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Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Kwon, a South Korean national, also faces charges at home. Before sentencing, Judge Engelmayer asked about likely outcomes there, including the likely sentence length if he is convicted and whether it would run concurrently with any US sentence. Prosecutors reported they had limited insight but noted that Korean sentencing could range from six years to indefinite; however, Korea has never imposed indefinite terms for fraud offenses, sentences of 30 or more years are rare, and courts frequently depart below prosecutorial recommendations. They also noted that any sentence imposed in Korea would be reduced by the amount of time he serves in the US.4 Engelmeyer ultimately included a requirement that Kwon serve at least half of his fifteen-year sentence in the US before he can apply for a transfer to South Korea.5
Kwon, a South Korean national, also faces charges at home. Before sentencing, Judge Engelmayer asked about likely outcomes there, including the likely sentence length if he is convicted and whether it would run concurrently with any US sentence. Prosecutors reported they had limited insight but noted that Korean sentencing could range from six years to indefinite; however, Korea has never imposed indefinite terms for fraud offenses, sentences of 30 or more years are rare, and courts frequently depart below prosecutorial recommendations. They also noted that any sentence imposed in Korea would be reduced by the amount of time he serves in the US.4 Engelmeyer ultimately included a requirement that Kwon serve at least half of his fifteen-year sentence in the US before he can apply for a transfer to South Korea.5
Kwon, a South Korean national, also faces charges at home. Before sentencing, Judge Engelmayer asked about likely outcomes there, including the likely sentence length if he is convicted and whether it would run concurrently with any US sentence. Prosecutors reported they had limited insight but noted that Korean sentencing could range from six years to indefinite; however, Korea has never imposed indefinite terms for fraud offenses, sentences of 30 or more years are rare, and courts frequently depart below prosecutorial recommendations. They also noted that any sentence imposed in Korea would be reduced by the amount of time he serves in the US.4 Engelmeyer ultimately included a requirement that Kwon serve at least half of his fifteen-year sentence in the US before he can apply for a transfer to South Korea.5
Kwon’s Terra project unraveled in May 2022 in a $40 billion crash after the algorithmic stablecoin lost its dollar peg and ultimately went to zero. Investors drawn by supposedly “risk‑free” yields for holding “dollars” learned that Terra (UST) was not a dollar, and that the yields were anything but risk‑free. One victim who spoke at Kwon’s sentencing, a Russian woman living in the country of Georgia, explained that she had been living on the streets after her “$81,000 turned into $13 that I could hold in the palm of my hand.” Other victims described suicides of friends who had invested in Terra, their own thoughts of ending their lives, families breaking up, postponed retirements and schooling, the inability to pay medical bills, and lives ruined.3 I purchased the PACER documents so that anyone can read the victim impact statements for themselves, and highlighted some of them.
Kwon’s Terra project unraveled in May 2022 in a $40 billion crash after the algorithmic stablecoin lost its dollar peg and ultimately went to zero. Investors drawn by supposedly “risk‑free” yields for holding “dollars” learned that Terra (UST) was not a dollar, and that the yields were anything but risk‑free. One victim who spoke at Kwon’s sentencing, a Russian woman living in the country of Georgia, explained that she had been living on the streets after her “$81,000 turned into $13 that I could hold in the palm of my hand.” Other victims described suicides of friends who had invested in Terra, their own thoughts of ending their lives, families breaking up, postponed retirements and schooling, the inability to pay medical bills, and lives ruined.3 I purchased the PACER documents so that anyone can read the victim impact statements for themselves, and highlighted some of them.
Kwon’s Terra project unraveled in May 2022 in a $40 billion crash after the algorithmic stablecoin lost its dollar peg and ultimately went to zero. Investors drawn by supposedly “risk‑free” yields for holding “dollars” learned that Terra (UST) was not a dollar, and that the yields were anything but risk‑free. One victim who spoke at Kwon’s sentencing, a Russian woman living in the country of Georgia, explained that she had been living on the streets after her “$81,000 turned into $13 that I could hold in the palm of my hand.” Other victims described suicides of friends who had invested in Terra, their own thoughts of ending their lives, families breaking up, postponed retirements and schooling, the inability to pay medical bills, and lives ruined.3 I purchased the PACER documents so that anyone can read the victim impact statements for themselves, and highlighted some of them.
In the courts Do Kwon Do Kwon, founder of the collapsed Terra/Luna project, has been sentenced to fifteen years in prison — three more than the twelve years sought by prosecutors1a and well above the five requested by his defense.2 Judge Paul Engelmayer said the upward variance reflected the scale of Kwon’s fraud — both monetarily and in its more than one million victims — and Kwon’s decision to flee [I4], remaining at large for months before he was caught in Montenegro attempting to travel to Dubai on a fake passport [I23]. The disparity from fellow crypto fraudster Sam Bankman‑Fried’s 25‑year term likely stems from Kwon’s decision to plead guilty to two wire‑fraud counts, securing a deal in which prosecutors dropped seven other charges, rather than take the case to trial.
