Court Cases | ForkLog

ForkLog 18 13.08.2024

Founder of ezBtc Misappropriated User Funds for Gambling

The Canadian cryptocurrency platform ezBtc and its founder, David Smillie, misappropriated approximately 13 million CAD (~$9.5 million) of client funds, using part of it for gambling. This was reported by the British Columbia Securities Commission (BCSC). The company, which ceased operations in September 2019 and was liquidated in 2022, claimed to store all user investments […]

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ForkLog 41 13.08.2024

SEC Accuses NovaTech of Operating a $650 Million Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) accused the founders and promoters of NovaTech of orchestrating a Ponzi scheme that amassed over $650 million in crypto assets. According to the statement, NovaTech Ltd., led by the couple Cynthia and Eddy Petion, raised funds from more than 200,000 investors worldwide. Charges were also brought against Martin […]

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ForkLog 21 13.08.2024

3AC Liquidators Demand $1.3 Billion from Terraform Labs

The bankruptcy managers of the cryptocurrency hedge fund Three Arrows Capital (3AC) have demanded at least $1.3 billion from Terraform Labs, the entity behind the Terra ecosystem, according to Bloomberg. Court documents reveal that the company “encouraged” 3AC to purchase native LUNA tokens and the algorithmic stablecoin TerraUSD (UST), manipulating markets to “artificially inflate asset […]

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ForkLog 16 11.08.2024

Celsius Sues Tether for $2.4 Billion Over Bitcoin Collateral

The bankrupt lending platform Celsius has filed a lawsuit against Tether, seeking compensation of 39,542 BTC (approximately $2.4 billion). According to the document, the amount in question was collateral for a loan from the USDT stablecoin issuer. Tether requested additional collateral following a decline in Bitcoin’s price in early 2022. Celsius complied with Tether’s request, […]

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ForkLog 9 09.08.2024

Do Kwon’s Extradition from Montenegro Delayed Again

The anticipated extradition of former Terraform Labs (TFL) CEO Do Kwon from Montenegro to South Korea has been postponed. This occurred at the request of the Supreme Court, which granted the plea of Justice Minister Andrija Milović, reports Vijesti. Milović also serves as the country’s chief prosecutor. His department filed a motion for the protection […]

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ForkLog 11 08.08.2024

Court Approves $12.7 Billion Settlement Between FTX and CFTC

U.S. District Judge Peter Castel approved a settlement agreement between the CFTC, FTX, and Alameda Research, under which the exchange and its subsidiary will pay creditors $12.7 billion. The parties reached an agreement to settle the 20-month-long dispute on July 12. However, the decision awaited final approval, which Judge Castel granted on August 7. The […]

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ForkLog 14 08.08.2024

Court Reduces Ripple’s Fine from $2 Billion to $125 Million

A court fined Ripple $125 million in a protracted legal battle with the U.S. Securities and Exchange Commission (SEC). The regulator initially demanded $2 billion. Judge Analisa Torres also prohibited the fintech company from future violations of securities laws, citing a “reasonable likelihood of future violations.” Previously, Ripple sought to cap the fine at $10 […]

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ForkLog 44 05.08.2024

Elon Musk Renews Legal Battle Against OpenAI

Billionaire Elon Musk has reignited his legal proceedings against OpenAI, as reported by the New York Times. The lawsuit alleges that the AI startup and its two founders, Sam Altman and Greg Brockman, breached the company’s founding agreement by prioritising commercial interests over the public good. A similar claim was made in a previous document, […]

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ForkLog 25 02.08.2024

Do Kwon to be Extradited to South Korea

The Court of Appeals in Montenegro rejected the US request for the extradition of former Terraform Labs (TFL) CEO Do Kwon, deciding instead to send him to South Korea. This verdict by the Court of Appeals upholds the decision of the High Court of Podgorica, made at the end of June. In November 2023, the […]

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ForkLog 16 31.07.2024

Ex-CEO of FTX Subsidiary Granted Prison Delay Due to Dog Bite

A judge overseeing the case of Ryan Salame, former head of FTX’s Bahamian division, granted a postponement for the commencement of his prison sentence to October 13, 2024. The delay was attributed to a “German shepherd bite” suffered by the former executive. The ex-CEO required surgery, preventing him from reporting to prison on the previously […]

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ForkLog 19 29.07.2024

British Hacker Sentenced to 3.5 Years for Stealing $900,000 from Coinbase Users

The Norwich Crown Court in the United Kingdom has sentenced Elliott Gunton to 3.5 years in prison for his role in a hacking conspiracy aimed at stealing funds from clients of the cryptocurrency exchange Coinbase. This was reported by Norwich Evening News. The 24-year-old defendant, along with accomplices, gained access to login data for over […]

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ForkLog 12 24.07.2024

Coinbase Seeks Court Order for Gensler’s Correspondence

Coinbase has filed a motion to compel the SEC and its chairman, Gary Gensler, to produce emails and internal documents underlying its legal battle with the agency, according to The Block. The Commission sued the platform in June 2023, accusing it of violating securities laws and operating without registration. The SEC also targeted Coinbase’s staking […]

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