Poloniex, a cryptocurrency trading platform with ties to Tron founder Justin Sun, has agreed to pay a $7.59 million settlement to the U.S. Treasury Department's Office of Foreign Asset Control (OFAC) after allegedly violating multiple sanctions programs.

According to OFAC's announcement on May 1, #Poloniex was involved in nearly 66,000 breaches, which allowed customers from Crimea, Cuba, Iran, Sudan, and Syria to conduct trades worth approximately $15 million between January 2014 and November 2019.

Although Poloniex began operations in January 2014, it didn't establish a sanctions compliance program until May 2015. Furthermore, the program lacked retroactive application, which allowed existing customers from sanctioned regions to maintain access to the platform.

Despite Poloniex's efforts to detect and limit accounts associated with sanctioned regions, OFAC reported that some individuals continued to engage in digital asset transactions on the platform.

Poloniex is currently owned by a group of entities, including #JustinSun , and was briefly owned by American crypto company Circle. Last year, Poloniex and crypto exchange Huobi announced a "strategic partnership" aimed at advancing the #Huobi Token "ecosystem development." Sun also holds an advisory role with Huobi.

When determining the penalty's severity, OFAC took into account mitigating factors such as Poloniex's small startup nature during most of the alleged violations and Circle's initiative to enhance the sanctions compliance program while in control of the company. The cooperation of both Circle and Poloniex with OFAC throughout the investigation also played a role in the reduced penalty imposed on the cryptocurrency exchange.

Poloniex's settlement is a stark reminder to all crypto companies to maintain adequate compliance programs to avoid running afoul of the U.S. Treasury Department's regulations.

#crypto2023 #dyor

Justin Sun, the founder of Tron, has made an offer to purchase the 41,490 bitcoin seized by the US government in the Silk Road case. According to court documents, the US government plans to sell these bitcoins in four separate batches this year.

Sun’s proposal comes at a time when he has been facing legal troubles with the SEC for market manipulation and fraud. He also lost his position as a goodwill ambassador for Grenada, and the US government has been closely monitoring his activities.

Sun’s offer to purchase all the bitcoin at a 10% discount through an over-the-counter (OTC) deal is an attempt to minimize the impact of the sale on the market. It is no secret that such a large sale of bitcoin can significantly affect its price, and Sun is trying to prevent this from happening.

@azcoinnews

The US government has already sold 9,861 bitcoin on March 14, 2023. However, it is unclear whether the US government will accept Sun’s proposal, given the ongoing legal issues he is facing.

It is worth noting that this is not the first time Sun has attempted to buy a significant amount of bitcoin. In 2019, he bid $4.6 million in a charity auction to have lunch with Warren Buffet, with the intention of convincing him of the potential of cryptocurrencies.

Overall, Sun’s offer to purchase the 41,490 bitcoin seized by the US government is an interesting development in the cryptocurrency world. It remains to be seen whether the US government will accept his proposal or continue with its plan to sell the bitcoin in batches. Nonetheless, this story highlights the potential impact of government actions on the cryptocurrency market and the efforts of individuals to prevent such impacts.

