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SEBA Hong Kong, the Hong Kong arm of the crypto-friendly Swiss-based bank SEBA Bank, announced it received in-principle approval from the Hong Kong Securities and Futures Commission (SFC). The Hong Kong branch of the Swiss SEBA Bank announced it was granted preliminary approval from the SFC, which allows it to deal in virtual assets. SEBA Hong Kong Completes First Step to Acquiring Official License Today, SEBA Bank announced in a press release its Hong Kong subsidiary, SEBA Hong Kong, received approval-in-principle (AIP) from the SFC. According to its press statement, the AIP for its license application to operate regulated activities in the city-state allows it "to deal in securities, including virtual assets-related products, such as OTC derivatives and structured products; advise on securities and virtual assets; and conduct asset management for discretionary accounts in both traditional securities and virtual assets." SEBA explained that the license, when issued, allows SEBA Hong Kong to join the first group of licensed corporations in Hong Kong to offer investment services with crypto capabilities. Receiving an AIP is the first significant step in SEBA Hong Kong's journey to obtaining an official license "that will allow it to operate as a licensed entity once all the SFC conditions have been met." Amy Yu, CEO APAC of SEBA Hong Kong, commented: "It is exciting to be at the forefront of innovation in one of the world's leading financial and technological centres, Hong Kong. This AIP signifies that all our efforts are heading in the right direction –– SEBA group wants to service crypto investors in jurisdictions that recognise the value of digital assets. We see enormous potential in Hong Kong's journey to becoming a global crypto market leader and look forward to contributing to that trajectory. SEBA Hong Kong commends the example Hong Kong sets for regulatory standards worldwide, and values the role of this licence in expanding our regulated footprint across Asia Pacific." Franz Bergmueller, Group CEO of SEBA Bank, commented on the significance of obtaining an AIP: "SEBA Hong Kong's AIP is a reflection of our team's commitment towards compliance and due diligence — essential pillars of tomorrow's digital economy. Complementing SEBA group's established licences in Switzerland (FINMA) and Abu Dhabi (FSRA), the Hong Kong AIP significantly extends our global regulatory footprint. SEBA group aligns itself with the Hong Kong government and its financial regulators in facilitating an environment that supports the responsible growth of the digital assets industry." Hong Kong Works Toward Becoming a Crypto Hub Hong Kong announced its intention to become a hub for digital assets and has introduced several new measures to attract crypto firms to its shores. The city-state introduced new regulations for the industry, which took effect in July. HashKey Exchange became the first licensed crypto exchange in Hong Kong under its newly implemented regulatory framework. The exchange upgraded its type 1 and type 7 licenses, allowing it to serve retail customers. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Georgetown, Cayman Islands, August 30th, 2023, Chainwire Multiple core contributors of Quickswap, celebrated for their success on Polygon, have launched their next venture: Kinetix Finance on Kava Chain. Kava Chain is a Layer-1 Cosmos-Ethereum interoperability blockchain. The Kinetix Finance perpetual exchange is tailored for users eager to leverage trade without the limitations of traditional centralized exchanges. Kinetix's innovative Perpetual Market allows users to leverage trade on the Kava Chain. The Perpetual Market meets the rising demand for decentralized trading solutions, offering users leveraged exposure to crypto assets like KAVA, axlETH, axlWBTC, ATOM, and USDt all while ensuring utmost transparency and security. "The Perpetual Market is not just another trading platform — it is a reflection of Kinetix's dedication to providing decentralized solutions that empower our users. With this platform, we're offering a unique, secure, and efficient way to leverage trade on the Kava Chain," said Kinetix team lead Alexi Atlas. At the heart of Kinetix's Perpetual Market is the distinctive liquidity pool system, KLP. LPs can offer any of the initial five supported assets: KAVA, axlETH (ETH), axlBTC (BTC), ATOM, and USDT. In return for contributing these tokens, participants receive KLP, a special liquidity token representing the entire basket. This decentralized structure, combined with the protocol's AMM, facilitates leverage trading, allowing users to borrow based on the value of their collateral. “Kinetix's Perpetual Market boasts a suite of features tailored to cater to sophisticated DeFi users. Its decentralized nature guarantees that positions of any size can be taken with clarity and safety,” said Scott Stuart, Kava Chain Co-founder. “And the KLP token is a nod to traditional liquidity pool systems, ensuring familiarity and ease of use for traders.” For more updates, follow Kava Chain and Kinetix Finance on X (fka Twitter). About Kava Kava Chain is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, Kava Chain is a trusted choice for developers and users worldwide. About Kinetix Kinetix Finance is building a DeFi Hub featuring perpetual futures trading and the most sophisticated trading instruments on Kava, connecting the major building blocks of decentralized finance. Your best trade, every trade. Contact Media ManagerGuillermo [email protected]

