The promoters listed in the lawsuit are: talent manager Guy Oseary, digital artist Beeple, Madonna, Paris Hilton, Jimmy Fallon and related entities, Justin Bieber, Gwyneth Paltrow, Serena Williams, Diplo, Post Malone, Snoop Dogg, Kevin Hart, the Chainsmokers, Steph Curry, Future, The Weeknd, DJ Khaled, and Adidas.
Class action lawsuit against Jimmy Fallon, Paris Hilton, Justin Bieber, Gwyneth Paltrow, and others accuses them of undisclosed NFT promotions
The OFAC investigation was first revealed in July, in reporting from the New York Times.
- Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Payward, Inc. ("Kraken"), U.S. Department of the Treasury
The suit alleges that the celebrities violated the anti-touting provisions of securities laws by failing to disclose the nature, scope, and amount they were compensated to promote the platform.
In March 2021, the SEC sued LBRY over their LBC tokens, which were used for paid streaming, tipping, and as rewards for using the platform inviting other users. On November 7, 2022, a federal judge of the District Court for the District of New Hampshire ruled that "because no reasonable trier of fact could reject the SEC's contention that LBRY offered LBC as a security, and LBRY does not have a triable defense that it lacked fair notice, the SEC is entitled to judgment." The judge granted the SEC's motion for summary judgment, meaning the case will not go to trial.
U.S. Attorney convicts individual in 2012 theft from the Silk Road, announces seizure of over 50,000 Bitcoin priced at more than $1 billion
The government has filed a motion in the case against Ross Ulbricht, the founder and operator of the Silk Road who is serving life in prison, seeking to retain the seized Bitcoin. At the time of seizure in November 2021, the Bitcoin were notionally worth $3.36 billion. On the date the charges were announced, they would be notionally worth $1.06 billion.
- "U.S. Attorney Announces Historic $3.36 Billion Cryptocurrency Seizure And Conviction In Connection With Silk Road Dark Web Fraud", U.S. Attorney's Office for the Southern District of New York
According to Rotunda, there is an ongoing investigation by the TSSB into whether FTX has been offering unregistered securities to United States residence in the form of yield-bearing accounts. He alleged that FTX's claimed attempts to segregate US users to the separate FTX.US exchange, the software makes no apparent attempt to do so, and offered yield-bearing accounts to customers who had signed up with a U.S. address — potentially in violation of securities laws.
Rotunda submitted the filing in the Voyager bankruptcy case to argue that FTX should not be permitted to buy Voyager's assets until they have been determined to be compliant with securities law. He wrote, "[FTX yield-bearing] products appear similar to the yield-bearing depository accounts offered by Voyager Digital LTD et al., and the Enforcement Division is now investigating FTX Trading, FTX US, and their principals, including [FTX CEO] Sam Bankman-Fried."
The OFAC sanction was imposed due to 116,421 reported sanctions violations in which Bittrex failed to prevent people in Crimea, Cuba, Iran, Sudan, and Syria from using their service. In total, these prohibited individuals performed more than $263 million in transactions on the platform.
The FinCEN fine was imposed due to "willful violations" of the Bank Secrecy Act's requirements pertaining to anti-money laundering (AML) and suspicious activity reports.
Yuga Labs is the company behind the Bored Apes NFTs and spinoff projects (Mutant Apes, and Bored Ape Kennel Club), and in March also acquired the blue-chip NFT collections CryptoPunks and Meebits.
A probe does not necessarily mean that Yuga has violated the law, but such an investigation could have major ramifications for the world of NFTs.
Nexo had previously been warned to stop offering services in New York state and to register under securities regulations, but hadn't done so. Several states called into question Nexo's "real-time audit", which they describe as bogus. Kentucky also noted in their lawsuit that when the company's holdings of their own $NEXO token was taken out of the equation, the company appears to be insolvent.
The press release stated, "Based on its recent experiences with cryptocurrencies, the IRS has strong reason to believe that many virtual currency transactions are not being properly reported on tax returns."
- "IRS Obtains Court Order Authorizing Summons For Records Relating To U.S. Taxpayers Who Failed To Report And Pay Taxes On Cryptocurrency Transactions"U.S. Attorney's Office, Southern District of New York