DOJ

Ilya Lichtenstein Sentenced to 5 Years in Prison for Role in Bitfinex Hack

Ilya Lichtenstein, a 35-year-old programmer, was sentenced to five years in prison for his part in laundering Bitcoin stolen from the Bitfinex crypto exchange. The U.S. Department of Justice (DOJ) announced the sentence, marking a significant development in a case involving the theft of nearly 120,000 BTC, valued at $71.8 million in 2016 but worth...
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DOJ Seeks $16M in Crypto from Binance Over FTX Bribery Allegations Involving SBF

The U.S. Department of Justice (DOJ) has filed a civil forfeiture complaint to seize cryptocurrency worth about $16 million held in a Binance account. This action is the result of a years-long investigation into suspected illegal activities tied to alleged bribery schemes involving FTX founder Sam Bankman-Fried, also known as SBF. The Alleged Bribery Scheme...
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BitClout Founder Al-Naji Faces Charges Over $257 Million Fraud Scheme

The US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) charged Nader Al-Naji with orchestrating a multi-million-dollar fraudulent crypto asset scheme involving the social media platform BitClout and its native token BTCLT. The securities regulator’s complaint revealed that Al-Naji raised over $257 million through unregistered offers and sales of BTCLT in November...
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Paxful Co-Founder Pleads Guilty to AML Program Failures

Paxful’s co-founder and former chief technology officer (CTO), Artur Schaback, pleaded guilty to conspiracy to deliberately fail in establishing, developing, implementing, and maintaining a compliant  AML program as required by the Bank Secrecy Act. In a statement, the US Department of Justice’s (DOJ) Office of Public Affairs revealed that Schaback failed to collect necessary KYC...
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US Marshals Service Selects Coinbase Prime to Securely Manage “Class 1” Digital Assets

The U.S. Marshals Service (USMS) has chosen Coinbase Prime to securely store and trading of its “Class 1” digital assets. Coinbase Prime, a leading institutional platform offered by Coinbase, was selected following a rigorous evaluation process conducted by the USMS. “Class 1” Digital Assets The USMS assessed multiple solutions before opting for Coinbase based on...
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Former Investment Banker Receives 41-Month Sentence for Crypto Fraud

Rashawn Russell, a former investment banker, has been sentenced to 41 months in jail for wire fraud related to a cryptocurrency and access device fraud. Russell’s sentencing took place at the Eastern New York District Court in Brooklyn after his September 2023 guilty plea. Former Banker’s $1.5 Million Crypto Fraud Prosecutors detailed that Russell began...
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US DOJ Recommends a 3-Year Prison Sentence for Binance Founder CZ

The U.S. Department of Justice (DOJ) has recommended a three-year prison sentence for Changpeng “CZ” Zhao, the founder and former Chief Executive Officer of Binance. This recommendation follows Zhao’s guilty plea last year for violating the Bank Secrecy Act last November. CZ’s Sentencing According to documents filed by DOJ attorneys on Tuesday night, Zhao should...
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KuCoin’s Market Share Declines by 50% After DOJ and CTFC Charges

Crypto exchange KuCoin has seen its market share of daily trading volume decline by half in recent weeks, according to Kaiko, a blockchain research and analytics firm. The decrease comes days after the U.S. Department of Justice (DOJ) and Commodity Futures Trading Commission (CFTC) charged the company. KuCoin Daily Trading Volume Plunges Following the announcement...
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US DOJ Indicts Two Men for Perpetrating $25M Crypto Ponzi Scheme

The United States Department of Justice (DOJ) has indicted two men for perpetrating a crypto Ponzi scheme that defrauded investors of approximately $25 million. According to a press release from the Justice Department, 51-year-old David Gilbert Saffron of Australia and 52-year-old Vincent Anthony Mazzotta Jr. of California operated a fraudulent crypto investment scheme that lured...
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US DOJ Charges 4 Individuals for Laundering Over $80M From Crypto Investment Scams

The United States Justice Department (DOJ) has charged four people for their alleged roles in laundering millions of dollars from cryptocurrency investment scams. According to a press release from the DOJ, the four individuals, Lu Zhang of Alhambra, California, Justin Walker of Cypress, California, Hailong Zhu of Naperville, Illinois, and Joseph Wong of Rosemead, California,...
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What Kraken Co-Founder Had to Say About Binance’s Settlement

In his latest remarks, Kraken co-founder Jesse Powell spoke about the current state of the cryptocurrency industry amidst a backdrop of significant regulatory actions. Powell’s comments came shortly after a settlement between Binance and the U.S. Department of Justice, resulting in a $4.3 billion fine for Binance. Jesse Powell Critiques Regulatory Landscape In a recent...
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The DoJ Shows an Interest in CoinGather Exchange Victims

Throughout the course of cryptocurrency history, many exchanges and trading platforms have come and gone. The demise of CoinGather has been largely undocumented, but affected users may have some recourse after all. The CoinGather exchange has never generated a lot of attention in the competitive cryptocurrency exchange space. The CoinGather Story Continues When the company...
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