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Former U.S. Treasury Secretary Lawrence Summers has compared crypto exchange FTX to Enron, noting that the case is a classic fraud rather than the complexities of cryptocurrency regulation. He said the regulatory community ought to draw two lessons from the collapse of FTX. Larry Summers Compares FTX to Enron Former Treasury Secretary
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In the aftermath of the Terra collapse last spring, South Korean legislators intend to ramp up legislation, putting specific emphasis on the protection of investors in virtual assets — i.e. digital currencies — and harshening penalties for unfair trade acts in the industry.According to local media, the Financial Services Commission
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Responding in a blog post published Monday, Tether said it is in open dialogue with law enforcement agencies, “helping the department … with some of the biggest cybercrime and national security cases in the country” and added that “Tether executives have had no interaction with the DOJ in connection with
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The former chairman of the South Korean cryptocurrency exchange Bithumb, Lee Jung-hoon, could face a possible maximum sentence of eight years in prison if found guilty on charges related to an alleged fraud worth $70 million.Local prosecutors asked the Seoul District Court for the sentence on Oct. 25, with the
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Nonfungible token (NFT) marketplaces should commit to combat fraudulent NFTs, but brands are far more responsible for protecting NFT investors, according to one industry executive.Brands that issue NFTs should be taking the first step to protecting themselves and potential investors from fraud, BrandShield CEO Yoav Keren said in an interview
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Counterfeit wine is estimated to be almost 20% of the wine sold globally, which means that one in five wine consumers are drinking falsely labeled or fake wine. Over the last 10 years, the wine industry has seen a spike in counterfeit wine, costing the global industry US$3.18 billion in direct
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The financial service provider Mastercard will launch a new crypto service related to risk management on Tuesday Oct. 3. Mastercard’s new service, Crypto Secure, is aimed to help banks find and prevent fraud on crypto merchant platforms.Crypto Secure combines the usage of artificial intelligence, blockchain data and public records of
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The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities for violating California securities laws. Some of the highlights included allegations that they offered unqualified securities as well as material misrepresentations and omissions to investors.These violations should
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The Official Monetary and Financial Institutions Forum, or OMFIF, an independent global think tank for central banking and economic policy, has released a report suggesting that blockchain technology in a public finance management system could provide information essential to “formulate and design fiscal policy.”According to a Tuesday report, the OMFIF
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