Everything web3, crypto, defi, degen
In brief Drake faces a class-action lawsuit accusing him and Adin Ross of promoting Stake.us, an allegedly illegal gambling site posing as a “social casino.” The suit says Stake used digital “Gold Coins” to mask real-money betting and that Drake’s promotions targeted young fans. In a potential departure from past celebrity crypto cases, plaintiffs argue…
In brief AFP Commissioner Krissy Barrett revealed Wednesday how a data scientist unlocked over $6 million from a crypto wallet held by an “alleged criminal.” The data scientist was able to access the wallet by identifying fabricated digits in a seed phrase sequence. The same analyst has since cracked another wallet using a different method,…
In brief Thai police have arrested Chinese national Liang Ai-Bing on Wednesday over an alleged $14 million crypto scam tied to defunct platform FINTOCH. FINTOCH promised 1% daily returns, falsely claimed Morgan Stanley backing, and used an actor as a fake CEO before an exit scam in May 2023. On-chain analyst ZachXBT traced the rug…
In brief Elizabeth Warren and Bernie Sanders warned that Trump’s plan to let 401(k)s invest in crypto could jeopardize Americans’ retirement savings. In a letter to the SEC and Department of Labor, they called the policy “dangerous,” citing crypto’s volatility and Trump’s potential conflicts of interest. The senators asked whether agencies have studied the risks…
In brief Two individuals lost a total of nearly $7,000 in a new scheme that claimed they owed money for missing jury duty. The victims were instructed to use Bitcoin ATMs or kiosks to transfer funds they believed were owed. Scams involving Bitcoin ATMs are increasing, jumping to nearly $247 million last year according to…
In brief ASIC has released an updated version of Info Sheet 225, expanding how financial-services laws apply to digital assets, including stablecoins, staking, and tokenized products. The guidance introduces new custodial standards and 18 classification examples while reaffirming that Australian law applies to offshore and decentralized platforms serving local users. The update aligns with Treasury’s…
In brief Approximately 1,000 Bitcoin mining machines stolen in Grant County, Indiana were recovered in the Chicago area. Authorities also thwarted a $75,000 frozen turkey theft during the same investigation. It comes as crypto mining continues to expand in the Midwest. Police in Indiana have recovered 1,000 Bitcoin mining machines stolen from a hijacked shipment…
In brief Kalshi has filed a federal lawsuit against New York regulators seeking to block the state from treating its sports prediction markets as illegal gambling. The suit came after an October 24 cease-and-desist letter from New York’s gaming commission threatening civil penalties unless Kalshi halted sports-event contracts. Judge Andrew P. Gordon previously denied Crypto.com’s…
In brief The California lawmaker announced plans to ban elected officials from owning or creating cryptocurrencies, calling it a response to corruption concerns. Khanna linked the proposal to President Trump’s pardon of Binance founder Changpeng Zhao, which he described as “blatant corruption.” He previously authored the 2023 Ban Congressional Stock Trading Act, aimed at preventing…
In brief China’s central bank will continue cracking down on domestic crypto operations while monitoring overseas stablecoin developments. PBOC Governor Pan warned stablecoins “can’t meet the basic requirements like customer identification and anti-money laundering.” Meanwhile, Japan rolled out JPYC, the first yen-backed stablecoin, and South Korea launched KRW1, its first regulated won-backed token. China will…