Peter Schiff took to Twitter to assure his followers that bitcoin adoption was not imminent and that a gambling use case would not be good enough either. Schiff scathing of Grayscale success Success for Bitcoin is absolute anathema to Peter Schiff. He has staked much of his reputation on Bitcoin just being a passing fancy and whenever anything happens to the contrary he heads straight to Twitter to give his anti-bitcoin views. When CNBC talking heads made the case that the recent victory for Grayscale over the SEC would likely lead to a momentum shift in the bitcoin price, Schiff took to Twitter to give his views on the subject. Once again the #Bitcoin shills on @CNBC have it wrong. A spot Bitcoin ETF does nothing to increase adoption. All it does is make it easier for some speculators to place directional bets on price. CNBC shills don't realize that gambling doesn't count as a use case for a currency. — Peter Schiff (@PeterSchiff) August 29, 2023 Gambling Schiff really has the bit between his teeth as he accuses speculators of “gambling” on bitcoin’s price direction. Of course, he is right in some respects here, as there are also others who do not yet understand what bitcoin offers over and above short term price movements. To gamble on bitcoin moving up or down when good or bad news drops is one thing, but Schiff does not mention the 75% or so of long term holders who haven’t sold anything in the last year, in spite of bitcoin visiting its cycle lows. Entrenched views Poor Peter has dug himself into a bit of a hole now with Bitcoin. Known as quite an eminent economist and financial analyst, Schiff has always been 100% against Bitcoin. Initially treating it as a bit of a joke, and more recently becoming more vehement in his dislike of the asset. Many might wonder how Schiff is still so entrenched in his views when even the likes of multi-trillion asset management Blackrock CEO Larry Fink is extolling the virtues of the king of the cryptocurrencies. Gold, not Bitcoin The answer is probably quite straightforward. Bitcoin takes the spotlight and much of the wealth away from what is dear to Schiff’s heart, and that is gold. Schiff’s business is gold, and with an economic catastrophe looming on the horizon, he would expect many to put their wealth into this proven hedge in the very worst times in monetary history. When realisation hits Bitcoin is probably becoming an irritating distraction to Schiff, and instead of acknowledging that it is an alternative asset to gold and just buying both, Schiff is bent on propagating the somewhat silly view put out by certain bankers and heads of global financial agencies that Bitcoin has no intrinsic value. Just like a staunch, fully paid-up member of the Flat Earth Society, Schiff looks as though he is going to tough it out no matter what. When bitcoin gets to its cycle top at a potential $100k and then enters the next bear market, he will say: “I told you so”. When Schiff comes to the full realisation that he has been wrong all this time it will be very interesting to see how he reacts. He does have a good sense of humour, and will need to call on it when the time comes. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

New Crypto Breakthrough in Amsterdam and Political Support for Bitcoin It is not every day that interesting events or conferences are held in the crypto market, and therefore it is especially important to talk about them. To ensure that all interested parties receive the necessary information in a timely manner. That is why I would like to announce a groundbreakingevent this fall - the Bitcoin Amsterdam conference on October 12-14 in the capital of the Netherlands. Recognizing the importance and significance of the event, the media partner of the event will be the well-knownBitcoin Magazine, whose Ukrainian franchise I am developing. Our readers will receive prompt information about the conference, its participants, and the topics discussed. I have no doubt that it will be interesting and professional, as always with Bitcoin Magazine. We will see a lot of interesting speakers who, I am sure, will be able to attract both professionals and those who are just discovering the crypto market. The event is expected to feature speeches by Blockstream co-founder and CEO Adam Beck, Paxful CEO Ray Youssef, Bitrefill CEO Sergey Kotlyar, White Rock Management CEO Andy Long, and even Prince Filip Karageorgovich of Serbia. Of course, this is not a complete list, and