Month: June 2023

Ex-NFL team owner Reggie Fowler gets 6 years for crypto ‘shadow banking’

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Reginald Fowler, a former NFL team owner, has been sentenced to six years of prison for operating as a “shadow bank” to the crypto sector, which involved over $700 million in unregulated transactions over a 10 month timespan in 2018. The 63-year-old, who was a co-owner of the Minnesota Vikings, was sentenced to a total of 75 months on bank fraud and money laundering charges, according to a statement from the United States Attorney’s Office in New York on June 5. Former co-owner of Minnesota Vikings sentenced to 75 months…

SEC complaint hints at why Brian Brooks resigned as Binance.US CEO

The SEC’s latest complaint against Binance could point to why former Binance.US CEO Brian Brooks chose to step down in August 2021, only three months after his appointment. According to a June 5 tweet from cryptocurrency lawyer James Murphy — known on Twitter as MetaLawMan — the SEC complaint cites an “unnamed source” who ran Binance.US for a brief period of time in 2021. The dates correlate with the time that Brooks was CEO of Binance.US. 1/ The SEC complaint against @Binance appears to solve the mystery of why Brian…

Why Did Bitcoin BTC Price Fall to $25.4K? SEC Lawsuit Against Binance Rocks Crypto Markets

Ether, the second largest crypto in market value, was recently changing hands below $1,800, off more than 5% from Sunday, same time. ETH and other major altcoins followed a similar path to bitcoin on Monday with the bulk of their declines coming in the immediate hours after the SEC suit. BNB, Binance’s exchange token, and SOL, the native cryptocurrency of the Solana blockchain, recently plunged more than 10%. ADA and MATIC, the tokens of smart contract platforms Cardano and Polygon, and popular meme coin DOGE were recently off more than…

Ethereum gas fees rising amid meme coin hype 

It is widely recognized that cryptocurrencies are subject to volatility, which is no longer a surprising fact. The crypto winter in 2022 led to several incidents and events that brought digital currencies to the forefront of discussions. As anticipated, much of the attention revolved around bitcoin (BTC) and ethereum (ETH), the two largest coins in terms of market capitalization.  While in the case of bitcoin, the focus fell entirely on the price drop, Ethereum made the news for several other reasons.    There are plenty of resources out there on…

Apple’s new Vision Pro MR debuts to a global audience

Apple’s new Vision Pro MR headset, with dual processor architecture and a dozen cameras, is not likely to be a realistic purchase for the masses just yet, despite its impressive specifications. The device was announced on June 5, and is years ahead of competitors such as Meta. It is priced starting at $3,499, a cost that will most likely be prohibitive for most consumers. The Vision Pro, unveiled by Apple, is a wearable computer with a three-dimensional user interface that blends digital content with the real world with hands and…

SEC’s Binance suit contains heavy mix of predictable charges, novel revelations

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The announcement of the United States Securities and Exchange Commission (SEC) suit against Binance, Binance.US and Binance CEO Changpeng Zhao (CZ) may have surprised the crypto community, but the SEC’s focus on the exchange was well known. The suit’s contents were met with a variety of reactions. CZ claimed in a tweet on the morning of June 5, “Media gets the info before we do,” and the company had not seen the SEC complaint then. Evidence of scrambling behind the scenes may be seen in the two statements Binance issued…

Binance was wrong to boot Monero, ZCash and other privacy coins

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Binance announced in May that it would delist so-called “privacy coins” such as Monero (XMR), Zcash (ZEC) and others in several countries, including France, Italy, Spain and Poland. The decision underscored the reality that some companies might step over their own feet to ban privacy tech — even where it is legal — out of a combination of risk aversion and compliance confusion. Some Monero users have long advocated for keeping their tokens off exchanges, emphasizing that on-exchange transactions undermine user privacy by requiring personal identification data. And yet listing privacy…