown Psaros Center for Financial Markets and Policy that it is closely watching Polymarket and other offshore crypto betting platforms.
CFTC Chair Rostin Behnam stated that the commission was âobserving any activityâ occurring offshore and providing âexposure to US customers.âÂ
Behnam explained that the concern is ensuring that Polymarket and others carry out services âlegally and within the bounds of the law.â
He further stated that enforcement action will ensue if an entityâs âfootprintâ is significant enough in the US and doesnât register the derivatives contracts it offers.Â
SEC sues âfakeâ crypto exchanges in first action on pig butchering scams
On Sept. 17, the US Securities and Exchange Commission said it had taken its first-ever action against crypto âpig butcheringâ scammers.
The regulator sued five entities and three individuals connected to the alleged fake exchanges CoinW6 and NanoBit, accusing them of stealing almost $3.2 million.
The theft accusations involved the exchanges gaining investorsâ trust and establishing relationships with them via social media platforms.
In CoinW6 and NanoBit, the SEC alleged that the exchanges had âcreated fake crypto ecosystems that displayed false information to investors.â
Continue reading
Germany seizes 47 crypto exchanges tied to âunderground economyâ
On Sept. 19, The German government shuttered 47 cryptocurrency exchanges for allegedly facilitating an âunderground economyâ where cybercriminals could prosper.
The government stated that the exchanges had âdeliberatelyâ concealed the origin of âcriminally obtained funds on a large scale.â
According to the German government, the seized exchanges allegedly did so through âinadequate implementation of legal requirements for combating money launders.âÂ
Users allegedly included botnet operators, ransomware, and black market traders who use the services to convert criminally obtained money into a âregular currency cycle.â
Continue reading
Feds end Bitcoin banditsâ luxury life fueled by $230 million crypto scam
On Sept. 19, US federal agents arrested and indicted two men for stealing $230 million of Bitcoin (BTC) from a resident of Washington, D.C., believed to be the creator of Genesis.
The US Attorneyâs Office for the District of Columbia reported that the arrested individuals, Jeandiel Serrano and Malone Lam, were charged with conspiracy to steal and launch over 4,100 BTC.
Serrano and Lam used multiple online aliases and complex methods to access the unnamed victimâs accounts, transfer the funds, and then launder the proceeds since at least August.
The stolen funds were reportedly used to establish lavish lifestyles featuring nightclubs, international travel, jewelry, luxury vehicles and more.
Continue reading