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Cryptocurrency OneCoin Boss Pleads Guilty to Fraud, Money Laundering
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 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.
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.
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Katie Ledecky Hopes For Clean Races At Paris Olympics In The Aftermath Of The Chinese Doping Scandal
PARIS — Katie Ledecky is looking for clean Olympic races. On Wednesday, Hope had pretty much reached her limit.
The American swimmer hopes to add to her six gold medals as she competes in the 400, 800, and 1,500 meters at the Paris Games. Her program starts with the heavy 400 on Saturday, featuring Ariarne Titmus and Summer McIntosh.
Katie Ledecky | ESPN Image
Katie Ledecky Hopes For Clean Races At Paris Olympics In The Aftermath Of The Chinese Doping Scandal
The 27-year-old Katie is competing in her fourth Summer Olympics, but the first since a doping scandal involving almost two dozen Chinese swimmers who tested positive for a banned chemical before the Tokyo Games — yet were permitted to compete with no consequences. The controversy has raised serious worries regarding the effectiveness of anti-doping initiatives.
Katie Ledecky | Vogue Image
“I hope everyone here is going to be competing clean this week,” Ledecky claimed. “But what truly counts is, were they training cleanly? Hopefully this has been the case. Hopefully, there has been worldwide testing.”
The International Olympic Committee has expressed concern over the ongoing US investigation into possible doping by Chinese swimmers. While awarding the 2034 Winter Olympics to Salt Lake City on Wednesday, the IOC urged Utah officials to do whatever they could to stop the FBI investigation.
“I think everyone’s heard what the athletes think,” Katie added. “They seek transparency. They want more answers to the remaining questions. At this point, we are here to race. We are going to race whoever is in the lane next to us.
“We are not paid to conduct the tests, so we trust those who follow their regulations. That applies both today and in the future.
Katie Ledecky | ESPN Image
Katie Ledecky Hopes For Clean Races At Paris Olympics In The Aftermath Of The Chinese Doping Scandal
SOURCE | AP
As the summer holidays begin, London may experience an official heatwave with temperatures reaching up to 29 degrees Celsius.
The Met Office predicts a long period of sunny and dry weather for London after a soggy spring and summer.
After a cloudy day on Saturday, temperatures are expected to reach 27C on Sunday, with lots of sunlight.
On Monday and Tuesday, temperatures are forecast to peak at 29 degrees Celsius. Monday is forecast to offer more sunlight, while Tuesday may see some gloomy weather.
Temperatures are expected to remain in the high 20s next week, with lows of approximately 18C.
According to the Met Office, a heatwave is “an extended period of hot weather relative to the expected conditions of the area at that time of year, which may be accompanied by high humidity.”
In the United Kingdom, a heatwave is proclaimed when daily temperatures meet or surpass a certain level for at least three consecutive days.
In London, the heatwave threshold is 28 degrees Celsius.
The Met Office reported that the UK is experiencing hotter and wetter weather on average due to climate change.
The UK experienced its warmest May and April on record this year, despite damp and dismal conditions in many areas.
According to the Met Office’s State Of The UK Climate 2023 report published on Thursday, the UK experienced historic levels of extreme weather last year.
In the United Kingdom, 2023 was the second warmest year on record, bringing storms, flooding, strong heatwaves, and rising sea levels; only 2022 was warmer.
It was 0.8°C higher than the average from 1991 to 2020, and 1.66°C higher than the 1961 to 1990 average.
However, 2023 will be a “cool year” in comparison to 2100, based on the planet’s warming trajectory.
The government’s plan to adapt to the hazards presented by climate change is currently being challenged in the High Court by campaigners who allege the Tory administration’s July 2023 National Adaptation Programme (NAP) fails to adequately address 61 concerns.
Source: The Standard
(VOR News) – The European Union’s medical regulator has granted approval to Wegovy, a blockbuster weight loss treatment manufactured by Novo Nordisk, in order to expand its application to include the reduction of major heart events in overweight or obese adults.
In order to expand the scope of the medication’s applicability, this authorisation was granted. The purpose of obtaining this approval was to broaden the medicine’s application.
The Danish pharmaceutical company announced on Thursday that the European Medical Agency has formulated a “positive opinion” regarding the label’s expansion.
The agency made this determination after conducting a comprehensive examination of the results of a SELECT study that was subjected to rigorous monitoring. Other applications of the substance are facilitated by this conclusion.
The SELECT experiment, which was financed by Novo Nordisk and published in August 2023.
Wegovy and Ozempic contain semaglutide as the active ingredient.
Reduced the risk of major cardiovascular events by twenty percent when compared to a placebo. The researchers arrived at this conclusion. This realisation was the outcome of the researchers’ investigation.
The notion that the European Medicines Agency label for Wegovy should be amended is a significant step forward for patients who are coping with cardiovascular disease and obesity, according to Martin Holst Lange, executive vice president and director of development at Novo Nordisk.
The company’s statement, which was disclosed, indicated that the recommendation to update the label is a substantial advancement.
It is evident that Wegovy has the potential to save lives by reducing the likelihood of significant adverse cardiovascular events, as evidenced by the findings of the SELECT research. An additional benefit of participating in this exercise is that it helps individuals effectively manage their weight, which is a benefit in and of itself.
The company also stated that the label update incorporates data from the SELECT trial, which showed a 15% reduction in the risk of death from cardiovascular causes and a 19% reduction in the risk of death from any cause when compared to situations in which a placebo was used in conjunction with the product.
The SELECT trial was conducted in the United States, according to the company. Furthermore, the organisation disclosed that the SELECT investigation was conducted in the United States of America.
It is anticipated that the label amendment will be implemented within the next month, as per the statement issued by Novo Nordisk.
Wegovy has also been approved for use in the United States.
Similarly, the UK medical regulator has taken similar actions. The United Kingdom on Tuesday granted its clearance for the use of Wegovy to reduce the risk of significant cardiac difficulties or strokes in adults who are overweight or obese, such as heart attacks or strokes.
The Food and Drug Administration of the United States of America granted sanction for the medicine to be used in specific applications during the month of March.
This resulted in a rise in the number of distinct applications for the highly popular treatment, which coincides with the sector’s increasing level of competition.
On Thursday, Roche, a global pharmaceutical company with its headquarters in Switzerland, announced that its Wegovy competitor weight reduction tablets will be incorporated into a collection of pharmaceuticals designed to mitigate the adverse effects of obesity.
The pharmaceutical collection will encompass a diverse selection of weight loss medications.
The company’s Chief Executive Officer, Thomas Schinecker, conveyed his satisfaction with the exceptional early-stage trial results of the two potential weight-reduction pharmaceuticals that the company is currently developing. In addition, he asserted that these medications demonstrated the “best in disease potential.”
In making this assertion, Schinecker was alluding to the fact that the medications exhibited the “best in disease potential.” He also stated that they will be a part of a more comprehensive portfolio that is intended to set the Swiss company apart from its competitors in the growing obesity therapy market.
This adds insult to injury. This strategy will be implemented in order to distinguish the Swiss company from other businesses in the market.
SOURCE: CNBC
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