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In Russia, the maximum sentence for such fraud is 10 years, but you can be released on parole for good behavior and serve more than 2/3 of the prison term.This is a case study about the Finiko financial pyramid.
In the USA, 20 years in prison are given for such crimes.
After this practice, scammers will probably be afraid to organize financial pyramids in Turkey.
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https://markets.businessinsider.com/news/currencies/defi-crypto-exchange-token-wash-trading-fraud-price-manipulation-2023-9"At least $2 billion on decentralized crypto exchanges has been wash traded since 2020, according to a new report. Wash trading is a form of market manipulation where a fraudster is trading with themselves. The trend runs contrary to the general view of DeFi exchanges, which are regarded as safer than centralized exchanges. Decentralized crypto exchanges are a hotbed for a certain type of fraud known as wash trading, according to a new report from Solidus Labs." ____ DeFi Ecosystems are also changing and there is a lot of fraud there. On the one hand, I agree that if these eco-systems are not regulated, then there will be a lot of fraud.
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According to local reports in New Delhi — where the group members are attending a two-day summit — the framework will facilitate information exchange between countries beginning in 2027."
just what everyone needs. their home country or any country snitching on them to other countries about their crypto activity...before long they'll be asking if you have a bitcoin wallet on your phone or anywhere. and you need to declare it if you're travelling. so they can see how much money you have. then you become a criminal if you lie. a bitcoin fugitive! By then it will probably be very difficult or expensive to travel  What I'm saying is that it's all about interaction procedures, which may not be as effective as it seems at first glance. But all the bans only make crypto users smarter, and governments will have to spend a lot of money on control. |
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https://www.theregister.com/2022/12/20/crypto_ponzi_scheme_cofounder_pleads/OneCoin co-founder pleads guilty to $4 billion fraudhttps://www.theblock.co/post/250564/one-coin-co-founder-sentenced-to-20-years-and-fined-300-million"Karl Sebastian Greenwood, who co-founded OneCoin in 2014 with the so-called “Crypto Queen” Ruja Ignatova, was sentenced to 20 years on Tuesday. OneCoin founder Karl Sebastian Greenwood was sentenced to 20 years in prison after prosecutors accused him of cheating 3.5 million people who invested in OneCoin and using the money for five-star resorts, a private plane and a yacht. Greenwood, 46, was sentenced on Tuesday and was ordered to pay $300 million, the U.S. Attorney’s Office for the Southern District of New York said in a statement. Greenwood had previously pleaded guilty to wire fraud and money laundering." __ Everywhere the legislation is different..
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https://news.bitcoin.com/man-plans-to-sue-city-over-refusal-to-dig-for-7500-lost-bitcoin-in-landfill/"James Howells, a bitcoin enthusiast who misplaced 7,500 bitcoin (BTC) in a South Wales landfill, is gearing up to take legal action against the local city council for barring his efforts to unearth the missing hard drive from 2013. This former IT professional, now 38, has been at odds with Newport City Council for ten long years, rallying a 16-person crew to help retrieve the drive, now valued at $194 million. Howells’ Legal Team Gives Newport City Council New Demands A Telegraph report reveals that James Howells is gearing up to legally challenge the local city council in South Wales, which has denied his team permission to unearth a hard drive he suspects is buried beneath the landfill. Several years back, a hard drive laden with 7,500 of Howells’ bitcoin — now valued at $194 million based on today’s BTC exchange rates — inadvertently found its way into a landfill." What prospects does he have in court if he himself threw his laptop in the trash?
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Yeah sure, We can't blame to the technology, but we have to strict and alert from the scammers. Because scammers are everywhere in the word. P2P is the most powerful things where we can use the money to deposit are withdrawn. But there is also some technical things to understand that how we can alert from scammers. Please choose the best person with many rating and positive reviews, so you can be safe in this process too.
You will understand how P2P exchanges work. The exchange only blocks cryptocurrencies, but it does not control money transfers. Even people on P2P sites with a lot of reviews use other people's bank accounts for payments. And as soon as fraud occurs in this payment chain, many bank accounts that were linked by transfers may be blocked. And then the bank or police officers will find out the reasons for such payments. |
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I always find it weird that these companies register themselves and then launch a so-called defi platform and assume they can be free from government scrutiny. Most of the time they just launch a smart contract and then mint their own tokens while blocking people here and there. I guess the profit outweighs the cons since they just get fined for less than $1 million for now.
Not all DeFi is Decentralized. projects that want to attract investment have many levers for managing projects, even to the point of stopping ecosystems. And you are right that the fine is very small even for a small project, but the Commodity Futures Trading Commission does not kill projects, as the SEC does. But even non-decentralized DeFi projects for the crypto industry are better than their absence. |
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The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars? If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman. I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections. I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam. I understand your point mate, even here in our country wherein there are corrupt politicians, who just got a lighter sentence and then steal billions of dollars. But for me you can't compare the two. I mean in this case maybe Faruk really took all the money and leave the country and thinks that he is scoot free and live a lavish lifestyle outside of Turkey with the money of his customers. But we will see if there is reduce sentence here, it's too early to call and who knows that the next move of Faruk. What do you expect to be the next move? Some assets were frozen in banks when the exchange stopped making withdrawals of user funds. The fraudster had to spend some of the stolen money on bribes in other countries to ensure security. The remaining cryptocurrencies should be confiscated by the Turkish government. |
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What is Bitcoin according to US law?
