The U.S. Department of Justice (DOJ) announced on Wednesday that Nikita Andreevich Sklyuev, also known as Valeriy Dorojkin, has been extradited from Ukraine and arraigned in Buffalo, NY, on charges of wire fraud and fraudulent use of an unauthorized access device. Sklyuev is accused of submitting a malicious cryptocurrency wallet app, “EOSIO Wallet Explorer,” to…
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The General Assembly of the U.S. state of North Carolina has approved a bill that prevents the state from participating in the Federal Reserve’s testing of a central bank digital currency (CBDC). The General Assembly is North Carolina’s legislative body, comprising two chambers: the House of Representatives and the Senate. The bill passed with significant…
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Michael Joseph McElhiney, age 37 and formerly of Spokane, Washington, has pleaded guilty to wire fraud, the U.S. Department of Justice (DOJ) announced on Wednesday. Between March 4, 2021, and Sept. 10, 2022, McElhiney defrauded investors by falsely claiming to operate a cryptocurrency investment fund called Mac Blockchain Solutions. He contacted victims in person, via…
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Asian currencies have reached their lowest levels in over 19 months as the U.S. dollar strengthens, driven by expectations of prolonged elevated U.S. interest rates. The Bloomberg Asia Dollar Index fell by 0.1% on Thursday, marking its lowest point since November 2022. Significant declines in the Philippine peso, Indian rupee, and South Korean won are…
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The Federal Reserve Board’s annual stress test results reveal that large banks are expected to face nearly $685 billion in projected losses during a severe recession scenario. These losses are significantly higher than last year due to increased risks in bank balance sheets and higher expenses. The aggregate common equity tier 1 (CET1) capital ratio…
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The Supreme Court ruled on Thursday that the U.S. Securities and Exchange Commission (SEC)’s use of in-house proceedings to impose civil penalties for securities fraud violates the Seventh Amendment’s right to a jury trial. The case arose from the SEC’s action against George Jarkesy Jr. and his firm, Patriot28 LLC, for alleged securities fraud. The…
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India’s central bank digital currency (CBDC), the digital rupee, has experienced a significant decline in usage, decreasing to a tenth of its peak in December 2023, according to sources involved in the pilot project. The Reserve Bank of India (RBI) initially reached 1 million daily retail transactions with the digital rupee by incentivizing banks and…
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Iran officially unveiled its central bank digital currency (CBDC) on Sunday during a ceremony attended by Central Bank of Iran (CBI) Governor Mohammad Reza Farzin and chief executives of several major banks. This digital currency, issued electronically by the central bank, aims to streamline transactions within the country’s banking system. A pilot project will commence…
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The U.S. Department of Justice (DOJ) announced on Friday that Robert Wesley Robb, 46, from Colorado, pled guilty to wire fraud for deceiving investors with false promises about a Maximum Extractable Value (MEV) cryptocurrency trading bot. Robb solicited investments via social media, claiming high returns and pressuring individuals to invest quickly. On Sept. 8, 2023,…
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The Washington State Department of Financial Institutions (DFI) issued a warning on Thursday after it received a complaint from a Washington investor about Fameex, now offline. The investor, a real estate agent, met scammer “Jackson Qie” via an unsolicited text. Qie convinced him to invest over $113,000 in ether (ETH) and tether (USDT) on Fameex.…
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