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Tornado Cash founder Roman Storm is making desperate pleas for donations to fund his legal defense, as he faces the imminent possibility of years in prison. The founder of the crypto coin-mixing service for anonymous payments is asking for another $2 million after already seemingly expending millions over the past two years. In August 2023, the US government alleged that Storm and his co-founder made millions of dollars through Tornado Cash. According to Storm, seizures and subsequent legal expenses have depleted those resources. In August 2022, the US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Tornado Cash over its assistance with North Korean payments with suspected links to money laundering. However, as of November 2024, the powerful US Fifth Circuit Court of Appeals ruled that OFAC exceeded its authority and removed Tornado Cash and over 100 of its crypto wallets from US sanctions. Nevertheless, the criminal trial against Storm continues. S...

President-elect Donald Trump threatened BRICS countries of imposing 100% tariffs on goods entering the US if they pursue the de-dollarization agenda. The rhetoric came even before he officially took office indicating that a trade war would commence during his four-year tenure. Developing countries are guarding their economies against sanctions, as the White House has been imposing them for more than a decade. Also Read: BRICS: India Makes Huge Announcement on New Currency The Director of the Institute of Social Sciences, Ash Narain Roy, said that Trump’s threats to BRICS will not work. Roy explained that Trump is carried away by his victory and is unable to see the ground below his feet. Emerging economies have progressed even after ending dependency on the US dollar as their local currency is gaining prominence. The de-dollarization initiative started by BRICS will continue even in the Trump era, he said. Also Read: The US Dollar’s Clout Is Decreasing Globally, Says BRICS BRICS: ...

The US Department of Justice has launched an investigation into the stablecoin company Tether, according to a new report. A criminal investigation into the company and its dollar-pegged stablecoin USDT is underway, spearheaded by the U.S. attorney’s office in Manhattan, reports the Wall Street Journal. The DOJ is investigating “possible” violations of sanctions and anti-money-laundering rules, according to people familiar with the matter. The news has triggered a small de-peg for USDT, with the coin that’s designed to remain at $1 now trading at $0.9925 at time of publishing. USDT is the largest stablecoin on the market, with a $119 billion market cap. Source: https://thebittimes.com/us-department-of-justice-investigating-tether-usdt-over-possible-violations-of-sanctions-anti-money-laundering-rules-report-tbt103866.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam Category: Altcoin News Post by: Th...

Coinbase CLO Paul Grewal slammed the U.S. GAO’s crypto report as ‘shoddy work,’ accusing it of sensationalizing crypto’s role in sanctions evasion. Coinbase‘s Chief Legal Officer Paul Grewal has publicly criticized the U.S. Government Accountability Office’s (GAO) recent crypto report, accusing it of clickbaiting the topic of crypto usage in sanctions evasion. Grewal, who joined Coinbase in 2020, highlighted in an X thread several shortcomings in the GAO’s analysis and questioned the taxpayer funds allocated to what he called “shoddy work.” Zero comparative analysis performed. Heck, zero analysis whatsoever performed. Instead they harangue an industry that spends millions and millions to follow the law. Ask yourself— why? https://t.co/a7VKV0vKR4 — paulgrewal.eth (@iampaulgrewal) January 22, 2024 The Coinbase CLO particularly expressed dissatisfaction with the GAO’s approach, stating, “zero comparative Analysis...