Bitcoin Fog Founder Sentenced to 12.5 Years

In partnership with

A Knockout Night of Sleep, Powered by Plants

• THC & CBD to relax and fall asleep

• CBN to keep you asleep through the night

• Save 25% with code SLP25

Try Risk-Free

Glad to see you back here in this new edition.

Here are the most important news of the week, but before you start be sure to read our newsletter in its entirety, next please reply to this email with your opinion about it.

Let's get started

PROMOTE HERE YOUR PROJECT

Table of Content

In today edition we talk about

• FTX Sues for Funds Recovery: Scaramucci, Storybook Brawl Developers, and Others Targeted

• Vitalik Buterin Proposes ‘Info Finance’ Concept as Ethereum Surpasses $3,000

• Bitcoin Fog Founder Sentenced to 12.5 Years Amid US Crackdown on Crypto Mixers

• Norway Backs MiCA, Weighs CBDC for Cross-Border Payments and Financial Stability

FTX Sues for Funds Recovery: Scaramucci, Storybook Brawl Developers, and Others Targeted

FTX has launched 25 lawsuits aimed at recovering funds from various recipients, including Anthony Scaramucci, the developers of Storybook Brawl, a platform exploiter, and a bank chairman who received FTX investments. FTX claims these entities were funded despite FTX being insolvent, seeking to recoup assets for creditors.

Key Targets in FTX's Fund Recovery Efforts

1. Anthony Scaramucci and SkyBridge Capital
   FTX is suing Scaramucci and SkyBridge Capital to reclaim over $100 million, covering investments and a sponsorship deal with Scaramucci's SALT conference. The lawsuit claims Scaramucci knowingly benefited from FTX’s generous spending, including bitcoin and Solana purchases. FTX also seeks to nullify SkyBridge's $45 million bankruptcy claim.

2. FTX Platform Exploiter Meerun
   Identified as Nawaaz Mohammad Meerun, this individual allegedly manipulated token prices on FTX, profiting massively. Notably, Meerun filed a bankruptcy claim for $13 million using his personal details, despite siphoning hundreds of millions. FTX aims to recover these funds and nullify his claims.

3. Storybook Brawl Game Developers
   FTX invested $25 million into Storybook Brawl, a game that stalled in beta. Run by Bankman-Fried’s close associates, the developers received millions in salaries and bonuses. The lawsuit seeks to recover over $24 million tied to this project.

4. Jean Chalopin and Deltec Bank
   FTX is pursuing Chalopin and Deltec Bank to recover an $11.5 million investment in a holding company tied to Farmington State Bank, now known as Moonstone. FTX argues this investment was severely overvalued, resulting in significant losses after regulatory actions.

Through these lawsuits, FTX seeks to recover funds dispersed under questionable financial decisions by former CEO Sam Bankman-Fried, helping restore creditor assets post-bankruptcy.

Vitalik Buterin Proposes ‘Info Finance’ Concept as Ethereum Surpasses $3,000

Ethereum co-founder Vitalik Buterin has proposed a new idea called “info finance,” leveraging blockchain and AI to create a system for gathering accurate insights.

In a recent blog titled “From Prediction Markets to Info Finance,” Buterin discusses a framework where blockchain can help gather and validate information efficiently. Info finance, he explains, starts with a specific question and uses market incentives to elicit answers from participants, potentially offering a new approach to information sharing.

Prediction Markets as Insight Sources

Buterin sees prediction markets like Polymarket as key players in info finance. These platforms let users bet on future events, generating reliable, data-driven insights without media bias. In this vision, bettors predict, readers access insights, and the market serves as a public tool.

Trust and Transparency Through Blockchain and AI

Info finance aims to leverage blockchain and AI to foster a transparent, trustless system, rewarding accurate predictions. Buterin believes AI’s role could reduce the costs of running these markets, making insights accessible even with minimal market volume.

ETH Price Surges Above $3,000

Buterin’s ideas come as Ethereum (ETH) surpasses $3,000, rising over 21% in recent days. The price rally follows Donald Trump’s recent election victory, with experts attributing the surge to a supply squeeze and heightened demand.

Bitcoin Fog Founder Sentenced to 12.5 Years Amid US Crackdown on Crypto Mixers

Roman Sterlingov, founder of Bitcoin Fog, has been sentenced to 12.5 years in prison and ordered to pay a $395.5 million forfeiture as part of a US crackdown on crypto mixers.

Sterlingov’s darknet service, Bitcoin Fog, was identified by the Department of Justice (DOJ) as a popular tool for criminals seeking to launder illicit funds. Over a decade, it reportedly handled over 1.2 million Bitcoin transactions worth about $400 million at the time.

DOJ Claims and Sterlingov’s Defense

The DOJ stated that Bitcoin Fog operated as a “go-to” laundering service. Sterlingov, however, claimed he was merely a user of the service, not its operator. Despite his defense, he was convicted on charges of money laundering, operating an unlicensed business, and other violations.

Industry Reactions and Broader Implications

Crypto commentator L0la L33tz criticized the case as part of a government assault on financial privacy. Others, like Mario Nawfal’s Roundtable, interpreted the sentencing as a stern warning to crypto mixers engaging in illicit activities.

The case follows recent actions against other mixer founders, including Tornado Cash’s Roman Storm and Roman Semenov, who face charges related to money laundering and sanctions violations.

Norway Backs MiCA, Weighs CBDC for Cross-Border Payments and Financial Stability

Norway’s central bank, Norges Bank, supports the EU’s Markets in Crypto-Assets Regulation (MiCA) while exploring a central bank digital currency (CBDC) for financial resilience.

Norges Bank, which aligns with EU regulations as part of the European Economic Area (EEA), sees potential in MiCA and is considering additional regulations to ensure financial stability, according to Kjetil Watne, Norges Bank's CBDC project director. The bank is also exploring a CBDC’s role in improving cross-border payments through initiatives like “Project Icebreaker,” which trials digital currency transactions across borders.

Privacy and Regulatory Considerations

While studying CBDC adoption, Norges Bank addresses privacy concerns, emphasizing that it won’t monitor individual transactions, similar to its approach with cash. Watne assures compliance with anti-money laundering regulations.

Potential Risks with MiCA

Set to take effect on December 30, MiCA’s stablecoin reserve requirements have raised concerns. Tether CEO Paolo Ardoino warns that mandating stablecoin issuers to hold 60% of reserves in European banks may increase systemic risks if banks face financial instability.

Are you ready to take a leap into the world of cryptocurrencies and NFTs? Don't miss out on these opportunities! Share this newsletter with a friend and let's ride this wave together! 🌊

To stay updated and thrive in the world of crypto make sure you are subscribed to our newsletter and follow us on X (twitter)

Tell your blockchain-loving friends about us! Together it's easier to stay updated and improve!

IMPORTANT

Disclaimer: Wealth Wave is just a free newsletter that aims to share information regarding the world of finance, business, investment... We are not financial advisors, which means we don't give financial advice, don't buy stocks, crypto, nfts... just because we talked about it.

We are not responsible in any way for the capital others

Remember "every form of investment involves the risk of losing money, very often all capital" -- Do your research --