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Osunkoya was also the first person charged in the UK for operating a network of illegal crypto ATMs, and he pleaded guilty to five charges later that month on Sept. 30.
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He later transferred the ATMs from his company, GidiPlus, and personally operated up to 12 machines under a fake name and company to evade detection. He also failed to ensure they weren’t being used to launder money, the watchdog said.
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The FCA charged Osunkoya on Sept. 10 with running crypto ATMs without registration at 28 locations through his company GidiPlus Ltd from December 2021 to March 2022, which processed 2.6 million British pounds ($3.14 million).
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“This is the UK’s first criminal sentencing for unregistered crypto activity and sends a clear message: those who flout our rules, seek to evade detection and engage in criminal activity will face serious consequences,” said Therese Chambers, joint executive director of enforcement and market oversight at the FCA.
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The US Congress is reportedly set to consider legislation that would ban the issuance of memecoins like President Donald Trump’s Official Trump (TRUMP) token.
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Asset managers preparing to launch altcoin ETFs are more optimistic, citing research by JPMorgan that projects cumulative demand exceeding $14 billion for altcoin ETFs.
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The funds only hold BTC and ETH but may add additional cryptocurrencies pending regulatory approval.
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The Bybit hack on Feb. 21 happened after a transfer from the exchange’s multisig wallet to a warm wallet, which looked legitimate but had malicious code that altered the smart contract logic to steal funds.
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https://warpcast.com/arnoldph85/0x0d56501a
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https://warpcast.com/danaver94/0xee7adf18
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Lawyers Marcos Zelaya and Jonatan Baldiviezo, along with engineer María Eva Koutsovitis and economist Claudio Lozano, have filed a criminal complaint that alleges Milei was complicit in fraud by promoting Libra, according to a Feb. 17 Associated Press report.
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The Libertad project’s native Solana token, Libra (LIBRA), rallied to a market capitalization of $4.56 billion on Feb. 14, after Milei posted about the token on X. It then fell over 94% after he deleted the post, prompting accusations of a pump and dump scheme.
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Still, experts warn that there is still much to be seen, urging for caution amid a buying frenzy in the space.
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“President Trump in the White House is really good for us,” Stacy Herbert, who leads El Salvador’s National Bitcoin Office, told Cointelegraph. The country is one of the few jurisdictions that already has its own regulations for the sector.
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Indeed, Trump’s return to the White House has already cheered up many in the crypto space.
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“This unlawful rule is the dying gasp of the anti-crypto army on its way out of power. It must be struck down, either by the courts or the incoming administration,” said Jake Chervinsky, chief legal officer at venture capital firm Variant.
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The new rules have sparked a widespread backlash on social media, with many legal experts suggesting that the IRS may be overstepping its authority and infringing constitutional rights.
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Disclosed on Dec. 27 by the US Internal Revenue Service, the new regulations treat front-end protocols facilitating digital asset transactions as brokers, requiring Know Your Customer disclosures of transactions. According to the agency, the regulations will affect up to 875 DeFi brokers.
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The final regulations classifying several decentralized finance (DeFi) protocols as brokers have sparked immediate backlash within the crypto industry, with calls for the incoming Congress to overturn the new rules.
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“The Treasury Department and the IRS do not agree that these final regulations reflect a bias against the DeFi industry or that these regulations will discourage the adoption of this technology by law-abiding customers,” the agency said.
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