crime
Crypto cops record $8.2b in financial remedies for investors: SEC
Published
5 months agoon
By
admin

For all the complaints levied against the crypto-strict U.S. Securities and Exchange Commission (SEC), the agency successfully obtained orders for $8.2 billion in financial remedies for 2024.
This is despite a 26% decrease in total enforcement actions.
The successful prosecution of Terraform Labs helped the agency achieve this milestone. Once a jury verdict found Terraform Labs and founder Do Kwon liable for fraud, defendants agreed to a final judgment ordering them to pay more than $4.5 billion in penalties — the highest amount ever obtained by the SEC following a trial.
It accounted for more than half of the total monetary judgments, according to the details from the press release.
SEC’s 583 enforcement actions
The SEC’s enforcement efforts in 2024 showed significant shifts across multiple categories, with 583 total enforcement actions. This includes 431 stand-alone actions representing a 14% decrease, 93 follow-on administrative proceedings showing a 43% decrease, and 59 delinquent filing actions marking a 51% decline.
Despite the reduced number of cases, the financial impact reached these levels, combining $6.1 billion in disgorgement and prejudgment interest with $2.1 billion in civil penalties.
In the cryptocurrency sector, the SEC pursued several major cases, including charges against Silvergate Capital for misleading BSA/AML compliance disclosures and action against Barnbridge DAO for unregistered securities offerings.
The agency also tackled the HyperFund pyramid scheme involving $1.7 billion and the NovaTech fraud case affecting 200,000 investors. Notable first-time enforcement actions targeted relationship investment scams involving NanoBit and CoinW6 platforms.
The SEC’s Division of Enforcement won all five federal district court cases, including its crypto-related trial against Terraform Labs. This success extended to investor protection measures, with 124 individuals barred from serving as officers and directors of public companies.
SEC Chair Gary Gensler emphasized the Division’s role as a “steadfast cop on the beat,” while Acting Director Sanjay Wadhwa noted increased market participant cooperation and self-reporting.
The report somewhat justifies Gensler’s role as the top crypto enforcer. The outgoing SEC chair, set to resign on Jan. 20, faced harsh criticism from crypto enthusiasts and retail traders throughout his tenure for his regulatory approach.
And yet, the SEC distributed $345 million to harmed investors and processed a record 45,130 tips, complaints, and referrals, including over 24,000 whistleblower tips, resulting in $255 million in whistleblower awards.
The agency’s success in returning funds to investors has been substantial, with more than $2.7 billion distributed since fiscal year 2021.
But most of the actual scams were cyrpto
— sean combs (@William48759211) November 22, 2024
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Bitcoin
Trump pardons BitMEX, is ‘Bitcoin Jesus’ Roger Ver next?
Published
3 weeks agoon
March 30, 2025By
admin

Vitalik Buterin, Ross Ulbricht, and Tucker Carlson are among those urging President Donald Trump to pardon Roger Ver, aka Bitcoin Jesus.
Known as Bitcoin Jesus for his early advocacy of Bitcoin, Ver faces up to 109 years in prison on tax charges, including allegations of evading $48 million in taxes. Despite renouncing his U.S. citizenship in 2014 to avoid prosecution, Ver’s legal troubles resurfaced when he was arrested in Spain in 2024. But following the president’s earlier pardons of figures like Ulbricht and BitMEX co-founders, observers wonder whether Ver’s would catch a break. Is a pardon on the way, or will Ver’s legal troubles continue?
Read on for a closer look.
Crypto cronies
After Trump embraced cryptocurrency, many crypto leaders rallied to support him by donating funds to his inauguration and hobnobbing at galas.
Trump also , which industry brass celebrated.
In return, Trump signed an order to stockpile tokens and swiftly acted in favor of the industry. Under Trump-appointed SEC chair Mark Uyeda, investigations into several cryptocurrency companies, including Immutable, Crypto.com, Ripple, and Coinbase, were dismissed.
In a notable move on Thursday, March 27, Trump pardoned BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed, who had pleaded guilty to federal charges related to money laundering and regulatory violations. The trio was convicted for failing to implement anti-money laundering measures at BitMEX, which prosecutors had labeled a “money laundering platform.” Reed had also violated the Bank Secrecy Act and paid a $10 million fine. But under Trump, it seems all is forgiven.
This has sparked speculation on whether Ver, a prominent figure in the crypto world, could also receive the same courtesy.
Ver, a Silicon Valley native with a libertarian streak, was deeply involved in the early days of cryptocurrency, investing in companies like Kraken, Ripple, and Blockchain.com. In 2017, Ver hyped Bitcoin Cash (BCH) as more suitable for everyday payments.
Roger Ver was there for me when I was down and needed help. Now Roger needs our support.
