CRYPTOCURRENCY
SEC Seeks $5.3B Judgment Against Terraform Labs and Do Kwon
The US Securities and Exchange Commission (SEC) has filed a motion for billions of dollars in disgorgement and civil penalties against Terraform Labs and co-founder Do Kwon. The SEC is seeking $4.7 billion in disgorgement and prejudgment interest, along with $520 million in civil penalties. Terraform and Kwon have proposed lower penalties, and the SEC is also considering additional measures to prevent future violations.
California Court Fines Crowd Machine and Metavine in ICO Case
A California court orders Crowd Machine and Metavine to pay over $20 million for an unlawful 2018 ICO, highlighting the importance of adhering to securities laws in the crypto industry.
Ripple on the Brink of Decisive Win as SEC Legal Battle Nears End
Ripple is expected to win a legal battle with the SEC, potentially settling $20 million or less. This victory is expected due to legal perspectives and the recent Second Circuit Court ruling, impacting digital currency regulation.
Banks Embrace Tech to Navigate Economic and Cyber Challenges, ISG Highlights
Global banking and financial services (BFS) firms are increasingly leveraging technology to improve customer experience and navigate the tumultuous landscape, according to a report by Information Services Group. The ISG TechXchange event in Paris will explore how BFS institutions can use data, automation, and AI to differentiate themselves in a saturated market. The event will feature prominent BFS leaders discussing the future of banking, emerging tech platforms, and the potential of the metaverse.
Quant Firm Kronos Research Loses $1.4M: Code Tampered by Disgruntled Engineers
Kronos Research, a top cryptocurrency trading team, suffered a $1.4 million loss in 2020 due to malicious code alteration by disgruntled engineers Chen and Xu, who conspired to embed errors, leading to a fine and 10-month sentence.
Digital Transformation in Finance and Accounting Accelerated by Pandemic, ISG Reports
The 2023 ISG Provider Lens™ report highlights the global transformation of finance and accounting departments due to COVID-19 lockdowns and remote work, relying on external providers for digital strategies and outcome-based contracts.