Crypto Miami

2023-11-29 17:30:48 Hong Kong Chief Executive Expresses Willingness to Cooperate on Granting More Powers to Regulate Crypto Exchanges

The Chief Executive of the Hong Kong Special Administrative Region, John Lee, has responded to the recent investigation into the unlicensed virtual-asset trading platform Hounax.

On November 27, Chief Executive John Lee addressed the recent virtual platform supervision fraud and emphasized the importance of government supervision to protect investors and crack down on unlicensed platforms. According to a local news blog, he expressed a willingness to cooperate with regulators and grant additional powers if needed to crack down on unlicensed crypto exchanges.

He said,

“If it is necessary to provide power to regulatory agencies, the government will actively cooperate.”

His comments highlight the need for government supervision to protect investors and combat unlicensed platforms in the crypto space, as the recent Hounax fraud case follows a similar incident involving JPEX, a crypto exchange. The JPEX exchange scandal received over 2,000 complaints and resulted in approximately $180 million in losses.

A total of 66 individuals have been arrested in connection with the JPEX scandal. In response to these events, local regulators in Hong Kong are strengthening crypto regulations to prevent future industry catastrophes. Open / Comment

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2023-11-26 17:30:59 Nansen Users Swamped With Phishing Emails After Data Leak

Several users of the crypto analytics platform Nansen have reported receiving phishing emails from scammers after a data breach related to one of the firm’s third-party vendors.

On Thursday, crypto investigator Officer’s Notes posted on X to warn Nansen users of the scam.

“Users have reported receiving phishing emails from fake nansen_ai today… stay safe!” Officer’s Notes said.

An attached screenshot showed that users who were sent the phishing emails were offered an “exclusive opportunity” to take part in a nonexistent “Nansen Airdrop.”

“Dear Nansen Explorer, Your account registered under the email address [censored email] is eligible to claim the Nansen Airdrop which is now live for the next 48 hours. This exclusive opportunity is available on a first-come, first-serve basis,” the email read.

The email further informed the recipients that, within the next 48 hours, they could supposedly claim a guaranteed allocated amount of counterfeit NANSEN tokens. The scammers included a link in the email, intending to redirect users to a potentially compromised website.

Scammers are disseminating phishing emails through an email address seemingly registered on networkforgoodcom, according to reports on X. At the time of writing, Nansen has not issued any public statements on the situation. Open / Comment

2023-11-23 17:30:29 GoldenTree Partner Behind Firm’s Crypto Expansion Set to Leave

Long-time partner Joseph Naggar, who was highly influential in GoldenTree Asset Management’s expansion into crypto investments, is set to leave the company.

The Block reported on Wednesday that Naggar’s exit is set to leave GoldenTree’s crypto unit in a period of uncertainty, with two anonymous sources quoted as being unsure as to whether the unit would still exist.

GoldenTree notified investors about Naggar’s forthcoming departure several weeks ago, as per one source. Both sources indicated that Naggar played a pivotal role in driving GoldenTree’s foray into the crypto space, helping the company make investments in numerous crypto startups.

GoldenTree is now exploring different options for the future of its crypto division, including the possibility of spinning it off, according to the same sources. Naggar’s name is notably absent from a GoldenTree webpage that lists members of the Executive Committee, a position to which he was appointed back in 2011.

GoldenTree is a prominent New York-based asset management company that manages a portfolio exceeding $51 billion in assets, according to its website. GoldenTree specializes in various credit opportunities, encompassing high yield bonds, leveraged loans, private credit, distressed debt, and more.

Naggar became a part of GoldenTree in 2007, assuming the role of partner and head of structured products. Prior to joining GoldenTree, he spent a decade at Morgan Stanley, where he held the position of managing director in the bank’s Global Principal Credit Group. Open / Comment

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2023-11-20 17:31:00 Coin Center Criticizes Bank Secrecy Act, Demands Regulation

Coin Center, the leading non-profit dedicated to research surrounding cryptocurrencies, calls the Bank Secrecy Act too “broad” for its own good, according to their most recent report.

Published earlier this month, the report (appropriately titled Broad, Ambiguous or Delegated: Constitutional Infirmities of the Bank Secrecy Act) challenges the adequacy of the Bank Secrecy Act of 1970, claiming that the policy is “riddled with sweeping powers and expansive terms.”

