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Cryptocurrency OneCoin Boss Pleads Guilty to Fraud, Money Laundering

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Cryptocurrency OneCoin Boss

OneCoin’s co-founder Karl Greenwood pleaded guilty to US fraud and money laundering charges for selling a bogus cryptocurrency alongside one of the US’ most wanted fugitives, a woman known as the ‘Cryptoqueen.’

Karl Greenwood, 45, was arrested in Thailand and extradited to the United States in 2018 for his role in selling the alleged cryptocurrency OneCoin, which federal prosecutors in Manhattan describe as a pyramid scheme that defrauded investors out of $4 billion. Since his arrest, he has been detained.

The plea comes as prosecutors in the Southern District of New York (SDNY) intensify their pursuit of financial crimes involving digital assets. Prosecutors unveiled an indictment against Sam Bankman-Fried, the founder of the FTX crypto exchange, on charges of stealing billions of dollars in customer deposits on Tuesday.

“This guilty plea by the co-founder of OneCoin caps a week at SDNY that sends a clear message that we are coming after all those who seek to exploit the cryptocurrency ecosystem through fraud,” said Damian Williams, Manhattan’s top federal prosecutor.

Prosecutors claim Greenwood co-founded OneCoin in Sofia, Bulgaria, in 2014 with Ruja Ignatova, a German citizen known as the ‘Cryptoqueen.’ She was added to the FBI’s top ten most-wanted list in June, and prosecutors said on Friday that she is still at large.

Greenwood’s attorney declined to comment. He is scheduled to be sentenced for the three counts to which he pleaded guilty on April 5.

Bankman-Fried acknowledged risk management failures at FTX but claimed he is not criminally liable. He is currently detained in The Bahamas, where FTX is based and is fighting an extradition request from the United States.

cryptocurrency fraud

Cryptocurrency Fraud Sam Bankman-Fried denied bail.

A judge in the Bahamas has denied bail to Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX.

On Tuesday, Mr. Bankman-Fried was charged with “one of the biggest financial frauds in US history” by US authorities.

The former FX chief built a “house of cards on a foundation of deception,” according to Securities and Exchange Commission (SEC) Chair Gary Gensler.

Mr. Bankman-Fried has stated that he will fight extradition to the United States.

Bahamas Chief Magistrate JoyAnn Ferguson-Pratt denied his bail petition, citing a “great” risk of flight, and ordered that he be held in a correctional facility until February 8.

FTX declared bankruptcy in the United States last month, rendering many users unable to withdraw their funds. According to a court filing, FTX owed nearly $3.1 billion (£2.5 billion) to its 50 largest creditors.

Among the most serious allegations against Mr. Bankman-Fried is that he used billions of dollars in customer funds to prop up Alameda, his investment trading firm.

It is unclear how much money people who have funds in the exchange will receive after the bankruptcy proceedings, though many experts have warned that it may be a small fraction of what they deposited.

In the United States, Mr. Bankman-Fried is facing eight criminal charges, including wire fraud, money laundering, and conspiracy to defraud. He also faces civil charges for defrauding investors who put more than $1 billion into the company.

Officials have also charged him with breaking campaign finance laws.

Damian Williams, the US Attorney for the Southern District of New York, described Mr. Bankman-alleged Fried’s fraud as “among the largest in US history” during a press conference on Tuesday.

cryptocurrency

Mr. Bankman-Fried was accused of defrauding lenders, investors, and customers and using “tens of millions” in ill-gotten gains to make illegal campaign contributions to Democrats and Republicans.

“All of this dirty money was used to serve Bankman-desire Fried’s to buy bipartisan influence and influence public policy in Washington,” Mr. Williams said.

Previously, the crypto tycoon admitted to making mistakes but denied intent to defraud his customers.

Mr. Bankman-Fried also denied claims that he knew FTX’s affiliated trading company, Alameda Research, was using FTX customer funds.

He was once considered a younger version of the legendary US investor Warren Buffett. As recently as late October, he had a net worth of more than $15 billion (£12.1 billion).
Caption for media,

Sam Bankman-Fried denies knowing FTX customer funds were used for risky financial bets.

Meanwhile, the firm’s new CEO, John Ray, told a US congressional committee that FTX’s demise appeared to result from a small group of “grossly inexperienced, non-sophisticated individuals” controlling the company.

He saw “an utter lack of record-keeping – no internal controls whatsoever,” he said.

Customers could use the FTX exchange to exchange traditional currency for cryptocurrencies such as Bitcoin.

Cryptocurrencies are not traditional currencies; they are stored online and function more like investment vehicles or securities, with high volatility.

Because of their anonymity, they have been favored for criminal activities such as drug dealing and ransomware attacks, but supporters argue that they have enormous innovation potential – and independence from governments.

Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

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California Representative Adam Schiff urges Biden to relinquish his position.

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Adam Schiff
Justin Sullivan/Getty Images/Getty Images North America

(VOR News) – According to a statement that was obtained by National Public Radio (NPR), Representative Adam Schiff, a Democrat from California, is urging that Vice President Joe Biden withdraw from his candidacy for re-election.

Adam Schiff’s request was received by NPR. When the comment was first reported, it was done so by The Los Angeles Times.

Schiff, who is currently running for Senate in California, issued a statement in which he encouraged Vice President Joe Biden to “pass the torch” and “secure his legacy of leadership” by allowing Democrats to have the opportunity to convincingly defeat Donald Trump.

Adam Schiff is currently running for Senate in California.

A statement by Adam Schiff to the media noted that “Joe Biden has been one of the most consequential presidents in our nation’s history, and his lifetime of service as a Senator, Vice President, and now as President has made our country a better place.”

Adam Schiff noted in his statement to the media. On the other hand, our nation is present at a critical crossroads at the moment.