The SEC did not call Bitcoin a security and, according to recent court decisions, Bitcoin is recognized as a commodity.
But it seems to me that I am being deceived. Bitcoin is not money, but why are FATF regulations the same as for money transfers applied to all cryptocurrency transactions over $1,000?
i think you may be confused. they don't want bitcoin to be treated as just one thing they want it to be treated as different things in different situations so they can control people in lots of different ways. still i don't think it's against the law to fly into an airport in the usa with more than $10,000 worth of bitcoin in your little android bitcoin app. but i could be wrong. you might need to declare it to customs or get locked up. I think that it is difficult to confuse any person with good knowledge, because he will not obey stupid laws and follow idiotic instructions. One more important moment at the g20 meeting https://cointelegraph.com/news/g20-moves-forward-international-crypto-framework"Leaders of the 20 biggest economies in the world — collectively known as G20 — are pushing for a speedy implementation of a cross-border framework for crypto assets. According to local reports in New Delhi — where the group members are attending a two-day summit — the framework will facilitate information exchange between countries beginning in 2027." |
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Поздравляю Cryptmuster с легендой и поздравляю witcher_sense с отметкой в 4000 меритов!
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how long until they get the idea to force usa based bitcoin miners to start paying royalties on the bitcoin they "extract"? i'd say not too long.  I don't see it happening ever! Mining gold and mining bitcoin are two different things. Government can impose taxes on Bitcoin mining but can't impose royalty on it. Also I believe Bitcoin is considered as a digital security in US. Have you ever seen royalty is imposed on security? But a government can do whatever they want. However, imposing royalty on Bitcoin mining doesn't make sense! What is Bitcoin according to US law? The SEC did not call Bitcoin a security and, according to recent court decisions, Bitcoin is recognized as a commodity. But it seems to me that I am being deceived. Bitcoin is not money, but why are FATF regulations the same as for money transfers applied to all cryptocurrency transactions over $1,000? Such standards are not yet everywhere, but this is only for now. If the government wants to evict miners from the country, it will find a way to raise taxes and come up with other problems. |
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Because unlike pure USD that trading pairs are based on at some exchanges, USDT can be withdrawn to a cryptocurrency wallet for safe-keeping, moved around to other exchanges, used in something like Uniswap or whatever.
if you like burning money you can move it around and pay $10 everytime you withdraw from an exchange average fee is about $11 usd right now it looks like https://withdrawalfees.com/coins/tetherThis gives it a distinct advantage over USD.
well uniswap and things have even more fees. the only people making money is the exchanges. most people probably losing money. not a zero sum game unfortunately... but we all understand that i guess. To be fair I've never tried to move USD from one exchange to another, or even withdraw it to a bank account (not since 2016 or so anyway), but USDT comes with the distinct advantages of being a cryptocurrency.
i don't even think its possible to move USD around from one crypto exchange to another they don't want to deal with fiat at all so yea, i understand usdt and things like it get around that issue. I don't think you can freely move your stablecoins between exchanges. If you transfer more than $10,000 to an exchange, then the exchange employees will most likely ask you for confirmation of the KYC procedure and many other documents about where you got these stablecoins. And then you won’t even be able to sue the exchange. After such blocking, you will understand that it is better to pay more commission and not use centralized exchanges. |
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Read this topic https://bitcointalk.org/index.php?topic=5465881.0If this is a custodial wallet, then the company will comply with all FATF regulations, so there will be no control over your funds. It is better to use any decentralized cryptocurrency wallet because it is safer. |
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I think that an additional tax of 4-8% will not kill the economy, as they write in the articles, and will not force people to buy resources in other countries, although if the United States buys more resources on foreign markets, then prices for Europe will be more expensive. In Russia, the mineral extraction tax has been in force since 2001 and this tax is much higher.
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The fraudster received a long prison sentence, but why does no one ask the question where is the 2 billion dollars? If the fraudster voluntarily returns the stolen money, then the period can be reduced to 100 years. In fact, there is no difference between 11,000 years and 100 years, if the fraudster did not spend a billion on the elixir of life. But most likely he was also deceived My heart goes out to the parents of these siblings. It is assumed that they have lost three children because they will die in jail. I see this sentence as harsh and inhuman. I am not supporting criminal activities or defending them because what they did is inhuman and lives were impacted negatively due to this fraud. But how many politicians have been sentenced to this long jail term? Politicians who steal massively from the people receive lighter punishments. In my country, they are even given more appointments because they have the right political connections. I suspect that the main reason for this long jail term was because he fled to Albanian after the collapse of Thodex. If he had handed himself the police after the fall of his crypto form, he would have had a locus standing to make his claim that Thodex was not a scam. From public information, this looks like an exit scam. There is no information about the cyber attack at all about who did it and how much money was stolen. Faruk Fatih Ozer also had connections with many famous politicians in Turkey and was able to hire lawyers and sue. https://databankfiles.worldbank.org/public/ddpext_download/GDP.pdfTurkey's GDP is $905 billion in 2022, but if you do not take into account the financial sector, in which nothing is produced, but only redistributed, then at least 35% of this value can be deducted from any country. And some fraudster stole several billion dollars. For this, one should be tried on charges of treason. |
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Hello all,
What is your opinion about the Telegram coin (Toncoin)? Does it have a bright future?