No one should spend the rest of their life in prison over taxes. Let him pay the tax (if any) and be done with it. #FreeRoger pic.twitter.com/flP573hm0N
— Ross Ulbricht (@RealRossU) February 20, 2025
Ver’s past
In 2000, by the age of 20, Ver began to participate in libertarian party debates.
During these debates, he made critical statements about the agents of the Bureau of Alcohol, Tobacco, and Firearms, calling them “murderers” and referencing their involvement in the scandalous Waco Siege in which dozens of children were killed in a standoff between FBI and ATF agents and Branch Davidian cult followers. Ver didn’t know that ATF agents were present during these debates.
In the 2000s, Ver became involved in e-commerce. On top of tech enterprises, Ver was selling firecrackers on eBay. After selling unlicensed firecrackers in 2001, he was charged and spent 10 months in prison. The fact that he was locked in jail instead of being fined or notified about the necessity of obtaining a license led Ver to think that the case was politically motivated and that his criticism of ATF was the real reason behind his prosecution. Without fear of further persecution, Ver left the U.S. after his post-prison probation ended.
By 2011, Ver learned about Bitcoin and became one of its first investors. He also advocated for Bitcoin long before it went mainstream, with multi-million investments and national leaders talking about its importance for the future of their countries.
The key points of Ver’s advocacy for Bitcoin were the financial freedom of individuals and the stopping of government and banks from interfering in people’s lives.
The legal fight
Since February 2014, Ver has been a citizen of Saint Kitts and Nevis. He claims that he had to renounce his U.S. citizenship after long-lasting targeting from the U.S. government.
In April 2024, he was indicted and arrested in Spain on charges of U.S. tax evasion and mail fraud. Ver is accused of dodging $48 million in taxes after earning up to half a billion dollars through cryptocurrencies.
According to prosecutors, Ver failed to pay his “exit tax” on 131,000 BTC owned by his two companies when he left the U.S. and provided false info to the law firms filing Ver’s tax returns. Allegedly, he sold his bitcoins in 2017 without notifying the financial attorneys.
Ver clarifies that three charges of mail fraud (combined, punishable by 19 years behind bars) are based on the three letters with his tax returns he sent to the Internal Revenue Service (IRS).
Ver denies he committed crimes such as tax evasion and mail fraud. He insists he was doing his best to comply with the nascent Bitcoin taxation rules, and that his prosecution was politically motivated.
In December, he began his legal fight against the prosecution, denying all the charges. He filed a motion to dismiss charges, but the government rejected it in January.
Ver’s legal team challenged an exit tax as “an unconstitutional burden on the fundamental right to expatriate.” For people like Ver, who have substantial amounts of low-liquidity assets, the exit tax may be prohibitive. The government suggests Ver is a fugitive. He disagrees with this status as he doesn’t hide and didn’t commit crimes for which he is judged while living in the U.S.
On March 1, Ethereum’s Buterin published an X post arguing that the exit tax doesn’t exist in most other countries and called it the “tax-by-citizenship” and “extreme.”
In addition, Buterin mentioned that the IRS obtained some of the information by intimidating Ver’s lawyers. The Ethereum founder added:
“Genuine good faith mistakes should be treated by giving the actor the opportunity to pay back taxes if needed with interest and penalties, not with prosecution.”
Going to prison for the rest of your life over non-violent tax offenses is absurd. The case against Roger seems very politically motivated; like with @RealRossU, there have been plenty of people and corporations who have been accused of far worse and yet faced sentences far… https://t.co/7G3zDkn2F2
— vitalik.eth (@VitalikButerin) March 1, 2025
Will Bitcoin Jesus be pardoned?
Trump promised to pardon Ross Ulbricht if get elected. Ulbricht, the man behind the Silk Road marketplace charged for money laundering and drug trafficking, is an important figure in the history of Bitcoin as his marketplace drove Bitcoin’s adoption. After the inauguration, Trump indeed pardoned Ulbricht to much acclaim.
Soon, various crypto advocates began to urge Trump to pardon Roger Ver. On Jan. 21, 2025, following the pardon of Ross Ulbricht, an X influencer using the moniker Rothmus published a short post calling for the pardon of Ver to which Elon Musk replied: “will inquire.” This reply gave the community hope for the pardon of Bitcoin Jesus.
https://twitter.com/Rothmus/status/1881536312710402268
On March 17, Marla Maples, Trump’s ex-wife, took to X to share a touching video where people who met Ver tell their stories of his generosity.
It is not clear, though, if the POTUS paid attention to this post.
The hope for a pardon of Ver was seriously undermined on Jan. 26, when Elon Musk suddenly, via an X post, stated that Ver would not be pardoned because he gave up his U.S. citizenship.
Roger Ver gave up his US citizenship. No pardon for Ver. Membership has its privileges.