If Donald Trump were to win a second term as president, the entire framework of our democracy would be thrown into disarray, and I have serious concerns about whether or not the President would be able to defeat Donald Trump in the upcoming election in November.

To this day, Adam Schiff is the most prominent Democrat who has advocated for Biden to resign from the campaign for vice president nomination.

The Biden campaign made reference to the events that Biden has been holding this week in response to a request for a statement from the campaign.

As part of his efforts to promote his candidacy, he is currently taking part in a meeting in Las Vegas with members of the Congressional Black and Hispanic caucuses.

Vice President Biden has declared on several occasions that he will not be withdrawing from the campaign and that he is certain that he is the most competent candidate to shepherd the party through the election. He has also stated that he is confident that he will serve as the party’s nominee.

Further, Adam Schiff stated that President Biden is fully responsible for making the decision, and that he will support the party’s nominee, regardless of who that may be.

In addition, Adam Schiff said he would not support any other candidate.

According to statements made by Vice President Biden over the course of the past few days, he has acknowledged that members of his party are continuing to question him.

“The story goes that [former President Harry] Truman said, if you want a friend in Washington, get a dog,” Vice President Joe Biden quipped during the annual convention of the National Association for the Advancement of Colored People (NAACP) in Las Vegas.

The NAACP is an organization that works to provide opportunities for people of color. “After the last couple of weeks, I know what he means.”

Schiff’s comment comes at a time when there is a renewed push from anxious Democrats for Biden to resign. Adam Schiff’s statement comes at a time when all of this is happening.

Due to the fact that President Trump was the target of an attempted assassination during a rally that took place on Saturday in Pennsylvania, the calls came to a temporary halt.

As a result of the seeming energy and confidence that Republicans displayed during the Republican National Convention, Democrats are growing increasingly anxious. This is despite the fact that that is the case. In addition, recent polls have demonstrated that support for Biden is exhibiting a downward trend.

In a virtual roll call vote that may take place several weeks before the Democratic National Committee’s convention, which will begin on August 19 in Chicago, the DNC is getting ready to officially name Biden the party’s nominee. The convention will take place in Chicago.

This preparation has resulted in an increase in the level of frustration that has been experienced over the past several days.

SOURCE: NPR

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Elon Musk Says He’s Moving SpaceX And X Out Of California

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spacex musk

Elon Musk has announced that he is relocating his firms out of California.

In two posts on X Tuesday, the billionaire announced that SpaceX’s headquarters will be relocated from Hawthorne, California, to Starbase, Texas, a business town under construction in the state’s south. He also said that social media platform X would be moving from San Francisco to Austin, Texas.

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Elon Musk | CNN

Elon Musk Says He’s Moving SpaceX And X Out Of California

Musk said the SAFETY Act, a bill signed by California Gov. Gavin Newsom that prohibits school districts from mandating instructors to notify parents if a child wishes to be labeled as a different gender, was “the final straw.”

“Because of this law and the many others that preceded it, attacking both families and companies, SpaceX will now move its HQ from Hawthorne, California, to Starbase, Texas,” Musk told X.

In 2022, one of Elon’s daughters asked a California court to accept her new name and gender, claiming she no longer wanted to be related to her famous and affluent father “in any way, shape or form.” Musk has faced criticism for several of his statements on X addressing gender identification issues.

In a follow-up tweet, Elonstated that he was tired of the violent criminality surrounding the building where X is located in San Francisco.

Elon Musk Says He’s Moving SpaceX And X Out Of California

Elon has been drawn to Texas for several years. SpaceX moved to relocate its corporate incorporation from Delaware to Texas in February following a Delaware state judge’s ruling that Elon’s 2018 Tesla pay package was exorbitant, siding with a shareholder who challenged it.

Elon announced 2021 that Tesla would relocate its headquarters from the Bay Area to Austin, Texas. In December 2020,Elon announced that he had relocated to Texas.

SOURCE | CNN

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European Union Court Says TikTok Owner Can’t Avoid Bloc’s Law Cracking Down On Digital Giants

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tiktok
Tiktok | AP

LONDON —ByteDance, the owner of TikTok, cannot evade the bloc’s assault on digital giants, according to a European Union court decision issued Wednesday. The video sharing platform falls under new legislation that also applies to Apple, Google, and Microsoft.

The EU’s General Court rejected ByteDance’s legal challenge to being classified as an online “gatekeeper” subject to additional requirements under the Digital Markets Act of the 27-nation union.

tiktok

Tiktok | PixaBay Image

European Union Court Says TikTok Owner Can’t Avoid Bloc’s Law Cracking Down On Digital Giants

The guideline, also known as the DMA, went into effect this year to counter Big Tech corporations’ dominance and make online competition more equitable by providing consumers with more choices.

TikTok has contended that it was not a gatekeeper but a new social media contender, taking on established giants such as Facebook and Instagram owner Meta.

However, the judges found that since 2018, TikTok had “succeeded in increasing its number of users very rapidly and exponentially” and “rapidly consolidated its position, and even strengthened that position over the following years.”

“We are disappointed with this decision,” the business wrote in a prepared statement. “TikTok is a challenger platform that provides important competition to incumbent players.” TikTok stated that it will assess its future steps and has already implemented efforts to comply with the DMA.

tiktok

Tiktok | AP

European Union Court Says TikTok Owner Can’t Avoid Bloc’s Law Cracking Down On Digital Giants

The Digital Markets Act went into effect in March. It is a list of dos and don’ts for big tech “gatekeeper” businesses that aims to offer users more options but threatens significant penalties if they do not comply.

The verdict can be appealed to the EU Court of Justice, the bloc’s highest court, but only on legal grounds.

SOURCE | AP

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