Any idea welcome.
Thank you.
To evaluate a coin and its future, you need to study tokenomics and understand where the majority of tokens are located and how they were distributed. There were a lot of scandals and frauds in the distribution process, and in this regard the project is difficult to evaluate. There are many similar projects in the Ethereum ecosystem. It remains to answer the question: who has 3.4 billion coins? |
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Apple secures rights to book on Sam Bankman-Fried for $5M: Report “Big Short” author Michael Lewis’ book on the former FTX CEO is scheduled to be released on Oct. 3, the day SBF’s criminal trial in New York begins. https://cointelegraph.com/news/apple-secures-rights-book-sam-bankman-fried"Multinational technology company Apple has reportedly paid $5 million for the rights to author Michael Lewis’ upcoming book on former FTX CEO Sam “SBF” Bankman-Fried following a bidding war. According to a Sept. 7 report from The Ankler, Apple secured the rights to the book Going Infinite: The Rise and Fall of a New Tycoon, which is set to be released on Oct. 3 — the start of SBF’s trial in New York. Lewis suggested an October publication date at the Bitcoin 2023 conference in Miami, aiming for the beginning of the former FTX CEO’s criminal trial" |
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https://www.cftc.gov/PressRoom/PressReleases/8774-23"Washington, D.C. — The Commodity Futures Trading Commission today continued its enforcement focus in the digital asset decentralized finance (DeFi) space, by issuing orders simultaneously filing and settling charges against Opyn, Inc., a Delaware-registered company based in California; ZeroEx, Inc., a Delaware company based in California; and Deridex, Inc., a Delaware company based in North Carolina." "Opyn, ZeroEx and Deridex were ordered to pay fines of $250,000, $200,000 and $100,000." https://www.reuters.com/technology/global-regulators-seek-crack-down-decentralised-finance-2023-09-07/Global regulators seek to crack down on decentralised finance
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FASB - Financial Accounting Standards Board of the United States. https://news.bloomberglaw.com/business-and-practice/long-awaited-bitcoin-accounting-rules-to-capture-rises-dips"Fair value accounting rules kick in starting 2025 Wrapped tokens excluded from final rules Crypto companies and other businesses with significant holdings of digital currencies will get long-awaited accounting rules to measure the value of the Bitcoin, Ethereum, and other crypto in their coffers, US accounting standard-setters unanimously voted Wednesday. Under new rules expected to be published by year end, companies that hold or invest in cryptocurrency will be required to report their holdings at fair value, a measurement that aims to capture the most up-to-date value of an asset—including rebounds in value after prices dip. While the new standard will inject volatility into the earnings of companies that are heavily invested in crypto, the ability to record recoveries will be an improvement over the current practice, companies and accountants have told the Financial Accounting Standards Board for months." |
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In Russia, when a policeman wants to see what is in your pockets or see what you are carrying in the trunk of your car, he must draw up a report and call witnesses, but instead he will tell you: “Why do you need these extra procedures, you are not a criminal?”
just tell them you are exercising your rights. But if we talk about taxes, then in Russia there is the concept of “withdrawal of money from a bank account without acceptance.” If the tax office believes that this money in a citizen’s account is a tax, then why send a letter? They can take the money from the bank account themselves.
yeah the IRS can freeze your bank account and take money out of it too. but they give people a chance to fix the matter first. And if you have been sent a letter with any demand, then you have the legal right to use legal assistance and write your objections to the tax authorities in another letter.
make sure you do it by their deadline they give you. Tax authorities make a lot of mistakes, but you don't have to condone their mistakes.
most of the mistakes are probably not in the taxpayers favor. when the irs makes a mistake, it's harder to get money back from them.... In Russia there is a different philosophy: only the guilty person pays.
An innocent person defends his rights, writes letters and complaints to supervisory authorities.
Do they get to bill the Russian tax authority for all the time they wasted to prove they were innocent? If you ever visit Russia, know that not everywhere you should talk about your rights. There are a lot of cameras in Moscow and St. Petersburg, so you can talk about your rights there, but I would not advise doing this in other places if you do not know the situation. I agree that the tax office can freeze a bank account, but it is impossible to take money without a court decision. In Russia, tax inspectors take advantage of the illiteracy of the population and convince them what is the best way to pay, but this is not always better. What is your deadline for responding to tax letters? In Russia, 10 days from the date of receipt, but if there are valid reasons (illness,..) then the deadlines are extended. But if you expect such letters, then you should be prepared for retaliatory actions. The tax office made mistakes when working with me. After the letter, the money was returned within 30-45 days, these periods are regulated by law. You can go to court, but the damage is also calculated according to the law. Small amounts make it unprofitable to go to court. |
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