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Roman Storm (co-founder of Tornado Cash) will go on trial on December 2 in New York for money laundering through Tornado Cash and violating the International Emergency Economic Powers Act 💰⚖️
Roman Storm, co-founder of Tornado Cash, is set to face trial on December 2 in New York on charges of money laundering. This follows a ruling by U.S. District Judge Katherine Polk Failla, who dismissed Storm's attempt to drop the charges.Storm had argued that his role in Tornado Cash was purely as a software developer, with no control over how the tool was used. However, Judge Failla rejected this defense, stating that the case hinges on whether Storm knew he was handling proceeds from criminal activities, not whether he conspired with users. The judge emphasized that a jury should decide Storm's knowledge and intent in the matter.The charges, which include conspiracy to commit money laundering and violations of the International Emergency Economic Powers Act (IEEPA), stem from allegations that Tornado Cash facilitated illegal transactions, including those linked to North Korea’s Lazarus Group.Jake Chervinsky, Chief Legal Officer at Variant Fund, criticized the ruling, describing it as a threat to the freedom of software developers. Storm, who has pleaded not guilty, will face a two-week trial, while his co-developer Roman Semenov remains at large.
The Bitcoin Federal Association (BTCBV) has started operations: lobbying and developing the Bitcoin ecosystem in Germany and the EU, with the government selling all 46,359 BTC in 2024 💰📉
Germany has established the Bitcoin Federal Association (BTCBV) in the Bundestag, with a focus on lobbying, networking, and influencing Bitcoin-related legislation. Spearheaded by Bitcoin activist and Bundestag member Joana Cotar, the BTCBV was founded with the involvement of 50 members in person and 22 remotely. The association aims to foster collaboration among businesses, researchers, developers, and politicians to positively shape the Bitcoin ecosystem in both Germany and the EU.Philipp J.A. Hartmannsgruber was elected as chairman, alongside Daniel Wingen as vice-chairman and Matthias Steger as finance director. The founding members include representatives from companies like 21bitcoin, Blocksize, and Coinfinity. BTCBV is also planning to join the German lobby register.Interestingly, Germany, which once held 46,359 BTC—worth approximately $3.05 billion—confiscated during a 2013 piracy operation, liquidated its entire Bitcoin holdings in 2024, leaving the government with no Bitcoin reserves.
Nic Carter: Regulatory pressure from the U.S. forced Silvergate Bank to limit cryptocurrency deposits to 15%, which led to its collapse and became part of "Operation Choke Point 2.0" during the 2023 banking crisis 💥
Silvergate Bank, once a leading crypto-friendly institution, might have survived if not for U.S. regulatory intervention, according to Nic Carter, partner at Castle Island Ventures. In a Sept. 25 article on Pirate Wires, Carter claimed the bank was on a recovery path before being forced into voluntary liquidation by government pressures to limit its crypto deposits to 15%.Carter calls this part of "Operation Choke Point 2.0," a coordinated effort to cut off crypto firms from banking services during the 2023 banking crisis. He argued that this contributed to the crisis, likening it to the 2008 financial meltdown. Other crypto-friendly institutions, such as Signature Bank and Silicon Valley Bank, were also reportedly shut down under similar pressures.An insider from Silvergate revealed that the bank had no option but to comply with the restrictions or risk complete closure. Carter believes that without these imposed limits, Silvergate’s balance sheet could have recovered by late 2023 or early 2024.Though acknowledging Silvergate's issues, like insufficient money laundering controls and delays in detecting improper transfers related to FTX, Carter insists these shortcomings didn't justify the severe regulatory measures.This report coincides with statements from Vice President Kamala Harris, affirming the U.S.'s goal to remain a leader in blockchain and emerging technologies like AI.
