Connect with us

News

Cryptocurrency OneCoin Boss Pleads Guilty to Fraud, Money Laundering

Published

on

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.

News

THAILAND: Rescue Dig Saves Toddler Trapped In Well For One Night

Published

on

thailand

BANGKOK, Thailand — A 19-month-old girl fell into a dry artesian well shaft at a cassava farm in northern Thailand 18 hours before she was saved. It took rescuers all night to get her out.

Rescuers clapped and cheered as the toddler, the daughter of Myanmar migrant workers, was pulled from the 15-meter (49-foot)-deep well shaft and placed on a stretcher that carried her to an ambulance waiting nearby.

“You guys did an excellent job. “We did it!” exclaimed one rescuer as his colleagues wept and hugged each other in Tak province’s Phop Phra district.

While her parents were working at the plantation, the child fell into the hole late Monday afternoon.

thailand rescue

Rescuers In Thailand Were On The Scene Quickly

The deep pit, dug by the landowner to be an artesian well, was left uncovered after it failed to reach groundwater, according to Phop Phra district chief Sanya Phetset on Tuesday.

According to local media, the first rescuers on the scene shouted down the hole and heard the child cry back. After lowering a camera into the hole to assess the situation, a tube was snaked to provide oxygen.

Using backhoes and other excavation tools, rescuers dug a 30-centimeter-wide trench alongside the pit overnight.

thailand rescue

The Child Is Now Safe And Sound

“At first, it appeared to be a simple operation because it appeared to be loose dirt, but once we started digging, we discovered rock, which made it difficult because excavators cannot dig through it,” Sanya explained.

He explained that the operation was risky because the digging could collapse the well’s sides onto the child.

After being carried to safety, the toddler was immediately taken to Phop Phra Hospital in Thailand.

“She is now safe. “She’s a little tired, but nothing serious,” Sanya explained.

SOURCE – (AP)

 

Continue Reading

News

Pope Francis Clarifies his Remarks on Homosexuality and Sin

Published

on

By

Pope Francis Clarifies his Remarks on Homosexuality and Sin

Pope Francis has clarified his recent remarks about homosexuality and sin, stating that he was referring to official Catholic moral teaching, which states that any sexual act other than marriage is a sin.

In a Friday note, Francis emphasized that even black-and-white teaching is subject to circumstances that may eliminate the sin.

Francis made the remarks in an interview with The Associated Press on January 24, stating that laws criminalizing homosexuality are “unjust” and that “being homosexual is not a crime.”

As he often does, Francis then imagined a conversation with someone who brought up the issue of the church’s official teaching, which states that homosexual acts are sinful or “intrinsically disordered.”

“All right, but first, let’s distinguish between a sin and a crime,” Francis said in the fictitious conversation. “It is also a sin not to be charitable to one another.”

pope

Pope asked for Clarification.

LGBTQ advocates hailed his comments calling for decriminalizing homosexuality as a watershed moment that would help end harassment and violence against LGBTQ people. However, his use of the word “sin” raised questions about whether he believed that simply being gay was a sin in and of itself.

The Reverand James Martin, an American priest who runs the Outreach ministry for LGBTQ Catholics in the United States, asked Francis for clarification and published the pope’s handwritten response late Friday on the Outreach website.

In his note, Francis reiterated that homosexuality “is not a crime” and that he was trying “to emphasize that criminalization is neither good nor just.”

“When I said it is a sin, I was simply referring to Catholic moral teaching, which states that every sexual act other than marriage is a sin,” Francis wrote in Spanish, emphasizing the final phrase.

However, in a nod to his case-by-case approach to pastoral ministry, Francis noted that even teaching is subject to the circumstances, “which may decrease or eliminate the fault.”

pope

Sex is a Sin, as is Any Sexual Act

He admitted he could have been more specific in his comments to the AP. However, he stated that he was using “natural and conversational language” in the interview, which did not necessitate precise definitions.

