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SBF attorneys have made several requests over the course of the past few months ranging from requests for early bail before trial to vegan food and prescription drugs. The attorneys representing former FTX CEO Sam Bankman-Fried have written another letter to the judge , seeking changes to the jury instructions; in the letter addressed to Judge Kaplan, the defense attorneys requested that the jury consider the role of English law in governing FTX’s terms of service. The proposal calls on 12 jurors in the case to consider that for misappropriation to have occurred, there must have existed a trust, fiduciary relationship, or a similar relationship between FTX and its customers. However, the firm’s terms of service have made it clear that there was no such relationship between the two parties. The defense attorneys' proposal read: “Under English law, the Terms of Service do not create a trust relationship or similar fiduciary relationship between FTX and its customers. Nor, under En...

The JPEX fraud saga began last week when the SFC revealed it had received 1,400 complaints against the exchange regarding fraud, withdrawal freeze and declining wallet balances. Hong Kong regulators are looking to tighten the noose around the crypto market after the arrest of six individuals following allegations of fraud around an unlicensed crypto exchange called JPEX. John Lee Ka-chiu, the chief executive of Hong Kong, told reporters on Sept. 19 that the government would increase its efforts to inform investors and remind them to only utilise platforms that have been granted SFC licences, reported AP News. The JPEX issue came to the fore last week when the country’s Securities and Futures Commission (SFC) notified the public that they had received over 1000 complaints related to the unregistered crypto exchange platforms with customers complaining about collectively losing over $128 million (1 billion Hong Kong won) due to the fraudulent exchange. The SFC in its warning noted ...

A former Deutsche Bank broker who allegedly conned investors out of $1 million in a fraudulent crypto fund is reportedly preparing to change his plea to guilty. 27-year-old Rashawn Russell was arrested in April after allegedly using his financial reputation to convince his friends and employees to invest in a cryptocurrency fund called R 3 that could supposedly make them 100% returns. Russell worked at Deutsche Bank between 2018 and 2021. Then, prosecutors say he stole the majority of investor funds and used it “for his personal benefit, to gamble, and to repay other investors.” He supposedly sent fake documents to convince his investors that their money was in good hands.    Russell was charged with one count of wire fraud for allegedly running the crypto scheme between November 2020 and August 2022. He plead ed not guilty at the time. As reported by Bloomberg, sources who wish to remain anonymous believe that Russell now intends to plead guilty . Russell faces up to 20 year...

The latest update of this Web3 security tool addresses new social engineering schemes and hacking attacks. Web3 and other blockchain-powered markets are still in their infancy, with most of the underlying technologies, economic models and coding architectures still being improved, tested and updated. While this is normal for an emerging market and technology, there are always loopholes that bad actors can exploit and target to attack their victims. In particular, with social engineering tactics, scammers manipulate users’ emotions and create a sense of trust and urgency. At the beginning of 2023, bug bounty platform Immunefi estimated that the Web3 ecosystem lost around $3.9 billion to scams and hacking attacks in 2022, with decentralized finance (DeFi) being the most targeted sector, suffering 80% of the calculated losses. Losses by quarter in 2022. Source: Immunefi Report ​​In the ever-evolving landscape of blockchain technology, two pivotal issues stand out that demand users’ atten...

In the event of a conviction for wire fraud, Nevin Shetty could face up to 20 years in prison. Nevin Shetty, a former Chief Financial Officer (CFO) at a Seattle start-up company, was indicted on May 17 in the U.S. District Court in Seattle on charges of wire fraud.  The indictment alleges that Shetty, 39, diverted approximately $35 million from the start-up company's coffers to a cryptocurrency platform under his personal control. Shetty reportedly established this platform, known as HighTower Treasury, in February 2022, shortly before being notified of his impending departure as CFO due to concerns regarding his performance.  During the period from April 1 to April 12, 2022, Shetty allegedly transferred a substantial amount of $35,000,100 from his employers to an account linked to HighTower, without the knowledge of any other individuals within the company. The alleged purpose behind this transaction was for HighTower to allocate the funds towards investments within the decentra...

Recovering stolen Bitcoin from crypto scams is challenging due to the anonymous nature of blockchain transactions and jurisdictional issues. The process of recovering stolen Bitcoin (BTC) from cryptocurrency scams is difficult and complex. The prevalence of cryptocurrencies has led to an increase in scams and other fraudulent practices that prey on the gullible. Numerous people have suffered significant financial losses as a result of falling for different crypto scams, such as phishing, rug pulls and hacker attacks. Although cryptocurrencies like Bitcoin’s decentralized and pseudonymous structure have some benefits, they also create major obstacles for recovering stolen funds. This article will delve into the various methods and potential avenues for recovering stolen Bitcoin and explore the important factors to consider in the process. Understanding the landscape of DeFi scams As already noted, there are many different types of decentralized finance (DeFi) scams, including phishing...