Visa and Mastercard have invested more than $80 million in lobbying against reforms to protect their positions amid rising cryptocurrency threats from Bitcoin and Ethereum 💳
Visa and Mastercard, the dominant forces in global card payments, are under scrutiny for their aggressive attempts to block competition. They’ve spent over $80 million on lobbying to maintain their market dominance, targeting reforms that could open the door to greater competition, including the rise of decentralized alternatives like cryptocurrencies.The threat from crypto is real—blockchains like Bitcoin and Ethereum offer transparent, decentralized, and often cheaper solutions for cross-border transactions, challenging the traditional credit card model. While Visa and Mastercard’s lobbying may slow innovation, the growing interest in cryptocurrencies signals that consumers are eager for change. Calls for regulation, such as the Credit Card Competition Act of 2023, aim to break the monopoly and open the market to new players, including crypto-based payment systems.The payment industry now finds itself at a critical juncture. On one side, Visa and Mastercard strive to protect their legacy. On the other, the disruptive power of crypto threatens to reshape how financial transactions are handled, pushing for a future less reliant on physical cards and traditional financial infrastructure.
PayProtocol AG will cease virtual asset services for Paycoin in South Korea by April 2025 due to regulatory issues but will continue developing international payments with PCI at Apple, Shake Shack, and Swarovski 🌍
The Bedrock protocol lost $2 million due to an exploit in uniBTC vaults, despite a warning from Dedaub; the amount could have reached $75 million. The developers offered the hacker the chance to become a white-hat hacker 👾
The US accused two Russians of laundering $1.15 billion through crypto schemes: $10 million for information about those involved with the illegal exchanges Cryptex-net, UAPS, and PM2BTC 🌐
Hong Kong regulators will introduce Digital Token Identifiers (DTI) for cryptocurrency derivatives reporting starting on September 29, 2025, following EU standards 📅📈
Changpeng Zhao is released: Binance founder completed a 5-month imprisonment in the US, retaining $60 billion and influence in the cryptocurrency market 🌍💰
Ransomware attacks on the healthcare sector in 2024: 67% affected, recovery slowed, and costs reached $2.57 million 💉
Bedrock suffered a $2M exploit: temporary contract suspension, BTC reserves' safety, new token airdrops to compensate affected users, incident investigation details, and security measures in development 🔐
BNY Mellon, the oldest bank in the USA, is entering the crypto custody market for spot ETF clients, challenging Coinbase in the Bitcoin and Ether space after SEC approval 🚀
Nexo joined the Colombian Fintech Association, which unites 360+ companies and 9,000+ professionals, to strengthen its position in Latin America 🚀💼
Nexo, a leading cryptocurrency lending platform, has joined the Colombian Fintech Association as a strategic member. This move aims to strengthen Nexo's presence in Latin America, particularly in Colombia, which is witnessing rapid growth in fintech and cryptocurrency adoption. As part of a network of over 360 companies and 9,000 professionals, Nexo will collaborate on policy discussions, build strategic alliances, and promote financial literacy. The partnership highlights Nexo’s commitment to fostering financial innovation and inclusion, contributing to the expansion of digital finance solutions in Colombia and the broader Latin American market.
The SEC won a partial victory in the case against Opporty International: the fraudulent ICO raised $600,000 from 200 investors, the sale of tokens in the US violated the law ⚖️
The U.S. SEC won a partial victory against blockchain firm Opporty International and its owner Sergii Grybniak in a case over an alleged fraudulent initial coin offering (ICO). In a Sept. 24 ruling, U.S. District Judge Eric Komitee determined that Opporty’s “OPP” tokens, sold between 2017-2018, qualified as unregistered securities under the Howey test. Although Grybniak argued the token sale fell under Reg D/S exemptions, the judge found Opporty’s ICO did not meet those requirements due to its targeted U.S. marketing. The ICO raised $600,000 from around 200 investors.
Binance is removing support for the Turkish language from September 27, 2024 🇹🇷: The platform remains available in Turkey in other languages, customer support will continue to operate 🚫
Binance, the largest cryptocurrency exchange, will remove Turkish language support from its website and app starting September 27, 2024, to comply with new laws in Turkey. This decision follows legislation passed by the Turkish Grand National Assembly on July 2, 2024, requiring non-Turkey-based crypto platforms to adjust their services.Although the Turkish language option will no longer be available, Binance.com will remain accessible in Turkey in other languages, including English. The platform’s services and user funds will not be affected, and Turkish customer support will continue uninterrupted.