In the courts Do Kwon Do Kwon, founder of the collapsed Terra/Luna project, has been sentenced to fifteen years in prison — three more than the twelve years sought by prosecutors1a and well above the five requested by his defense.2 Judge Paul Engelmayer said the upward variance reflected the scale of Kwon’s fraud — both monetarily and in its more than one million victims — and Kwon’s decision to flee [I4], remaining at large for months before he was caught in Montenegro attempting to travel to Dubai on a fake passport [I23]. The disparity from fellow crypto fraudster Sam Bankman‑Fried’s 25‑year term likely stems from Kwon’s decision to plead guilty to two wire‑fraud counts, securing a deal in which prosecutors dropped seven other charges, rather than take the case to trial.
In the courts Do Kwon Do Kwon, founder of the collapsed Terra/Luna project, has been sentenced to fifteen years in prison — three more than the twelve years sought by prosecutors1a and well above the five requested by his defense.2 Judge Paul Engelmayer said the upward variance reflected the scale of Kwon’s fraud — both monetarily and in its more than one million victims — and Kwon’s decision to flee [I4], remaining at large for months before he was caught in Montenegro attempting to travel to Dubai on a fake passport [I23]. The disparity from fellow crypto fraudster Sam Bankman‑Fried’s 25‑year term likely stems from Kwon’s decision to plead guilty to two wire‑fraud counts, securing a deal in which prosecutors dropped seven other charges, rather than take the case to trial.
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Office of the Comptroller of the Currency The Office of the Comptroller of the Currency has conditionally approved the first spate of national bank trust charter applications from five crypto companies: Circle (using an entity called First National Digital Currency Bank), Ripple, BitGo, Fidelity Digital Assets, and Paxos [I88, 95].11 These licenses don’t permit the firms to accept cash deposits or make loans, but they will allow them to hold customer assets. The approvals prompted objections from several banking groups, including the National Community Reinvestment Coalition, which wrote that “Today’s OCC announcement sends a dangerous message to the financial industry: break the law, harm consumers, and facilitate fraud—and you will be rewarded with a bank charter. ... Granting these cryptocurrency charters creates a new and frightful category of banks-in-name-only ... It will further enrich insiders in the crypto industry at the expense of the rest of us.”12
Molly White
Molly White
@molly0xfff@hachyderm.io  ·  activity timestamp 2 weeks ago
SEC The SEC has reportedly ended a two-year-long investigation into Ondo Finance and its tokenization of US Treasuries. In December 2024 and February 2025, the Trump family’s World Liberty Financial crypto business gave Ondo $720,000 to acquire almost 135,000 ONDO tokens for its treasury.1415 In January and February, Ondo Finance contributed $2.1 million to the pro-Trump super PAC MAGA Inc.16 In February, former House Financial Services chair Patrick McHenry joined Ondo as vice chairman of its advisory board [I78]. Also in February, Ondo announced a partnership with the Trump family’s World Liberty Financial crypto business, which was reportedly looking to incorporate into its crypto platform the same Ondo products that drew SEC scrutiny.17 According to Ondo, the SEC closed its investigation with no charges.18
SEC The SEC has reportedly ended a two-year-long investigation into Ondo Finance and its tokenization of US Treasuries. In December 2024 and February 2025, the Trump family’s World Liberty Financial crypto business gave Ondo $720,000 to acquire almost 135,000 ONDO tokens for its treasury.1415 In January and February, Ondo Finance contributed $2.1 million to the pro-Trump super PAC MAGA Inc.16 In February, former House Financial Services chair Patrick McHenry joined Ondo as vice chairman of its advisory board [I78]. Also in February, Ondo announced a partnership with the Trump family’s World Liberty Financial crypto business, which was reportedly looking to incorporate into its crypto platform the same Ondo products that drew SEC scrutiny.17 According to Ondo, the SEC closed its investigation with no charges.18
SEC The SEC has reportedly ended a two-year-long investigation into Ondo Finance and its tokenization of US Treasuries. In December 2024 and February 2025, the Trump family’s World Liberty Financial crypto business gave Ondo $720,000 to acquire almost 135,000 ONDO tokens for its treasury.1415 In January and February, Ondo Finance contributed $2.1 million to the pro-Trump super PAC MAGA Inc.16 In February, former House Financial Services chair Patrick McHenry joined Ondo as vice chairman of its advisory board [I78]. Also in February, Ondo announced a partnership with the Trump family’s World Liberty Financial crypto business, which was reportedly looking to incorporate into its crypto platform the same Ondo products that drew SEC scrutiny.17 According to Ondo, the SEC closed its investigation with no charges.18
Arena Cops 🇺🇦✌
Arena Cops 🇺🇦✌
@ArenaCops@infosec.exchange  ·  activity timestamp 2 weeks ago