“As you can see, I was generally repeating something. ‘Sex is a sin, as is any sexual act outside of the bonds of holy marriage,’ I should have said. This is to speak of ‘the matter’ of sexual sin, but we all know that Catholic morality considers not only the matter but also freedom and intention, and this for all types of sin,” he said.

According to Human Dignity Trust, which works to end such laws, 67 countries or jurisdictions worldwide criminalize same-sex sexual activity, 11 of which can or do impose the death penalty. According to experts, even when laws are not enforced, they contribute to harassment, stigma, and violence against LGBTQ people.

According to Catholic teaching, marriage is a lifelong bond between a man and a woman. It restricts intercourse with married couples and prohibits artificial contraception.

During his decade-long pontificate, Francis has upheld that teaching while prioritizing outreach to LGBTQ people.

Pope Francis has emphasized a more merciful approach to applying church doctrine, preferring to accompany rather than judge people.

Continue Reading

News

US General Tells His Officers to Prepare for War with China in 2025

Published

on

By

US General Tells His Officers to Prepare for War with China in 2025

In an internal memo, a four-star general in the United States Air Force stated that the US and China risk going to war in two years and advised officers under his command to prepare, including with target practice.

According to NBC, General Mike Minihan, head of the Air Force’s Air Mobility Command, believes the fight will take place in 2025 but hopes he is wrong. He claimed that presidential elections in the United States and Taiwan in 2024 would allow China to take action against Taiwan.

According to NBC, a Defense Department official stated that the remarks do not represent the Pentagon’s position on China. According to an Air Mobility Command spokesperson, the memo is part of the command’s effort to prepare for conflict if deterrence fails.

The administration of President Joe Biden has repeatedly expressed concern about China’s military buildup and what the US perceives to be a more aggressive Chinese stance toward Taiwan.

According to the administration’s national security strategy, China is the only US competitor “with the intent to reshape the international order and, increasingly, the economic, diplomatic, military, and technological power to do so.”

China has slammed the latest US defense spending bill, which allows up to $10 billion in weapons sales to Taiwan, for exaggerating the China threat and meddling in its internal affairs.

china

Blinken Conerned Over Taiwan and China

Meanwhile, US Secretary of State Antony Blinken expressed concern about Beijing’s intentions regarding Taiwan as he prepares for a rare visit to Beijing, China.

When asked if the temperature had cooled with China during a visit to the University of Chicago, Blinken replied, “I think so because when you’re talking and engaging, it tends to have that effect.”

“The rest of the world anticipates that we will manage this relationship responsibly. “They understand that how we manage it will also impact them,” he said.

According to Taipei Times, Blinken will visit Beijing from February 5 to 6, marking the first US secretary of state visit to the rising Asian power since October 2018.

The trip was decided after US President Joe Biden and Chinese President Xi Jinping () met in November in Bali, Indonesia, to discuss wide-ranging disagreements between the world’s two largest economies.

Blinken, on the other hand, expressed concern about Taiwan, citing Beijing’s growing efforts to isolate the country and major military exercises conducted near it in August.

“What we’ve seen over the last few years is, I believe, China deciding that it was no longer comfortable with the status quo, a status quo that had prevailed for decades and had been successful in terms of our countries’ relationship and managing what a difficult situation is,” he said.

“What we say to China is that — they say this is a sovereign issue for us; we respond that this is an interest to the United States and countries all over the world,” Blinken said, referring to Taiwan’s dominance in semiconductors, which is critical to the global economy.

Any disruption of peace and stability across the Taiwan Strait would be disastrous for the global economy, he said, adding that 50 percent of container ships operating around the world pass through the Taiwan Strait and that Taiwan manufactures 70 percent of higher-end computer chips.

Blinken was in Chicago for a trip that included a stop at the city’s historic Ukrainian community to discuss the response to Russia’s invasion.

By: Geoff Thomas

China Records 1st Population Drop In Decades As Births Fall

China Records 1st Population Drop In Decades As Births Fall

Continue Reading

Trending