#JustinSun #TRON #BTC #bitcoin #azcoinnews

This article was republished from azcoinnews.com

In a recent turn of events, crypto exchange HTX has successfully reinstated its Bitcoin services after falling victim to a $30 million hack. The platform, which faced a temporary suspension of its services to address security concerns, is now on the path to recovery.The incident, which sent shockwaves through the cryptocurrency community, prompted swift action from HTX's team to secure and fortify its systems. Justin Sun, a prominent figure in the blockchain space, reassured users that the exchange is diligently working to enhance security measures to prevent future breaches.In a statement, Justin Sun expressed optimism about the recovery process, stating that he anticipates the gradual reinstatement of functionality for other cryptocurrencies on the HTX platform. This phased approach is a strategic move to ensure that each coin is reintroduced securely, minimizing the risk of further vulnerabilities.The resumption of Bitcoin services marks a crucial milestone for HTX and its user base. Bitcoin, as the flagship cryptocurrency, holds a significant portion of the market value and user assets on the exchange. The successful reinstatement signals not only the exchange's commitment to user security but also its resilience in the face of adversity.Justin Sun's announcement that full services are expected to return by next week is likely to bring relief to HTX users who have been anxiously awaiting the restoration of normalcy. However, it is crucial for users to remain vigilant and follow any additional security measures or recommendations provided by the exchange during this recovery period.The incident serves as a stark reminder of the persistent threats facing the cryptocurrency industry. As the popularity of digital assets continues to grow, exchanges must stay ahead of evolving cyber threats to safeguard the funds and trust of their users. Security audits, ongoing risk assessments, and proactive measures are essential components of a robust defense strategy for crypto platforms.In conclusion, the reinstatement of Bitcoin services on HTX marks a positive step forward in the aftermath of the recent hack. Justin Sun's assurance of a gradual return to full services reflects the exchange's dedication to both transparency and security. As the cryptocurrency landscape evolves, incidents like these underscore the importance of continuous vigilance and the implementation of robust security measures across all crypto platforms.#HTXExchange #JustinSun #BTC

In a surprising turn of events, Grenada has reportedly recalled all of its diplomats following the June 2022 election, in which the party supporting Justin Sun, the founder of Tron, was ousted, according to the Grenada Broadcasting Network (GBN).

GBN reported that Sun has been stripped of his ambassadorial status after the National Democratic Congress (NDC), the party in power, was overthrown by the National Democratic Alliance (NDA) during the mid-year election.

All ambassadors were reportedly recalled early in the government’s tenure. However, Sun does not appear to have publicly acknowledged his removal from office. Notably, this news comes after weeks of speculation on social media that Sun may have lost access to his login information.

Sun was appointed as ambassador to the World Trade Organization by the Grenadian government in 2021, and since taking office, he has been self-promoting his credentials and referring to himself as “His Excellency” in interviews and on social media.

His last tweet on his @HEjustinsun ambassadorial Twitter account was in October 2022. However, he still lists “HE” (indicating ambassadorial status) in his personal Twitter profile. Currently, Sun has not indicated any signs of being dismissed as ambassador to Grenada.

Officials from Grenada’s foreign office and some government media representatives have also not disclosed any details about whether Sun is still serving as an ambassador or not.

@azcoinnews

The recall of all diplomats by Grenada after the NDC’s defeat in the June 2022 election is a significant move that raises questions about the country’s foreign policy direction under the new government. It remains unclear whether Sun will be reinstated or replaced by a new ambassador.

Meanwhile, the Tron founder’s social media presence and self-promotion raise questions about the appropriateness of an ambassador using their position to promote their personal brand. The situation also underscores the importance of transparency and accountability in government appointments and the need to avoid appointing individuals based solely on their celebrity status.

As AZCoin News reported, Justin Sun is facing legal action from the U.S. Securities and Exchange Commission over accusations of selling and disseminating unregistered securities, committing fraud, and manipulating the market. The lawsuit is related to Sun’s alleged involvement in the unregistered sale and offer of two cryptocurrency securities named “TRX” and “BTT”. Sun reportedly utilized multiple companies that he owns and controls, including Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry, Inc., to distribute billions of TRX and BTT to the public and establish active secondary markets for trading them.

#JustinSun #TRON #TRX #Grenada #azcoinnews

This article was republished from azcoinnews.com

Huobi Crisis??

Huobi's Reserve Poor: Justin Sun is messing around with user funds via stUSDT and Huobi (mainly USDT and ETH)

- Justin Sun launched stUSDT, showing 4.29% APY and 351,380 users, but 98% of the tokens on Tron's own chain are considered directly owned by Justin Sun or Huobi, and staking USDT to stUSDT You can see that it is swept to the Huobi deposit address

- It is mainly being sent to Justin Sun or Huobi or Justin Sun's Binance address, and a significant amount is used to support its own DeFi app.

