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arusso • Jul 19, 2024, 10:38 am EDT

Microsoft’s Blue Screen of Death Disrupts Global IT Systems

A recent software update from cybersecurity company CrowdStrike has caused widespread IT system disruptions across numerous critical sectors worldwide. Banks, airports, TV stations, healthcare organizations, hotels, and various other businesses are grappling with significant outages, resulting in grounded flights and considerable operational chaos. In the early hours of Friday, companies in Australia running Microsoft’s Windows operating system began reporting Blue Screen of Death (BSOD) errors on their devices. Shortly after, similar reports started pouring in from around the world, including the UK, India, Germany, the Netherlands, and the US. Notably, TV station Sky News went offline, and US airlines United,

3 minutes

johnd • May 10, 2024, 12:18 pm EDT

Taiwan Proposes Stricter AML Laws for Crypto Service Providers Amidst Regulatory Overreach Concerns

Taiwan’s Ministry of Justice has put forward a proposal to amend its Anti-Money Laundering (AML) regulations, specifically targeting virtual asset service providers (VASPs). The proposed amendments suggest imposing jail terms of up to two years and fines up to $1.5 million for firms that fail to comply with the new regulations. These amendments are part of the “New Four Laws to Combat Fraud” initiative by Taiwan’s Executive Yuan and are set to be reviewed by the national parliament. Increased Penalties and Registration Requirements Under the proposed amendments, VASPs face significantly stricter penalties for non-compliance, including potential prison sentences for operating

2 minutes

johnd • May 7, 2024, 1:16 pm EDT

SEC Issues Wells Notice to Robinhood Crypto, Signaling Potential Enforcement Action

Robinhood Crypto, a subsidiary of the popular trading platform Robinhood, received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on May 4, according to a recent SEC filing. This notice indicates a preliminary decision by the SEC to pursue an enforcement action for alleged violations of federal securities laws. Robinhood Crypto now has an opportunity to respond to the allegations and possibly refute them before any formal action is taken. Nature of the Alleged Violations The SEC’s concerns stem from the assertion that certain digital currencies traded on the Robinhood platform may be classified as securities. This

2 minutes

arusso • Apr 24, 2024, 10:43 am EDT

SEC Lawyers Resign After Federal Judge Criticizes Agency in Crypto Case

Two lawyers from the Securities and Exchange Commission (SEC), Michael Welsh and Joseph Watkins, have resigned following a significant reprimand from a federal judge. The judge criticized the Wall Street regulator for abuse of power concerning legal action against a cryptocurrency platform, Digital Licensing Inc. Details of the Alleged Misconduct In July, the SEC filed charges against DEBT Box and its executives, accusing them of defrauding investors out of at least $49 million. Following these charges, the court, led by Judge Shelby, agreed to the SEC’s request to freeze the company’s assets and place the firm into receivership. However, the

2 minutes

johnd • Apr 18, 2024, 12:24 pm EDT

House Passes FISA 702 Renewal & Looks to Expand Surveillance Powers

Instead of letting the Patriot Act expire, the way it was always intended to, it’s being expanded. The US House of Representatives has passed the renewal of Section 702 of the Foreign Intelligence Surveillance Act (FISA), embedded within the Reauthorization of the Intelligence Surveillance Act (RISAA). The bill, passed last Friday, contains what could be the most substantial expansion of domestic surveillance since the Patriot Act, according to critics like Senator Ron Wyden, who described the expanded powers as “terrifying.” Under the existing framework, electronic communications service providers such as Verizon and Google are compelled to assist the NSA in

2 minutes

arusso • Apr 2, 2024, 1:24 pm EDT

KuCoin Faces Legal Challenges Over Anti-Money Laundering Violations

Federal prosecutors in Manhattan have brought charges against KuCoin. The exchange, one of the largest in the global cryptocurrency market, is accused of contravening U.S. anti-money laundering regulations. Charges by Federal Prosecutors On Tuesday, authorities charged KuCoin for its alleged failure to adhere to U.S. anti-money laundering laws. Since its establishment in 2017, the exchange is accused of enabling the transfer of billions of dollars in illicit funds without conducting necessary customer background checks. This lapse has led to significant legal repercussions for the company and its founders. Chun Gan and Ke Tang the Chinese nationals who co-founded KuCoin, have

2 minutes

johnd • Mar 28, 2024, 12:48 pm EDT

Sam Bankman-Fried Sentenced to 25 Years in FTX Fraud Case

Sam Bankman-Fried, founder of the now-bankrupt FTX cryptocurrency exchange, was sentenced to 25 years in prison by U.S. District Judge Lewis Kaplan on Thursday. This sentence follows his conviction for stealing $8 billion from FTX customers, marking the end of a dramatic fall from grace for the former billionaire. In a Manhattan court hearing, Judge Kaplan dismissed Bankman-Fried’s claim that FTX customers did not lose money and accused him of lying during his trial testimony. On November 2, Bankman-Fried, aged 32, was found guilty of seven counts of fraud and conspiracy related to FTX’s collapse in 2022, described by prosecutors

2 minutes

satoshin • Mar 26, 2024, 1:36 pm EDT

Assange is Given Permission to Ask for Permission to Request Permission

If it sounds absurd, it’s because it is. “How can you even entertain this hearing knowing what we know? It’s all on the public record. And yet it continues,” states Stella Assange outside London’s High Court where Julian Assange’s long-standing legal battle took a new turn as the British court ruled against his extradition to the United States, unless the U.S. government can guarantee he won’t face the death penalty. The latest development grants the WikiLeaks founder a reprieve, albeit temporary, in a saga that has captured global attention for over a decade. But what is really on trial when

3 minutes

johnd • Dec 2, 2023, 11:43 am EST

SoFi Exits Crypto

SoFi’s exit from the cryptocurrency sector, impacting almost 7 million customers, underscores the impact of regulatory scrutiny on financial institutions involved in crypto. The company’s move to wind down its crypto operations is a significant development in the U.S. regulatory landscape. It reflects the need for clear guidelines to foster growth and innovation in the crypto space.

3 minutes

johnd • Nov 22, 2023, 3:17 pm EST

X Corp. Files Defamation Suit Against Media Matters, Alleging Revenue Damage

In a legal battle that spotlights the intricate dynamics of social media, free speech, and advertising, X Corp., the company behind the social media platform X, has filed a lawsuit against the liberal media watchdog group Media Matters. The suit, lodged in the Northern District of Texas Fort Worth Division, accuses Media Matters of defamation and alleges that it manipulated the platform’s algorithm to harm X’s revenue stream.

3 minutes