there will be many authoritative and interesting personalities. I think that especially those present will be interested in the founder of the Bitcoin fraction and member of the Libertarian Party of the Netherlands Tom van Lamoyen, who has already confirmed his participation on his page in X (former Twitter). In the parliament of his country, he deals with issues of economy, finance, taxation and supports the development of the crypto market, and he is considered a serious crypto activist. “Bitcoin is digital libertarianism,” Lamoyen stresses. The Libertaire Partij (LP) is not a newcomer to politics (it has been in existence for 30 years) and advocates clear values that it articulates: to create "a free world, a world in which no one is forced to sacrifice his life or property for the benefit of others". In 2014, the LP became the first political party in the Netherlands to adopt and support Bitcoin. I am sure that Tom van Lamoyen will share with the participants of Bitcoin Amsterdam interesting experience and ideas for the future. There is a growing interest in cryptocurrencies in Europe, especially in the Netherlands. In 2023, CoinGecko analysts conducted an interesting survey and published a rating of the European states that are most interested in digital assets. The Netherlands, which accounted for 7.3% of such interest, ranked second after the United Kingdom. Analysts reported that most often the Dutch choose such coins - Fuse, Bone ShibaSwap and Cellframe. In this country, full legalization of crypto has not yet passed, but the Central Bank of the Netherlands (DNB) has already issued work permits to 36 crypto companies. Last month, for example, it was received by Crypto.com, and before that – Coinbase Europe, eToro, Bitstamp. In the Netherlands, crypto activists are very strong, and we see the results of their work. There are very interesting projects. For example, last year it became known about a giant greenhouse near Rotterdam, which is heated by the heat emitted in the process of mining Bitcoin - it does not go to waste, as in other farms. Mining servers are powered by solar panels on the roof. The result is a carbon-neutral operation that performs an important environmental function and allows you to reduce costs. The initiative is called Bitcoin Bloem, and I’m sure it will inspire many to other interesting projects. I think Tom van Lamoyen will be able to share his experiences and talk about other initiatives in his country and abroad. It is not only pleasant, but also very useful when politicians are interested in the crypto market and try to help its development. There are more and more examples of this around the world. In particular, Daniel Rish, Prime Minister and Finance Minister of Liechtenstein, has repeatedly stated the need for full legalization of Bitcoin in his country, and promised that cryptocurrency will be used to pay for public services. He also allowed investing in Bitcoin part of the foreign currency reserve of the state, which now amounts to 2.2 billion Swiss francs (2.5-year state budget of Liechtenstein). In Poland, for example, Yaroslav Gowin from the center-right Accord party, formerly known as Poland Together, is a fan of cryptocurrencies. It was part of the ruling coalition United Right from 2015 to 2021. For most of this period, Gowin was Deputy Prime Minister as well as a member of parliament, and emphasized the potential of cryptocurrency and other financial innovations. We should not forget about the American Cynthia Loummis– a US Senator from Wyoming, with whom I had the honour to discuss the prospects for the industry development and who has long supported the idea of cryptocurrencies. She bought her first Bitcoin back in 2013. Many times, shesupported laws expanding the use of cryptocurrency in the United States and two years ago, shelaunched the Senate Financial Innovation Group. Now, she is member of the Senate Banking Committee. A few days ago, from the report of the Office of Government Ethics it became known that her epic Republican colleague and ex-president of the United States Donald Trump keeps up to $500 thousand in Ethereum wallet. Earlier, the media reported that Democratic presidential candidate Robert F. Kennedy Jr. (nephew of the 35th American president) bought 14 bitcoins for his children — 2 each. He is a very progressive politician, whom many openly call a crypto activist after his impressive speech at the crypto conference in Miami in May 2023 at The Miami Beach Convention Center. Kennedy publicly called Bitcoin a hard currency and put it on a par with silver, gold, and platinum, noting that it is able to support the US dollar, and open a new stage of financial stability of the world and prosperity of the country. The support of politicians is very important, as it contributes to the development of the crypto market and its widespread legalization. I think Robert F. Kennedy will be right, and eventually this support will help save the classical financial market as well. Serhiy Tron is an investor and the founder of White Rock Management. