Crypto News
Man in Las Vegas Faces Charges for $45M Crypto Fraud on CoinDeal Exchange
Authorities today hit a Las Vegas man with charges related to the CoinDeal crypto fraud scheme. The U.S. Department of Justice alleged on Friday that 57-year-old Bryan Lee worked with others to defraud more than 10,000 investors out of $45 million. Investigators say CoinDeal was a blockchain technology investment scheme which involved a new cryptocurrency and the metaverse. It promised investors “extremely high” returns, according to the DOJ, because wealthy investors were set to get involved. At the time, a number of people were charged for violating securities laws.
Today, the DOJ announced new criminal charges, alleging that Lee and his co-worker Neil Chandran misappropriated millions of dollars of investor funds and spent it on luxury cars and real estate. The charges against Lee are: one count of conspiracy, two counts of mail fraud, one count of wire fraud, and three counts of engaging in monetary transactions in criminally derived property. Chandran was arrested last year; another defendant, Michael Glaspie, has pleaded guilty to one count of wire fraud and is scheduled to be sentenced on June 16.
Lee will appear in a federal court today and faces up to 20 years in prison for each of the wire fraud, mail fraud, and conspiracy counts, and up to 10 years in prison for each count of engaging in unlawful monetary transactions, the DOJ added—a total of 100 years behind bars.
This news is a reminder of the potential dangers of investing in cryptocurrency and other blockchain technology investments. The U.S. Department of Justice is investigating the case and has brought criminal charges against Bryan Lee and others for their alleged participation in the CoinDeal investment fraud scheme, which affected more than 10,000 investors and resulted in a reported $45 million in losses. Lee faces up to 100 years in prison if found guilty of all charges.
#CoinDeal #CryptoFraud #InvestmentFraud #DOJInvestigation
You can read more about this topic here: Decrypt: Las Vegas Man Charged in CoinDeal $45M Crypto Fraud Case
The post Man in Las Vegas Faces Charges for $45M Crypto Fraud on CoinDeal Exchange first appeared on Byte Syze Crypto.
Tron founder and advisor to the exchange, Justin Sun, has stated that Huobi could get a Hong Kong crypto license in six to twelve months. Specifically, Sun told Coindesk that the exchange applied to become a virtual asset service provider (VASP) last week. Additionally, Sun discussed the process of the VASP application and his belief that the crypto exchange could have an answer by the end of the year. Huobi had recently relocated to Hong Kong, aiming to launch Huobi Hong Kong by the summer. Sun was asked about embracing potential competition in the Canadian market and noted the strict regulatory standards in the country, referring to the Caribbean, Hong Kong, and Japan. There has been no verification of other cryptocurrency exchanges that have applied for a similar license, however, Coindesk reported Sun’s expectation that five to six other exchanges could make the move.
This news is good for Huobi as they are in the process of obtaining a crypto license in Hong Kong, which would allow them to operate in the region and serve customers. Other exchanges may also apply for the license, and the grace period given to the exchange could provide them with the opportunity to get approval in the next six to twelve months.
#Huobi #HongKong #CryptoLicense #VASP #JustinSun
You can read more about this topic here: Watcher Guru: Justin Sun Says Huobi Could Get Hong Kong Crypto License in 6-12 Months
The post Justin Sun Predicts Huobi Crypto Exchange to Secure Hong Kong License in Under a Year first appeared on Byte Syze Crypto.
#CryptoSafety #RugPulls #DefiExploits #ProtectInvestors
You can read more about this topic here: Watcher Guru: Crypto Rug Pulls Outvalued Defi Attacks in May, $45 Million Lost
The post Crypto Rug Pulls: How $45 Million In Defi Attacks Were Lost In May first appeared on Byte Syze Crypto.
The Commodity Futures Trading Commission (CFTC) has proposed a re-modelled rule-set for risk management as part of its effort to respond to the U.S. banking crisis. Commissioner Christy Goldsmith Romero highlighted the need for such regulations due to the risks posed by the emergence of technologies like crypto, AI, and cloud services. The CFTC’s advance notice of proposed rulemaking will be open for public comments for 60 days. The final version will then be voted upon. #CFTC #RiskManagement #Crypto #Regulations
You can read more about this topic here: Watcher Guru: Crypto: U.S. CFTC Looking to Change Risk Rules
The post CFTC Set to Revamp Risk Regulations: How it Impacts the Crypto Industry first appeared on Byte Syze Crypto.
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