Celebrities boost crypto projects but don’t guarantee legitimacy

September 6, 2024 Coin Telegraph

In some cases, celebrity backing for a crypto project is a red flag because it’s a scam ad made by criminals.

Celebrity backing can make a big difference in the success of a crypto project, but that doesn’t mean the endorsement of a famous person makes it trustworthy.

According to a 2023 research paper by two former United States Securities and Exchange Commission economists, Joshua White and Sean Wilkoff, there is a link between a celebrity endorsement of a crypto project and the likelihood of its dubiousness.

During their research, White and Wilkoff found that in 2019, 26% of the initial coin offerings (ICO) they examined were likely scams. That number increased to nearly 40% by 2023.

<div>XRP price preps for 'powerful move' above .90 as sentiment metrics signal optimism</div>

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

US prosecutors allegedly link ex-FTX exec to Chinese bribery scandal

September 5, 2024 Coin Telegraph

Coin Telegraph

Notes from a 2023 conference call between Assistant US Attorneys revealed allegations against Ryan Salame tied to Alameda Research’s bribery scheme in China.

United States prosecutors in the case against Ryan Salame have allegedly linked the former FTX Digital Markets co-CEO to the names of Thai prostitutes as part of efforts to unfreeze accounts tied to FTX and Alameda Research.

In a Sept. 5 filing in the US District Court for the Southern District of New York, US Attorneys filed a memorandum opposing Salame’s motion to vacate his guilty plea as part of charges involving campaign finance violations. The former FTX co-CEO had already withdrawn his petition to vacate the plea on Aug. 29, but Judge Lewis Kaplan said both parties would appear on Sept. 12 to address the matter at a hearing.

The prosecutors’ motion did not mince words, calling Salame’s petition “shameless and self-serving” and “procedurally defective and factually and legally meritless.” He initially filed the petition after authorities suggested they would pursue an investigation into his partner, Michelle Bond.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

US Court Imposes $209 Million Penalty in Crypto Ponzi Scheme

September 5, 2024 Bitcoin.com

US Court Imposes 9 Million Penalty in Crypto Ponzi Scheme

bitcoin.com

The U.S. District Court for the Northern District of Illinois has ordered an Oregon resident and his entities to pay over $209 million in penalties for running Ponzi schemes disguised as crypto and carbon investment programs. This includes restitution, disgorgement of illegal profits, and a civil penalty. The Commodity Futures Trading Commission (CFTC) has recovered […]

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Court Upholds $1,000 Cap on Daily Crypto ATM Withdrawals in California

September 4, 2024 Bitcoin.com

Court Upholds ,000 Cap on Daily Crypto ATM Withdrawals in California

ATM

A California Superior Court has upheld the Digital Financial Assets Law, which includes a $1,000 daily withdrawal limit for cryptocurrency ATMs. The law also requires crypto ATM operators to obtain licenses and comply with fee limits and new disclosures. California Court Upholds Bitcoin ATM Withdrawal Limit The California Department of Financial Protection and Innovation (DFPI) […]

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Ripple and SEC agree to stay $125M judgment, hinting at appeal

September 4, 2024 Coin Telegraph

Ripple and SEC agree to stay 5M judgment, hinting at appeal

Coin Telegraph

Though the SEC may choose not to appeal the Aug. 7 decision, Ripple’s lawyers requested that 111% of the monetary judgment be placed into a bank account to obtain a stay.

The legal team defending Ripple Labs against a case filed by the United States Securities and Exchange Commission (SEC) has requested to stay the monetary portion of an Aug. 7 judgment requiring the firm to pay $125 million.

In a Sept. 4 filing in the US District Court for the Southern District of New York, Ripple’s lawyers said the SEC had agreed to a request to delay payment of the judgment after Sept. 6. The legal team proposed that Ripple place 111% of the judgment amount — roughly $139 million — into a bank account until 30 days “after the time to appeal expires or the resolution of any appeal.”

Source: SDNY

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Brazil’s X ban: Are VPN users at risk for accessing the platform?

September 4, 2024 Coin Telegraph

Brazilians

VPN providers agree that tracking individuals accessing X via VPNs in Brazil would be challenging but not impossible.

A Brazilian Supreme Court panel on Sept. 2 decided to uphold a ban on X, restricting Brazilians from accessing the social media platform.

