In the first quarter of 2024, Canaan Inc. generated $35.1 in revenues versus the $72.4 million in costs incurred in the same period which resulted in the company recording a gross loss of $37.3 million. Nangeng Zhang claimed that Canaan’s revenues in the last quarter exceeded expectations due to the company’s persistent sales efforts and […] Source: https://news.bitcoin.com/mining-rig-producer-canaans-q1-unrealized-gains-narrow-net-loss-to-39-4-million/
The U.S. Congress bipartisan vote has overwhelmingly demonstrated its rejection of the SEC’s SAB 121. President Biden threatened to veto the overruling. Will the executive branch overthrow Congress’s decision? Source: https://cointelegraph.com/news/united-states-joe-biden-sab-121-accounting-crypto-law
Binance’s Financial Crimes Compliance Department recently collaborated with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office on a significant cryptocurrency-assisted money laundering case involving nearly NT$200 million (approximately US$6 million). The criminal operation had been laundering money through virtual assets by creating fake customer records and forged identity data. Law enforcement […] Source: https://news.bitcoin.com/binance-aids-taiwan-in-busting-6m-crypto-money-laundering-ring/
The United States Department of Justice alleges Thomas John Sfraga convinced a victim to invest in a “fictitious” cryptocurrency” wallet after promising significant gains. Source: https://cointelegraph.com/news/crypto-personality-thomas-john-sfraga-wire-fraud-department-justice
Dolce & Gabbana USA Inc. faces a lawsuit from a customer who claims the non-fungible tokens (NFTs) he bought for $6,000, which included metaverse outfits, lost 97% of their value due to delivery failures by the luxury fashion house. The complaint, filed in Manhattan federal court, alleges the NFTs were promoted with various digital, physical, […] Source: https://news.bitcoin.com/dolce-gabbana-sued-over-6000-nfts-losing-97-value/
Michael Burry, an investor famous for making a fortune by anticipating the 2007 subprime mortgage crisis, made a sizable bet on physical gold. According to regulatory filings, Burry’s Scion Asset Management purchased over 440,000 Sprott Physical Gold Trust units, a closed-end fund that invests and holds its assets in physical gold bullion. Big Short’s Investor […] Source: https://news.bitcoin.com/big-short-investor-michael-burry-goes-hard-on-gold-invests-10-million-in-q1/
The Ontario Securities Commission (OSC) announced on May 15 that two Ontario residents have been charged with offenses under the Criminal Code of Canada as part of Project Swan, a joint investigation by the Durham Regional Police Service (DRPS) and the OSC. Aiden Pleterski, self-proclaimed “Crypto King,” is charged with fraud over $5,000 and laundering […] Source: https://news.bitcoin.com/ontario-crypto-king-faces-major-fraud-and-money-laundering-charges/
The Nigerian fintech firm Flutterwave claimed on May 16 that it had foiled an attempt to breach its payments platform. Flutterwave asserted that the “unauthorized activities inconsistent with usual customer behavior” did not compromise users’ funds or data confidentiality. According to one report, over $7 million was siphoned from Flutterwave following a cyberattack in April. […] Source: https://news.bitcoin.com/nigerian-fintech-firm-flutterwave-confirms-hacking-attempt-says-users-funds-safe/
Two Chinese nationals were charged with orchestrating a large-scale cryptocurrency scam that netted at least $73 million in laundered funds, the U.S. Department of Justice announced on Friday. According to the DOJ, Daren Li, 41, a dual citizen of China and St. Kitts and Nevis, was arrested on April 12 at Hartsfield-Jackson Atlanta International Airport. Yicheng Zhang, 38, a resident…
The French securities regulator, the Autorité des Marchés Financiers (AMF), has issued a renewed warning against using the digital asset platform Bybit. The AMF reminded French investors that Bybit is an unregistered crypto platform operating illegally in the country. The regulator has advised French investors who use Bybit to take all the necessary precautions to […] Source: https://news.bitcoin.com/french-regulator-renews-warning-against-blacklisted-bybit/