— Elon Musk (@elonmusk) January 26, 2025
The statement drew much criticism, as Musk is not an elected official and cannot decide who to pardon and who not to. He is, however, Trump’s advisor and was a major donor to his “MAGA” campaign.
More than that, the POTUS is not prohibited from pardoning non-U.S. citizens. Finally, many commented that Ver had to renounce his citizenship under pressure from ATF and a U.S. prison sentence.
I missed this tweet.
Another time I will publicly criticize Elon, hopefully for his own benefit. Because this is a terrible and wildly ignorant “hot take”.
1) You don’t need to be a citizen to get a pardon.
2) Ver was a citizen and specifically renounced his U.S. citizenship in…— Viva Frei (@thevivafrei) January 27, 2025
A few hours after Musk’s tweet, Ver took X to post a video in which he briefly explained why he was prosecuted and asked Trump for a pardon.
In the video, Ver stated that he is American and that renouncing his citizenship was one of the “hardest and saddest decisions [he] ever made.”
After Ulbricht, Hayes, Delo, and Reed received presidential pardons, others, including Angela McArdle, who currently serves as Chair of the national Libertarian Party, called for freeing Ver as well.
“Let’s pray Roger Ver is next!” she declared on Friday.
It remains to be seen whether Musk made skeptical comments over the possibility of Ver’s clemency on Trump’s behalf or if it was only his view of the situation.
At last check Saturday, Trump hasn’t commented on Ver’s situation.
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crime
French Authorities Rescue Ledger Co-Founder and His Wife After Both Were Kidnapped for Crypto Ransom: Report
Published
3 months agoon
January 25, 2025By
admin
French authorities have reportedly rescued the co-founder of hardware wallet firm Ledger and his wife after they were kidnapped and held for ransom.
According to a new article by The New York Times, Dave Balland and his wife were abducted from their home in France earlier this week by bad actors who then contacted another founder of the company and demanded a large amount of crypto for their release.
The report says that Balland was found and released by police on Wednesday about 30 miles away from his home while his wife was found 80 miles away tied up in a car a day later.
His wife was unharmed but Balland had to be hospitalized due to his hand being mutilated by the kidnappers – a photo of which was used to pressure Ledger into paying the ransom.
In the report, Paris prosecutor Laure Beccuau said that during the negotiations, some of the ransom was paid but that the assets were tracked, frozen and seized.
As stated by Ledger CEO Pascal Gauthier on the social media platform X,
“We are deeply relieved that David and his wife have been released, and are now safe. I have reached out to David, and our thoughts continue to be with him, his family, and the members of our team that worked with David while he was at Ledger. We’re grateful to law enforcement for their swift action. Our top priority was always to allow law enforcement to do their jobs and protect the integrity of the investigation.”
Nine men and one woman, aged between 20 and 40, were arrested and questioned about the kidnapping, though no other details about the suspects were released. In the report, Beccaua says that the crimes of kidnapping, torture and armed extortion carry potential life sentences.
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Court
Do Kwon pleads not guilty in US court to fraud charges
Published
3 months agoon
January 2, 2025By
admin

A Manhattan hearing today saw Terraform Labs co-founder, Do Kwon, deny charges tied to the TerraUSD collapse.
Do Kwon, the co-founder the co-founder of Terraform Labs, pleaded not guilty to criminal fraud charges in a Manhattan federal court on Thursday after being extradited from Montenegro, according to Reuters.
The charges stem from his role in the collapse of the TerraUSD and Luna cryptocurrencies, which erased an estimated $40 billion in market value in 2022.
Do Kwon ‘misled’ investors
Federal prosecutors allege that Kwon misled investors about TerraUSD’s stability, claiming in 2021 that its value was maintained by a proprietary algorithm. Prosecutors assert that Kwon secretly used a high-frequency trading firm to artificially sustain the stablecoin’s $1 peg, according to Reuters.
The indictment includes charges of securities fraud, commodities fraud, wire fraud, conspiracy, and money laundering.
The charges follow a turbulent year for Kwon, who fled as the Terra blockchain collapse triggered a wave of bankruptcies, including high-profile firms like Three Arrows Capital.
Interpol issued a Red Notice for his capture, and he was arrested in Montenegro in March 2024 while attempting to board a flight with forged passports.
Montenegro’s Justice Minister recently approved Kwon’s extradition to the United States, ending months of legal wrangling between the U.S. and South Korea, both of which sought to prosecute him. Although Kwon now faces significant legal challenges in the U.S., South Korean authorities continue their investigation, which could lead to a 40-year prison sentence if convicted.
Kwon’s next court appearance is expected to outline further proceedings. His case remains a central topic in discussions about accountability within the cryptocurrency industry.
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