Some prominent figures — including Bluesky co-founder Jack Dorsey — promoted the use of virtual private networks (VPN), while others cautioned Brazilians against any type of X usage.

Cointelegraph contacted several lawyers and VPN providers to better understand the situation regarding the X ban in Brazil.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Home invaders used machete, Toblerone to rob a man of his Bitcoin

September 3, 2024 Coin Telegraph

attack

Scottish authorities tracked, traced, and seized Bitcoin stolen during a 2020 home invasion, marking the first robbery in Scotland to involve cryptocurrency tracing.

Scottish prosecutors have seized and converted 23.5 Bitcoin into cash from a 2020 robbery that saw three men armed with a machete and a Toblerone chocolate bar break into a home near Glasgow.

The case — initially heard last year — “was the first robbery in Scotland to involve tracing stolen cryptocurrency,” said Detective Inspector Craig Potter from Police Scotland’s Cyber Investigations unit.

In a first for the country, prosecutors used proceeds of crime legislation to seize and convert the Bitcoin (BTC) stolen in the March 2020 robbery into cash, BBC News reported on Sept. 2.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Brazil Supreme Court upholds judge’s decision to suspend Elon Musk’s X

September 2, 2024 Coin Telegraph

Brazil

The Tesla CEO has used his platform on X to hint that Brazilian residents should defy the judge’s order using VPNs despite the risk of fines.

A Brazilian Supreme Court panel has upheld a decision from one of its justices to suspend operations of social media platform X in the country.

In a unanimous decision on Sept. 2, a panel of five Supreme Court justices upheld Justice Alexandre de Moraes’ Aug. 30 ruling suspending X in Brazil. Moraes’ decision followed X owner Elon Musk’s refusal to name a legal representative for the firm’s operations in Brazil.

In the months before Moraes’ decision, Musk heavily criticized the Supreme Court judge on X, claiming he was “evil” and a “dictator” for his alleged “illegal political censorship” of the social media platform. It’s unclear how the X owner may respond to the court ruling now that four other justices agreed with Moraes’ ruling.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Judge orders ex-FTX exec to appear after request to vacate guilty plea

August 30, 2024 Coin Telegraph

Coin Telegraph

Despite withdrawing a petition to void his guilty plea, Ryan Salame must appear in a New York courtroom on Sept. 12 as scheduled.

A federal judge has ordered former FTX Digital Markets co-CEO Ryan Salame to appear for a hearing despite withdrawing a request to vacate a guilty plea.

In an Aug. 29 filing in the United States District Court for the Southern District of New York, Judge Lewis Kaplan said Salame was required to appear in court on Sept. 12 as part of the conditions of his release on bail. He was initially scheduled to report to prison to serve a 90-month sentence starting on Aug. 29 but received a delay to Oct. 13 after reporting medical complications because of a dog bite.

On Aug. 21, the former FTX executive’s legal team filed a petition to have the court vacate his guilty plea, alleging authorities agreed not to pursue an investigation into his partner, Michelle Bond. However, after prosecutors unsealed an indictment for campaign finance law violations against Bond on Aug. 22, Salame withdrew his petition and said a ruling on the matter could be made in her case.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Ex-FTX exec scraps vacating guilty plea, refers matter to partner’s case

August 29, 2024 Coin Telegraph

Coin Telegraph

Former FTX Digital Markets co-CEO Ryan Salame pleaded guilty to two felony charges in September 2023 and was sentenced to 90 months in prison in May 2024.

Ryan Salame, the former co-CEO of FTX Digital Markets, has withdrawn a petition to vacate his guilty plea for violations of campaign finance and money-transmitting laws.

In an Aug. 29 filing in the United States District Court for the Southern District of New York, Salame’s legal team told the court his longtime partner, Michelle Bond — also facing criminal charges — “may raise the matter” of his guilty plea in her case. Prosecutors unsealed an indictment against Bond on Aug. 22, alleging violations of campaign finance law related to her 2022 congressional campaign.

“To be clear, Mr. Salame stands by the facts set forth in the Petition and his accompanying declaration,” said the filing. “Mr. Salame is withdrawing the Petition, however, to allow the facts to be developed by Ms. Bond, and a ruling to be made, in her case [...] it makes sense to adjudicate the issues raised in the Petition in the docket in which the indictment is pending.”

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