Altcoin News Official TheBitTimes.com

The Justice Department said the funds were stolen from over 70 victims who fell prey to a relationship scam, adding that USDT issuer Tether aided the seizure. Tether (USDT) tokens worth $9 million were seized by the U.S. Department of Justice (DoJ) from a criminal organization utilizing romance schemes to swindle unsuspecting American investors out of their cryptocurrency holdings.  The DoJ said the assets rightfully belonged to over 70 victims of a so-called “pig butchering” scam, a fraudulent scheme that involves forming a romantic relationship with a target and eventually convincing them to invest money into unsound platforms.  The platforms, usually crypto exchanges or protocols, are operated by scammers and users find themselves unable to withdraw their funds after a while. Per a Nov. 21 press release, the DoJ plans to dedicate resources to tackling illicit activity and bad actors using crypto for public harm. This seizure should also serve as a reminder to cyber...

The U.S. Department of Justice proposes a $4 billion settlement with Binance, potentially implicating founder Changpeng Zhao in a landmark case involving allegations of money laundering and sanction violations. The U.S. Department of Justice (DOJ) is reportedly in advanced stages of finalizing a significant financial settlement with Binance. This settlement , potentially exceeding $4 billion, aims to conclude the lengthy investigation into alleged financial misconduct by the company – according to reports from Bloomberg.  Key aspects of the investigation include accusations of money laundering, bank fraud and breaches of U.S. sanctions. Central to these allegations is Changpeng Zhao, the founder and CEO of Binance, who may personally face criminal charges in the United States. Zhao is currently residing in the United Arab Emirates, a nation with no U.S. extradition treaty. US SEEKS MORE THAN $4B FROM BINANCE TO END CRIMINAL CASE — *Walter Bloomberg (@DeItaone)...

Binance has enlisted the expertise of a former attorney from the Department of Justice (DOJ) to mount a defense against the lawsuit filed by the Securities and Exchange Commission (SEC). According to Bloomberg, M. Kendall Day has been appointed as Binance’s legal counsel in their ongoing lawsuit with the SEC. His credentials on the Gibson Dunn website indicate that before joining the firm as a partner in its Washington, D.C. branch, Day served as an acting deputy assistant attorney general within the DOJ’s Criminal Division for 15 years. Binance hired a former prosecutor at the Department of Justice to represent it in the SEC lawsuit https://t.co/FxZsLPLUBE — Bloomberg Crypto (@crypto) June 22, 2023 During his tenure at the DOJ, Day was responsible for overseeing nationwide efforts to combat money laundering as the head of the Money Laundering and Asset Recovery Section. Gibson Dunn, as stated on their official website, has provided legal representation to fina...