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Blockchain data indications have revealed that 1inch Investment Fund, the investment arm of 1inch Network, recently acquired acquired a substantial amount of Ether (ETH) on itscrypto wallet. The purchase, which amounts to 6,088 ETH bought at a price of $1,655 each, translates to an investment exceeding $10 million at the time of purchase. Blockchain analytics platform Lookonchain first highlighted this large transaction, drawing attention to the fund's continued interest in the crypto market. 1inch Investment Fund wallet spent $10M to buy 6,088 $ETH at $1,655 6 hrs ago.The wallet bought a total of 17K $ETH($26.8M) at an average price of $1,569 on Jan 13, Feb 9 and Mar 14.Then sold 11K $ETH($21M) at $1,906 on July 5, making ~$3.7M.https://t.co/QhEm3M9Mm7 pic.twitter.com/JUxzA8hFom — Lookonchain (@lookonchain) August 28, 2023 The investment comes on the heels of a profitable period for the 1inch-affiliated wallet. Earlier this year, the wallet had made sizable investments inETH, buying around 17,000 ETH at an average price of $1,569 across three different instances—January 13, February 9, and March 14. The cumulative spend for these earlier investments was approximately $26.8 million. In July, the fund took advantage of favorable market conditions and sold off 11,000 ETH when the cryptocurrency's price peaked at $1,906. This sale resulted in a revenue of roughly $21 million, thereby fetching a profit of around $3.7 million from its Ether holdings alone. According to blockchain data, this calculated approach to buying low and selling high has paid off well for the fund. The acquisition and sale pattern indicates a strategic investment approach that appears to rely on dollar-cost averaging (DCA) and taking profits when market conditions are optimal. It also showcases the fund's risk diversification tactics, as the wallet reportedly holds a broad range of digital assets currently valued at around $80 million. Such portfolio diversification is often seen as a prudent strategy in the volatile cryptocurrency markets. The fund's recent actions raise pertinent questions about its future investment orientation and whether it will continue to realize profits through similarly strategic engagements in the cryptlo markets. This acquisition is not merely a one-off purchase but also offers broader insights into market behavior and sentiment. Given that Ethereum is one of the main blockchains and cryptocurrencies that often influences and reflects market dynamics, such large-scale buying activity suggests a level of confidence in the digital asset’s future performance. Disclaimer: This article is for informational purposes only and should not be construed as financial or investment advice.

Solana-based smart contract automation protocol, Clockwork, is set to shut down by the end of October due to what its founder, Nick Garfield, describes as a "limited commercial upside." The decision underscores a growing trend of closures within the Solana ecosystem. Clockwork's impending closure is not an isolated event within the Solana ecosystem. Earlier this year, the decentralized finance (DeFi) platforms Friktion and Everlend Finance also closed their doors. Notably, Cardinal, another Solana-based nonfungible token (NFT) protocol, also announced its wind-down in late June, citing economic conditions despite having raised $4.4 million around a year earlier. In a series of posts on X (formerly Twitter) dated Aug. 27, Garfield stated that active development on Clockwork will cease and that the protocol's nodes on both the devnet and mainnet will be deactivated as of Oct. 31. The move comes as the Clockwork team weighs the "simple opportunity cost" of continuing the protocol against the lure of other potentially more lucrative opportunities. Hi all, bittersweet news today. The team and I behind @clockwork_xyz have decided to step away from active development of the protocol. 1/ — Nick (@time_composer) August 27, 2023 Clockwork was designed to facilitate scheduled transactions on the Solana network and to automate the running of applications through smart contracts triggered by specific events. Despite its pending shutdown, Garfield confirmed that Clockwork’s code will remain open-source and freely available. He encouraged interested developers to "fork and ship" the protoccol should they wish to continue its development. Funding and investor concerns also weigh on the matter. According to Crunchbase, Clockwork secured $4 million in seed funding last August in a round co-led by Multicoin Capital and Asymmetric, with additional participation from Solana Ventures. Responding to queries about the return of the seed funding to investors, Garfield stated that a "meaningful portion" of the funds still exists, but no decision has been made yet on its future allocation. Disclaimer: This article is intended for informational purposes only and should not be construed as financial or investment advice.

