Taiwanese national and dark web drug dealer Rui-Siang Lin, ‘Pharaoh’, who allegedly made more than $100 million in cryptocurrency sales of illegal narcotics, has been arrested by U.S. authorities. Lin used the identity “Pharoah” to operate the online “Incognito Market” for nearly four years and was arrested at New York’s John F. Kennedy Airport on…
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State Street, the second-oldest bank in the US, is actively searching for a leader for its digital assets solutions team. Despite its rich history stretching back to 1792, State Street’s entrance into the crypto space is relatively recent. While the bank has invested and partnered with others to build its digital asset services in the…
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Presidential candidate Donald Trump recently expressed his backing for crypto, indicating that he would cease hostility towards crypto in the US if he were to be re-elected. “If we’re going to embrace it, we have to let them be.” He also told the audience that if they like crypto, “you better vote for Trump.” Previously,…
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Two bipartisan U.S. lawmakers, Representatives Drew Ferguson and Wiley Nickel, have proposed the Providing Tax Clarity for Digital Assets Act to address taxation issues related to block rewards earned by crypto miners. The bill aims to clarify the tax treatment of staking rewards, proposing that they should only be taxed at the time of their…
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Crypto exchange KuCoin saw over $1 billion in outflows in the last 24 hours after the US prosecutors announced charges against the exchange and two of its founders, Chun Gan and Ke Tang, for violating anti-money laundering laws. The US Department of Justice revealed in its indictment that the crypto exchange did not register with…
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Lawyers representing former FTX CEO Sam Bankman-Fried, aka SBF, have criticized the government’s proposal for a maximum sentence of 50 years in prison, saying it is “not justice.” In response to the government’s sentencing recommendation filed on March 15, SBF’s attorneys, Marc Mukasey and Torrey Young, penned a letter to Judge Lewis Kaplan, branding the proposed sentence…
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The US Securities and Exchange Commission (SEC) has instructed First Trust Advisors and SkyBridge Capital, the hedge fund led by former White House Communications Director Anthony Scaramucci, to mark their Bitcoin exchange-traded fund (ETF) application as abandoned. The regulatory notice, released on Wednesday, stated that the registration statement needed to be declared abandoned due to…
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New York Community Bancorp (NYCB) made headlines on Wednesday as its stock experienced a dramatic plunge of 42% before staging a rebound following the announcement of a $1 billion capital raise. The bank also unveiled a leadership shake-up, featuring former Treasury Secretary Steven Mnuchin as one of the new board members. In a press release issued on…
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Top NFT news today, February 14, 2024: One of New York’s most famous landmarks, the Empire State Building, offers its own NFTs, Pandora records a staggering $190M trading volume in a single week, and Artprice will launch its proprietary AI with a place for NFTs in its marketplace. NFT Market Data The non-fungible token (NFT)…
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A Cornerstone Research report published Wednesday showed that crypto fines against digital asset market participants hit $2.89b by the end of 2023. That’s an 11% jump from the $2.6b in fines imposed through 2022. The findings show that as the crypto market grows, so does the SEC’s role in protecting investors. Lawmakers globally, and especially in the…
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