Factbox: The prime crypto-related cases examined by the United States authorities

On December 14, the United States regulators and prosecutors brought several cases against the Sam Bankman-Fried; for these fraud charges, Sam Bankman-fried is in custody, and a Bahamian judge denied FTX founder Sam Bankman-Fried bail this Tuesday.

Sam Bankman-Fried’s involvement was found in the FTX fallout, and United States regulators and prosecutors are looking into other high-profile cases.

The following criminal & civil cases and their impact are summarized below: 

Bitfinex hacked

In February, a Husband and wife team was charged with 119,754 bitcoin laundering stolen after a hacker broke the digital currency exchange Bitfinex in 2016 by the United States Justice Department. This husband-wife team initiated more than 2,000 unauthorized transactions. The court record shows that the criminals are still talking with the prosecutor about a manageable plea.

BitMex employees alleged

Business Today reported in August 2022, “The first employee of BitMEX pleaded guilty on Monday to violating US bank secrecy laws by failing to establish an anti-money laundering program, following guilty pleas to the same charge by the cryptocurrency exchange’s three co-founders.”

Employees have paid a $150,000 fine against the charges. 

As well as Dwyer and BitMEX founders Benjamin Delo, Arthur Hayes and Samuel failed to establish an anti-money laundering program. The company co-founders agreed to pay $10 million, sentenced by the United States District court.  

Telegram’s Group case 

In October 2019, the United States Securities and Election Commission filed an emergency action against Telegram, the world’s leading messaging application and its owned subsidiary TON. The company has earned more than $1.7 million by offering its unregistered token in the U.S. and overseas. 

Telegram was sentenced to pay an $18.5 civil penalty and have to return $1.2 billion to investors. 

Former Coinbase manager fraud 

Prosecutors clarified that Ishan Wahi, the former Product Manager at Coinbase, has shared confidential information about new digital assets of Coinbase regarding trading allowance with his brother Nikhil Wahi and their friend Sameer Ramani. 

Nikhil Wahi has admitted in front of District Court Judge Loretta Preska in Manhattan; he mentioned that he had traded based on confidential information. 

Nikhil Wahi told the judge, “I knew that it was wrong to receive Coinbase’s confidential information and make trades based on that confidential information.” 

Former OpenSea employee fraud 

In June this year, a U.S. prosecutor in Manhattan charged the former product manager, Nathaniel Chastain, with insider trading. 

Nathaniel Chastain has bought 45 non-fungible tokens on 11 different occasions. He got the inside information about the NFTs which will be featured at OpenSea and bought and sold them after the NFT got featured on the platform.

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