Cancellation of plans for a mining farm in Minnesota: Revolve Labs rejected the project, which could have reduced electricity bills for 3 years, due to complaints about noise and decreased property values 🔊
Revolve Labs has withdrawn plans to build a Bitcoin mining facility in Windom, Minnesota, following concerns from residents about noise pollution and potential home value declines. Despite assurances that the facility would have reduced local energy bills and generated revenue, noise from air-cooling fans remained a key issue. A similar situation occurred in Norway, where the closure of a Bitcoin mining facility due to noise complaints led to a 20% increase in energy bills for residents. Bitcoin mining proponents argue that such operations can stabilize the energy grid and reduce electricity costs by utilizing surplus energy.
Best news of the last 10 days
An Ethereum user accidentally paid a record fee of 41 ETH ($108,816) for a single transaction 🪙 — mistake or glitch? 💵
The Seoul court ordered GDAC to return 7.8 million WEMIX tokens ($7.31 million) to Park Kwang-ho 💰 — a daily fine of 3 million won for non-compliance after 30 days ⏳
Morocco is launching the Digital 2030 strategy: creating 240,000 jobs and contributing $10.36 billion to GDP with a focus on AI, DLT, and startup development 🚀
Velar and Hermetica are launching a USDh stablecoin pool on Stacks L2 for Bitcoin: up to 25% yield 💸 and deep liquidity for large trades 🔗
Elon Musk criticizes OpenAI's plans to convert into a for-profit company with Sam Altman holding a 7% stake and a valuation of $150B, calling it "illegal" 💼
Tesla CEO Elon Musk criticized OpenAI's potential shift from a non-profit to a for-profit model, calling it "illegal." His comments came after reports suggested OpenAI might restructure into a for-profit benefit corporation, possibly giving CEO Sam Altman a 7% equity stake. While OpenAI’s non-profit arm would retain a minority stake, the new structure aims to attract investors and manage AI risks under fresh governance. The company’s for-profit valuation could reach $150 billion. This news follows key leadership changes, including the departure of CTO Mira Murati. OpenAI’s restructuring timeline remains unclear.
Caroline Ellison, former FTX top executive, sentenced to 2 years in prison and ordered to return $11B for her role in an $8B financial fraud that led to the exchange’s collapse 💵
Caroline Ellison, former executive at FTX and ex-girlfriend of founder Sam Bankman-Fried, has been sentenced to two years in prison for her role in the collapse of the crypto exchange, one of the largest financial frauds in US history. She had faced up to 110 years but received a lighter sentence due to her cooperation with prosecutors. Ellison admitted to charges like wire fraud and money laundering and agreed to forfeit over $11 billion.Ellison testified against Bankman-Fried, who was sentenced to 25 years for stealing $8 billion from customers. In court, she expressed deep remorse, stating she couldn't fully grasp the scale of the harm caused. FTX, once the third-largest crypto exchange globally, collapsed in 2022 after financial troubles surfaced.
Fraudulent Phantom app in App Store from "Meta Voxify AI" stole user funds through wallet imports: warnings and reports of losses in the hundreds of dollars ⚠️
A fraudulent app mimicking the popular Phantom wallet has been discovered on the Apple App Store, prompting an urgent warning to the crypto community. Developed by 'Meta Voxify AI', the fake app closely resembles the legitimate Phantom wallet by Phantom Technologies Inc. However, it only allows users to import wallets, a red flag. Many users, after entering their seed phrases, reported losing funds.Crypto users are advised to delete the app if installed, change wallet credentials, and always verify developers—Phantom Technologies Inc. develops the official app. They should also rely on official download links and be wary of import-only apps.
Singapore court orders WazirX to disclose wallets, management reports, and balance within 3 weeks after a $230M hack affecting 45% of users' funds 💻🔐
A Singapore High Court has ordered WazirX to disclose its wallet addresses after granting a four-month moratorium for restructuring following a $230 million hack. The Indian crypto exchange must reveal details of the hacked and remaining wallets, as well as provide updated management accounts. Creditors will receive a share of the exchange’s reserves, with independent oversight on the restructuring process. WazirX plans to implement revenue-generating mechanisms and partnerships to help recover funds for affected users. The exchange must respond to customer queries and may seek an extension if needed.