More specifically, Coin Center argues that the Bank Secrecy Act’s definition of what constitutes a “financial institution” is too widely ambiguous.

“In the Bank Secrecy Act, ‘financial institution’ has a 425-word definition divided into 26 distinct and very specific sub-categories of persons or businesses,” reads the report.

The report from Coin Center then goes on to extensively list the numerous different sub-entities categorized as such, including travel agencies, investment bankers, pawnbrokers, and commercial banks. Open / Comment

2023-11-20 13:59:09 KuCoin became the first exchange that listed Islamic Coin, but new listings are on its way

According to the Islamic Coin's socials the official listing of $ISLM on KuCoin was held on October 10. Islamic Coin also announced that KuCoin is only a first platform on the list and soon there will be other launches on top-tier CEX and DEX platforms. That means ISLM will receive new liquidity and improve its price.

Islamic Coin is the globally-recognized Shariah-compliant digital currency, committed to empower 1.8B+ Muslims with a gateway to Shariah-compliant Web3. The coin has the biggest Twitter account among crypto Muslim community with 1.3M followers. Developers say that if at least 3% of this audience holds their token, the capitalization will be comparable to BTC.

The coin is backed by top names in finance and UAE Royal Family members on Executive Board. In addition, partnerships with SushiSwap and Pyypl will help further expand Islamic Coin's ecosystem, providing liquidity and staking assets, and setting the stage for lucrative token mining opportunities.

Even before the listing Islamic Coin has already secured $400M from private investments and from ABO Digital. Join Islamic Coin Official Telegram Channel not to miss any community rewards announcement and check KuCoin to trade and deposit ISLM. Open / Comment

2023-11-17 20:01:16 FBI Arrests Trio of Crypto Criminals, Over $10 Million Stolen from NYC Banks

Three men have been arrested for an elaborate conspiracy that drained $10 million from banks across the New York City metropolitan area, United States Attorney for the Southern District of New York, announced today.

“For years, Zhong Shi Gao, Naifeng Xu, and Fei Jiang allegedly participated in a complex scheme to steal over $10 million from nearly a dozen U.S. banks and financial institutions, which they converted into cryptocurrency and moved to foreign cryptocurrency exchanges,” said Williams.

According to a release by the U.S. Attorney’s Office of the Southern District of New York, Gao, Jiang, and Xu recruited a number of Chinese and Taiwanese foreign nationals residing in the U.S. to open bank accounts across the New York City Metropolitan area.

The trio then took control of these accounts where they would arrange a string of transfers and deposits before ultimately making fraudulent reports that they were unauthorized.

From there, the banks proceeded “to temporarily credit the accounts in the amount of the transferred funds, effectively doubling the amount of money initially deposited into these accounts, stated the report.

The defendants would then swiftly withdraw the credited funds in cash or cryptocurrency that would be placed on foreign exchanges before the banks could discover that their original reports were fraudulent. Open / Comment

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2023-11-14 17:31:06 South Korean High Court Sentences Crypto Scammer to 9 Years in Jail

A branch of the South Korean High Court has jailed a convicted crypto scammer who operated a bogus token trading platform for nine and a half years. Per Seoul Kyungjae, the case was heard at the Busan High Court (Ulsan Tribunal) on November 12. The scammer, unnamed for legal reasons, was originally sentenced to serve eight years by an Ulsan-based district court. But the High Court upheld the scammer’s guilty verdict – and increased the jail term after hearing additional evidence from prosecutors.

The court heard that the individual, named as A in the national media, told victims that they could use “crypto market manipulation” methods to make “x50 profits” on their initial stakes. The court heard that the bogus crypto exchange was operational from March to August 2019. Prosecutors said that A had “advertised” the platform on social media channels. The scammer raised almost $1 million from “about 90 victims,” the court heard.

A claimed that the platform made use of a sophisticated piece of software “developed in-house” that manipulated crypto prices. A also tried to promote a cryptoasset that they claimed could be used to pay at “convenience stores, department stores, and gas stations.” But the court heard that A was in debt to the tune of about $0.5 million when making these claims, and was on probation while operating the scheme. Open / Comment