- Huobi's own 'Merkle Tree Audit' still shows $631M USDT as user funds, but the update ended last month, and in reality, USDT and USDC combined are shown to be around $90M

- In addition to this, Huobi users' ETH also converts a large amount to stETH

As such, Huobi is in a very unhealthy state and TVL continues to decline.

- Like Poloniex, Justin Sun is using Huobi as a personal piggy bank to make money from user deposits, which he can't afford if users withdraw USDT and ETH in bulk.

- As a result of this situation, TVL continues to decrease significantly over the weekend, from about $3B to $2.5B.

- In addition, last weekend, Chinese public security officials were investigating cryptocurrency exchange executives for providing payment settlement services to illegal gambling sites, and Huobi denied rumors that Justin Sun was involved, but user anxiety was further amplified.

#Huobi #JustinSun

🔥 Poloniex, the renowned cryptocurrency exchange, is currently under investigation after being the target of a cyberattack. The hacking incident has raised concerns, but Poloniex wants to reassure its users by saying it maintains a healthy financial situation.According to official statements from Poloniex, the platform has undertaken to fully reimburse the funds affected by this attack. This measure aims to restore user confidence and demonstrate the exchange's commitment to the financial security of its customers.A surprising initiative was also announced by Poloniex as part of its strategy to recover lost funds. The exchange is offering a generous 5% bonus in Bitcoin (BTC), Ethereum (ETH), and Tron (TRX) to the hacker responsible for the attack, in exchange for returning the funds to the specified wallets.This decision raises ethical and legal questions, as it represents an unconventional approach to resolving the consequences of a computer attack. Some computer security experts express concerns that such actions could be encouraged by offering financial incentives to hackers.However, Poloniex seems convinced that this method could speed up the recovery of funds, thus limiting losses for its users. Holders of ETH, TRX, and BTC wallets are encouraged to closely monitor this situation and take appropriate steps to ensure the security of their holdings.The hacking incident at Poloniex has highlighted the challenges that cryptocurrency exchanges face when it comes to security. Poloniex's decision to offer a bounty to the hacker highlights the urgency of finding quick and effective solutions to protect investors and restore trust in the cryptocurrency ecosystem.Your opinion counts, please leave a comment and don't forget to follow me and like this article 👍🏾#BTC #PoloniexHack #safu #JustinSun

It has been reported that both #JustinSun , the creator of #TRON , and #VitalikButerin , the co-founder of #Ethereum , purportedly executed transfers of Ethereum (ETH) from their well recognised wallets.
According to reports, Justin Sun executed a withdrawal of 23 thousand ETH, which is valued at about $37.7 million, through Lido Finance. The entirety of this amount was subsequently moved to a newly created address, identified as 0x454. In spite of the substantial transaction, it is evident that Sun refrained from selling his Ethereum (ETH) holdings. It is noteworthy that an additional location associated with HTX (Huobi) executed a withdrawal of 42,999 ETH from Binance shortly after Sun made a deposit of ETH to Binance and then staked it on Lido.
Sun has previously taken notable strategic actions on many occasions. On October 5th, a withdrawal of 19,000 ETH (equivalent to $32.8 million) was made from Lido Finance and subsequently put into Binance.
Prior to this event, the individual in question had made a deposit of 5,000 ETH, equivalent to $9.2 million, to the Houbi platform at a rate of $1,841 per ETH. This transaction occurred on August 12, 2023, shortly before a significant market downturn, resulting in a decline of almost 14% in the value of ETH.
In contrast, it is noteworthy that Vitalik Buterin executed a transfer of a comparatively lesser quantity of 1,000 ETH (equivalent to $1.64 million) to the address 0x556 on the present day. In contrast, Vitalik Buterin executed a transaction involving a comparatively lesser quantity of 1,000 ETH (equivalent to $1.64 million) to the address 0x556 earlier today. It is worth mentioning that Mr. Buterin has made a cumulative deposit of 2.6 thousand ETH, equivalent to $4.2 million, to Bitstamp and Paxos using the specified address starting from September 17th.