Ethereum automated market maker (AMM) Balancer, has put out an official disclosure to confirm that it had been exploited for approximately $900,000 (USD). The news comes just days after the decentralized finance protocol highlighted a vulnerability affecting several of its pools. Blockchain security expert Meier Dolev identified an Ethereum address believed to belong to the alleged attacker. Subsequent to the exploit, this address received two transfers of the Dai (DAI) stablecoin, amounting to $636,812 and $257,527 respectively. According to Dolev, the account affected over $893,978 in balance. Through a statement on the social platform X, formerly known as Twitter, the Balancer team acknowledged the situation. They stated, “Balancer is aware of an exploit related to the vulnerability below.” Although they had implemented mitigation measures that significantly lowered the associated risks, they were unable to halt the affected pools. As a precautionary measure, the team urged users to withdraw from the compromised liquidity providers (LPs). The attacker continues with his operation, approx $900K affected, more than $600K moved to this address0xB23711b9D92C0f1c7b211c4E2DC69791c2df38c1 pic.twitter.com/inNqH4zel2 — Meir Dolev (@Meir_Dv) August 27, 2023 Previously, on August 22,Balancer had reported a critical vulnerability impacting its boosted pools. The platform had implored users to remove their funds from LPs and initiated a pause on pools to minimize potential harm. Assets that were under threat spanned various platforms including Ethereum, Polygon, Arbitrum, Optimism, Avalanche, Gnosis, Fantom, and zkEVM (from Polygon). Upon the revelation of the vulnerability, merely 1.4% or over $5 million of Balancer's entire assets were at jeopardy. However, by August 24, an estimated $2.8 million, which constitutes 0.42% of its total value locked, was still exposed. The platform had issued a warning on X, advising its users: “We believe funds in the mitigated pools (labeled ‘mitigated’) are safe, but still strongly recommend timely migration to safe pools, or withdrawal. Pools that were unable to be fortified are marked ’at risk’. If you participate as an LP in any of these pools, it is advised to exit immediately.” Balancer had transitioned to the Optimism network in June the previous year with the intent of amplifying user functionality and diminishing transaction costs. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Binance is pulling in its horns in Latin America and the Middle East by withdrawing its crypto payment credit card. Without providing a reason for this latest move, Binance has announced that it will be withdrawing the service, effective on 25 August (tomorrow), and terminating in both regions on 1 September. The card functioned like other crypto payment cards in that customers could use it to pay for goods and services by using their cryptocurrency assets. Binance did not make the announcement in a normal manner, and instead it was a customer’s question on Twitter that led to Binance’s response which included the notification of a termination of the card. Hello there,The Binance Card will no longer be available to users in Latin America and the Middle East. The product, like most debit cards, has been utilized by Binance’s users to pay for basic daily expenses but in this case, the cards are funded with crypto assets. Only a tiny… — Binance Customer Support (@BinanceHelpDesk) August 23, 2023 The response did specify that only a very small percentage of their users (1%) would be affected by the card withdrawal, and that Binance Pay (recently launched in Brazil) was available for use in shopping and sending crypto. Amid all the ongoing regulatory issues that beset Binance, especially in the U.S., its payment options are in a state of flux. Checkout.com recently terminated its contract with Binance over AML and compliance concerns. Preceding this, in June, Paysafe Payment Solutions, which acted as Binance’s European banking partner, decided to withdraw its services. It would appear that both the U.S. and Europe both have Binance in their sights as a regulatory target. The largest crypto exchange and its entrepreneurial owner have a fight on their hands and the future of crypto will certainly feel the impact. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Equation, a pioneering decentralized perpetual protocol, is set to revolutionize perpetual trading with its groundbreaking BRMM model and commitment to fairness through a complete Fairlaunch approach. Founded by experienced crypto trader 0xfermat, the project aims to redefine the trading experience by prioritizing user demands and delivering a seamless, transparent, and trustless environment. With its upcoming pre-launch in September, Equation is poised to offer traders and Liquidity Providers (LPs) up to 200x leverage, access to near-unlimited liquidity, and enhanced capital efficiency on the Arbitrum network. Visionary Origins Equation's journey began with its visionary founder, known as "0xfermat" across social networks. Previously, he served as