A United States court has given liquidators permission to subpoena the founders of crypto investment firm Three Arrows Capital (3AC), including Su Zhu and Kyle Davies. According to a report by Law360 on Tuesday, U.S. Bankruptcy Judge Martin Glenn issued an order on Tuesday allowing the subpoenas after being told by the counsel for the liquidators that the founders’ whereabouts are unknown and there were fears they could be selling off tens of millions in assets. The counsel, Adam Goldberg, said he didn’t know the current location of Zhu or Davies, alleging the duo have not provided “meaningful cooperation” with …

Web3 community members are fighting back against the United States Supreme Court’s ruling to overturn Roe v. Wade. On June 24, the landmark court case, which previously assured the right to have an abortion, was overturned, sparking a backlash among reproductive rights activists in the United States. Some activists have turned to Web3 solutions, creating decentralized autonomous organizations (DAOs) and nonfungible token (NFT) projects focused on raising awareness for women’s reproductive rights. One of the earliest of these efforts was demonstrated by Nadya Tolokonnikova, a member of the performance activist group Pussy Riot. Tolokonnikova told Cointelegraph that about three weeks …

Despite the Chinese government banning all kinds of cryptocurrency transactions last year, some firms apparently still use stablecoins like Tether (USDT) to pay their employees. Beijing’s Chaoyang District People’s Court has ruled that stablecoins like USDT cannot be used for salary payments, the local news agency Beijing Daily reported on Wednesday. The Chinese court stated that virtual currencies like USDT cannot circulate in the market as a currency, which requires all employers to only pay their workers using the official currency, renminbi (RMB). The ruling came as part of a court case involving a staff member at a local blockchain …

Troubled crypto lending firm Celsius is putting their best foot forward to recover operations alongside CEO Alex Mashinsky, who currently stays in the United States, the company has claimed. A spokesperson for Celsius has denied rumors that the company’s CEO tried to flee the U.S. last week amid the ongoing liquidity crisis of the Celsius Network. The representative told Cointelegraph on Monday that the firm continues working on restoring liquidity, stating: “All Celsius employees — including our CEO — are focused and hard at work in an effort to stabilize liquidity and operations. To that end, any reports that the …

Not even a $258 billion class-action lawsuit alleging a crypto pyramid scheme could stop Elon Musk from publicly displaying his continued support for Dogecoin (DOGE). On Thursday, a New York district court received a class action complaint against the world’s richest man Elon Musk and his companies, SpaceX and Tesla, for an alleged Ponzi scheme using DOGE. The lawsuit demanded $258 billion in total monetary damages from Musk while requesting the court to rule DOGE trading as gambling in the United States. I will keep supporting Dogecoin — Elon Musk (@elonmusk) June 19, 2022 The lawsuit, however, did not resonate …

Benjamin Delo, co-founder of cryptocurrency exchange BitMEX, has been sentenced to 30 months probation for violating the Bank Secrecy Act (BSA), which is an Anti-Money Laundering (AML) law. The sentence, handed down at a federal court in New York on Wednesday, follows his guilty plea to charges in February of “willfully failing to establish, implement and maintain an Anti-Money Laundering (AML) program” in his role at BitMEX. Prosecutors had argued Delo should serve a year in prison or at least receive a two-year probation and six months of home detention, as was given to former CEO Arthur Hayes in May. …

A proposed addition to an existing Brazilian law would grant Brazilians the right to use cryptocurrency as a means of payment while protecting their private keys from being taken by the courts. Federal Deputy Paulo Martins issued the proposal to the country’s legislature on Friday. If passed, the bill would expand both the legal uses of cryptocurrency in Brazil and the power the courts would have in confiscating it. BRAZIL: Bill introduced for #Bitcoin and crypto to be recognized as means of payment! — Bitcoin Archive (@BTC_Archive) June 14, 2022 The proposed addition in Article 835 of the Civil Procedure …

Coin Center, a Washington, D.C.-based nonprofit blockchain advocacy group, filed a lawsuit against the United States Department of the Treasury for allegedly provisioning an unconstitutional amendment in the controversial infrastructure bill. In an official announcement, Coin Center revealed the filing of a suit against the Treasury Department in federal district court — challenging the enforcement of Section 6050I’s reporting mandate within the Infrastructure Investment and Jobs Act. The lawsuit read: “In 2021, President Biden and Congress amended a little-known tax reporting mandate. If the amendment is allowed to go into effect, it will impose a mass surveillance regime on ordinary …

Wyoming based digital asset bank Custodia is suing the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City, claiming an “unlawful delay” in processing an application for its master account. Custodia, formerly known as Avanti, was one of the first Special Purpose Depository Institutions (SPDIs), also known as “blockchain banks,” made under a Wyoming regulatory framework. The bank was founded by Caitlin Long, an early advocate of Bitcoin (BTC) who established the institution in 2020 to provide accounts for crypto companies and serve as a bridge for them to the U.S. dollar payment system. Custodia submitted …

ForUsAll, a 401(k) retirement provider, filed suit against the United States Department of Labor (DOL) and Martin Walsh as Labor secretary in U.S. District Court in Washington, D.C. on Thursday. The company is seeking the withdrawal of a DOL compliance assistance release issued in March, citing the Administrative Procedure Act, which safeguards against arbitrary official encroachment on private rights. The DOL release warned that the department’s Employee Benefits Security Administration is expected to “conduct an investigative program” aimed at 401(k) plans that contain cryptocurrency. ForUsAll CEO Jeff Schulte told Cointelegraph: “The government is suddenly trying to restrict the type of …

On Wednesday, United States prosecutors in Manhattan charged Nathaniel Chastain, 31, with insider trading. Chastain is a former product manager at OpenSea, the largest nonfungible token (NFT) marketplace. This will be the first case of its kind regarding digital assets and traditional criminal investigations. Former employee of NFT marketplace charged in first ever digital asset insider trading schemehttps://t.co/Q8C8btS743 — US Attorney SDNY (@SDNYnews) June 1, 2022 Prosecutors claim that Chastain bought 45 NFTs through anonymous hot wallets and anonymous accounts on OpenSea and then sold them for a profit shortly after. He allegedly bought them shortly before they were featured …

The South Korean government continues to investigate Terraform Labs, the firm behind the Terra Network as well as Luna Classic (LUNC), previously known as Terra (LUNA), and TerraUSD (UST) tokens, by reportedly summoning subpoenas to employees. South Korean authorities have reportedly summoned all employees at Terraform Labs as part of a full-scale investigation of the collapse of UST and LUNC, the local news agency JTBC reported on Saturday. According to the report, the probe is conducted by the joint financial and securities crime investigation team of the Seoul Southern District Prosecutors Office. The authorities are looking into the case to …