The Ministry of Justice in South Korea announced plans to introduce a crypto tracking system to counter money laundering initiatives and recover funds linked to criminal activities. The ‘Virtual Currency Tracking System’ will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames. The South Korean Ministry of Justice will introduce a "cryptocurrency tracking system" in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6 — Wu Blockchain (@WuBlockchain) January 29, …

Controversial law firm Sullivan & Cromwell is on track to reap a fortune from its work on the bankruptcy case of the FTX cryptocurrency exchange, according to a new report. Sullivan & Cromwell’s costs in the FTX case are estimated to reach hundreds of millions of dollars before the firm’s bankruptcy investigation is over, Bloomberg Law reported on Jan. 27. As the FTX trial is scheduled for October 2023, the firm’s lawyers now have about eight months to untangle the complicated FTX case, which will cost a lot of time and money. Sullivan & Cromwell has more than 150 people …

Canada-based Bitcoin (BTC) miner Hut 8 Mining Corporation has ramped up its ongoing fight with its power supplier for one of its mining sites, filing a lawsuit in a Canadian court. Hut 8 said on Jan. 26 it filed a Statement of Claim in the Superior Court of Justice of Ontario against Validus Power, an energy supplier for a Hut 8 mining facility in North Bay, Ontario. The firms have been in an ongoing dispute since early November 2022 due to what Hut 8 alleges is a failure by Validus to “meet its contractual obligations” for the power purchase agreement …

At least five firms placed bids on Celsius Network’s crypto assets, including Binance, Bank To The Future and Galaxy Digital, according to leaked information shared by crypto blogger Tiffany Fong. Fong, a follower of Celsius developments who shot to fame after several exclusive interviews with Sam Bankman-Fried following its collapse, has leaked information from documents she says were obtained on Dec. 20 “detailing the bids on Celsius Network’s crypto assets.” In a Substack post, Fong explained that she initially refrained from leaking the bids to avoid disrupting the bidding process but was prompted to do so after recent commentary from …

Lawyers representing FTX in bankruptcy court have reportedly argued that former CEO Sam Bankman-Fried’s immediate family should face questioning regarding their personal wealth. According to a Jan. 26 report from Bloomberg, FTX’s lawyers requested Judge John Dorsey in the District of Delaware allow them to question Joseph Bankman, Barbara Fried, and Gabriel Bankman-Fried — the father, mother, and brother of SBF, respectively — under oath about any financial benefits they may have received from the exchange. Other FTX executives could reportedly be subject to the same line of questioning in an effort to track down assets tied to the bankrupt …

Mango Labs, the company behind the decentralized finance (DeFi) protocol Mango Markets has come out with its own lawsuit against exploiter Avraham Eisenberg. The Jan. 25 filing in the United States District Court for the Southern District of New York alleges Einseberg of exploiting its platform for millions of dollars worth of cryptocurrencies in October 2022. It asks for $47 million in damages plus interest starting from the time of the attack. It also asked the court to rescind an agreement made between Eisenberg and Mango’s related DAO and declare it to be “invalid and unenforceable.” The agreement was in …

An investigation into FTX’s collapse by an examiner could cost the firm upwards of $100 million without providing any benefit to creditors or equity holders, argues lawyers representing the bankrupt crypto exchange. The arguments were part of a Jan. 25 objection to a motion from the United States Trustee in December, which called for the judge to appoint an independent examiner to ensure any investigations are transparent and their findings made public. This will be fascinating. 4 Senators submitted a letter asking for an Independent Examiner. Will they do more? Several States have entered the FTX case. Will they lend …

A complete list of the creditors owed money by the bankrupt cryptocurrency exchange FTX has been released, revealing a myriad of companies and government entities wrapped up in its collapse. Late on Jan. 25, lawyers for FTX filed its creditor matrix to the United States Bankruptcy Court for the District of Delaware. The massive 115-page document details the names of its creditors in alphabetical order. The list reveals the sprawling global web of companies from airlines, hotels, charities, banks, venture capital firms, media outlets and crypto companies along with U.S. and international government agencies all owed money by the fallen …

Bankrupt crypto lending firm BlockFi has reportedly uploaded financials by accident, revealing $1.2 billion in assets tied up with bankrupt exchange FTX and Alameda Research. According to a Jan. 25 report from CNBC, the unredacted filings show that as of Jan. 14, BlockFi had $415.9 million worth of assets linked to FTX, and a whopping $831.3 million in loans to Alameda. The financials were leaked as part of a presentation put together by M3 Partners, who is an advisor to the creditor committee. The crypto lending firm filed for Chapter 11 Bankruptcy on Nov. 28, weeks after the collapse of …

A United States appeals court is set to hear the oral arguments relating to Grayscale Investment’s lawsuit against the Securities and Exchange Commission (SEC) over its decision to deny Grayscale’s Bitcoin (BTC) spot exchange-traded fund (ETF). As per a court motion filed on Jan. 23, both sides will present their arguments at the District of Columbia Court of Appeals on Mar. 7, 2023, at 9:30 am local time. Oral arguments are spoken presentations delivered by attorneys summarizing why their clients should win the case. Each party in the case takes turns directly speaking to and answering questions from the judge …

Troubled cryptocurrency company Digital Currency Group (DCG) is facing more legal issues as its subsidiary Genesis Capital got slapped with a new class action lawsuit. A group of Genesis creditors filed a securities class action (SCA) lawsuit against DCG and its founder and CEO Barry Silbert, alleging violations of the federal securities laws. The lawsuit was filed by Connecticut-based law firm Silver Golub & Teitell (SGT) on behalf of individuals and entities who entered into digital asset lending agreements with Genesis. The law firm is known for handling major industry lawsuits, including a class action suit filed against Coinbase in …

A lawyer for bankrupt crypto lending firm Genesis is optimistic the firm can resolve its creditor disputes as early as this week and the company could come out of Chapter 11 proceedings by late May. Genesis’ lawyer Sean O'Neal made the comments at a Jan. 23 initial hearing at the United States Bankruptcy Court for the Southern District of New York, according to a Reuters report. He added Genesis had "some measure of confidence" it would resolve disputes with creditors by the end of the week and, if needed, would look for the judge to install a mediator, but said: …