an algorithm engineer at a prominent algorithm-driven company and later founded a financial technology company offering insurance actuarial and risk management solutions for banks and enterprises. Subsequently, he ventured into the world of cryptocurrency as a professional trader. The impact of the FTX event on his life and finances led 0xfermat to make a crucial decision. He resolved to establish a fully decentralized on-chain protocol, aiming to combat the infringements on market and individual rights caused by centralized exchanges and "dictators". Undertaking the creation of Equation's underlying protocol single-handedly, 0xfermat has been instrumental in shaping the project's foundation. With a strong belief in decentralization, anonymity, and open-source architecture, 0xfermat steered Equation towards becoming a community-driven initiative. Operating as a DAO, the team consists of skilled individuals with robust technical backgrounds and superior trading expertise. Embracing the decentralized ethos, Equation's team members maintain anonymity, ensuring a level playing field for all participants. Fairlaunch Principle Equation’s token emission will strictly adhere to Fairlaunch principle, eschewing institutional investors for mining-based token generation. This approach aligns with its commitment to fairness and equal opportunities for all participants. Token holders will not only have a voice in community governance but can also stake their tokens to earn a share of the protocol's fee distribution, fostering a sense of ownership and providing long-term incentives for engagement. This community-driven approach strengthen the protocol's foundation and ensure a fair and inclusive ecosystem for all. Innovative BRMM Model Equation has pioneered the Balance Rate Market Maker (BRMM), an innovative Automated Market Maker (AMM) model, especially tailored for the perpetual contract market. Thanks to BRMM, Equation can offer traders and liquidity providers (LPs) unprecedented leverage of up to 200x. Traders can access larger positions and near-unlimited liquidity. Simultaneously, LPs benefit from enhanced capital efficiency, creating a win-win situation for all participants. Diverging from traditional spot market AMMs, BRMM adopts a unique mechanism centered around the balance rate of the liquidity pool, which results in more efficient price discovery and expanded market-making opportunities. In the BRMM model, liquidity providers (LPs) willingly accept the risk of temporary and manageable liquidity pool imbalances in exchange for the platform's generous fee income. This ingenious approach empowers LPs to participate in market-making flexibly, providing deeper capital pool depth and ensuring traders benefit from a more stable trading experience. By introducing BRMM, the perpetual contract market has witnessed heightened liquidity and improved price discovery functionalities, all while safeguarding the interests of LPs. This novel AMM model is anticipated to accelerate the perpetual contract market's growth, ushering in greater innovations and opportunities within decentralized finance (DeFi). Quote "I launch Equation because I want to redefine perpetual trading by delivering a seamless, transparent, user-friendly trading experience, prioritizing user demands and streamlining a clear interface with minimal process. Equation is committed to providing a trustless transaction environment that enables users to achieve financial freedom." — 0xfermat, Founder of Equation Closing The upcoming pre-launch for Equation in September brings anticipation and excitement, as traders and LPs gear up to experience the next level of perpetual trading on the Arbitrum network. Join Equation on its journey to redefine the trading landscape and unlock new opportunities in the crypto space. About Equation Equation is a decentralized perpetual protocol built on Arbitrum. With its innovative BRMM model, Equation provides both traders and Liquidity Providers (LPs) with up to 200x leverage, enabling traders to access larger positions and near-unlimited liquidity while enhancing capital efficiency for LPs. Being one of the pioneering trader-oriented DeFi protocols, Equation stands as a testament to the power of community-driven innovation in shaping the future of decentralized finance. It prioritizes security and transparency, providing traders with a reliable and secure environment for perpetual trading participation. Media Contact Company: EquationDAO Contact: Equation Media Team Team Email: [email protected] Website: https://www.equation.org/ Twitter: https://twitter.com/EquationDAO Medium: https://medium.com/@EquationDAO Discord：discord.gg/ywFrewsxBH Telegram：https://t.me/EquationDao Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Two Tornado Cash co-founders have been charged with conspiracy to commit money laundering and sanctions violations. On Wednesday, the United States Attorney’s Office announced in a press release the unsealing of an indictment charging Roman Storm and Roman Semenov with conspiracy to commit money laundering, sanctions violations and conspiracy to operate an unlicensed money-transmitting business. The charges against two of Tornado Cash’s co-founders arise from their alleged creation, operation, and promotion of the crypto mixer. According to the press release, Tornado Cash facilitated over $1 billion in money laundering transactions and laundered hundreds of millions from the North Korean cybercrime organization, the Lazarus Group. Strom and Semenov Knew They Were Aiding Money Laundering US Attorney Damian Williams said: “As alleged, Tornado Cash was an infamous cryptocurrency mixer that laundered more than $1 billion in criminal proceeds and violated U.S. sanctions. Roman Storm and Roman Semenov allegedly operated Tornado Cash and knowingly facilitated this money laundering. While publicly claiming to offer a technically sophisticated privacy service, Storm and Semenov in fact knew that they were helping hackers and fraudsters conceal the fruits of their crimes. Today’s indictment is a reminder that money laundering through cryptocurrency transactions violates the law, and those who engage in such laundering will face prosecution.” In the announcement, the US Attorney’s Office said Roman Storm was arrested on Wednesday in the State of Washington, but Roman Semenov remains at large. The Wall Street Journal reports, Tornado’s alleged third co-founder, Alexey Pertsev, was arrested in the Netherlands in August on money laundering charges. Pertsev is under house arrest in the Netherlands as he awaits trial. CNBC quotes Brian Klein, Roman Strom’s lawyer, who said: “We are incredibly disappointed that the prosecutors chose to charge Mr. Storm.” Klein added they believe prosecutors “did so based on a novel legal theory with dangerous implications for all software developers.” Storm’s lawyer further said: “Mr. Storm has been cooperating with the prosecutors’ investigation since last year and disputes that he engaged in any criminal conduct. There is a lot more to this story that will come out at trial.” On Wednesday, the Office of Foreign Asset Control (OFAC) also sanctioned Roman Semenov. The OFAC banned Americans from using the cryptocurrency mixer in August 2022. Wednesday’s indictment was a joint effort by the Federal Bureau of Investigation (FBI), the Justice Department and the Internal Revenue Service’s Criminal Investigation unit. Attorney General Merrick B. Garland commented: “These charges should serve as yet another warning to those who think they can turn to cryptocurrency to conceal their crimes and hide their identities, including cryptocurrency mixers: it does not matter how sophisticated your scheme is or how many attempts you have made to anonymize yourself, the Justice Department will find you and hold you accountable for your crimes.” Christopher A. Wray, Director of the FBI, said: “Today’s announcement should remind criminal organizations everywhere in the world that they are neither untraceable nor anonymous. You can’t hide from us behind a keyboard — whether you’re a hacker or facilitator. Those charged today engaged in a conspiracy to launder money for cybercriminals, including for a North Korean cybercrime organization seeking to evade sanctions. As we have with this operation, the FBI is going to keep dismantling the infrastructure used by cyber criminals to commit and profit from their crimes, and holding anyone who assists those criminals accountable.” US Court Dismisses Appeal to Lift Sanctions on Tornado US District Judge Robert Pitman dismissed an appeal filed by Tornado Cash users to lift the sanctions imposed on the crypto mixer. Judge Pitman agreed with the government and Treasury Department on all of its claims and granted a summary judgement in the case. The court filing said: “The Court finds that Tornado Cash is an association within the ordinary meaning of the term and is, therefore, an entity that may be designated per OFAC regulations.” Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

[PRESS RELEASE – Hong Kong, Hong Kong, June 14th, 2023] Open Exchange (OPNX) has officially added Celsius claims to its marketplace. OPNX will now accept claims from the Celsius bankruptcy proceedings through its verification and tokenization partner, Heimdall. Holders of a claim can have it turned into a tokenized asset, allowing it to be traded […]

[PRESS RELEASE – Schwarzenbach, Switzerland, May 25th, 2023] Concordex, the first dedicated decentralized exchange (DEX) built on the Concordium blockchain, has officially launched its testnet. The project raised $1.7 million in seed funding from Tacans Labs, Skynet Trading, Seier Capital, Amdax and Concordium blockchain in December 2022 to bring institutional-grade DeFi trading tools to the […]

[PRESS RELEASE – Tokyo, Japan, April 11th, 2023] TemDAO is a world heritage project that seeks to protect and preserve cultural assets through donations and democracy. The project, powered by the $TEM token, ensures the long-term sustainability of global cultural sites. Recently, TemDAO has made notable donations for preservation efforts in Ukraine, Turkey, and other […]