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2024-04-29

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Image Source: UnsplashHeartland Tri-State Bank, a community bank in Elkhart, Kansas, has been forced to shut down after its CEO, Shan Hanes, lost millions of dollars in a cryptocurrency scam. The incident unfolded on July 5 when Hanes, desperate to retrieve his money from a supposed cryptocurrency investment, approached one of his wealthy clients with a peculiar request, according to a recent report from Bloomberg.Per the report, the banker asked the client to lend him $12 million, promising to repay the loan with an additional $1 million in interest after just 10 days. Hanes said he was investing in crypto with the help of someone else and claimed that there were some wire payment issues, which needed an infusion of more funds.The client, a local farmer, ultimately declined to provide the loan, suspecting it to be a crypto scam. He even reportedly advised Hanes to go to Hong Kong in order to recover the money.However, after discovering that Hanes had indeed wired the $12 million, the farmer took the matter to a member of Heartland's board.Consequently, the Kansas Office of the State Bank Commissioner launched an investigation into the bank and declared it insolvent on July 28.The closure of Heartland Tri-State Bank has sent shockwaves through Elkhart, a tight-knit community where the bank played a vital role. As one of only two banks in town, Heartland was deeply embedded in the fabric of the community, sponsoring local events and providing financial assistance to those in need. FDIC Estimates Heartland's Loss at $54 MillionThe Federal Deposit Insurance Corp. (FDIC), which was appointed as the bank's receiver, has estimated a loss of $54 million from its insurance fund to protect depositors. The substantial loss is an indication of the severity of the situation, given that Heartland had total assets of only $139 million. Shareholders, including Hanes and his family, face the possibility of losing their investments as the bank's stock was owned by a separate holding company.The incident has also drawn the attention of law enforcement agencies. FBI agents have been conducting investigations, questioning community leaders with ties to the bank. The FBI, however, has neither confirmed nor denied the existence of an investigation. Exact Details of the Crypto Scam Remain UnclearThe exact details of the crypto scam that ensnared Hanes remain unclear.However, a warning issued by the US Department of the Treasury's Financial Crimes Enforcement Network suggested that it was probably a pig butchering scam. Meanwhile, Hanes has not been accused of any wrongdoing.He has resigned from his positions on the school board and the Kansas Bankers Association and is awaiting the outcome of the ongoing investigation.The collapse of Heartland comes as four major US lenders have failed so far this year, including Silvergate Bank, Signature Bank, Silicon Valley Bank, and First Republic Bank.Among these banks, the failure of Silvergate and Signature was partly related to the 2022 crypto meltdown. Bigger Than Pepe and Shiba Inu, Wall Street Memes Price Pumps 56%, Trading Volume Beats Other Top Meme Coins A Real-life Example Thailand's Cryptocurrency Exchange|Buy bitcoinSecondly, the firm raised concerns about the feasibility of the proposed implementation deadline, which was set for January 1, 2025. They argued that complying with the regulations would pose substantial technical challenges, not only for Consensys but also for similarly situated companies. Therefore, they urged the IRS to postpone the implementation of the regulations for at least one year after their finalization. American author Michael Lewis, who strategically launched his book on SBF ahead of the trial, revealed that the FTX founder was even considering to pay $5 billion to Donald Trump to stop him from running in the US presidential election.

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The Ripple CTO’s Take “Do Kwon constantly silenced critics who pointed out flaws in the stablecoin’s algorithm,” said Victor Young of blockchain firm Analog. “He even mocked an economist for being poor. Any discourse regarding what caused UST to crash cannot ignore the fact that the stablecoin was not pegged to any non-crypto collateral. Instead, it used a pairwise token system where users swapped Luna to UST and vice versa for a guaranteed price of $1, relying on a weak and manipulative consensus mechanism.” Virtual Currencies: Key Definitions and Potential AML/CFT ...It's unclear whether the NAPP’s latest crypto-mining document is a final decree establishing a framework for mining in Uzbekistan. The local government has issued multiple similar documents in recent years, repeatedly prohibiting individual miners from operating in Uzbekistan. One such decree was signed by Uzbekistan’s President Shavkat Mirziyoyev in April 2022, reiterating that local people are not allowed to pay with crypto or to mine digital currencies. Bitcoin (BTC) Price Nears $30,000 Following Positive Non-Farm Payroll Report

Even after The Merge, Ethereum still continues to have the same gas fees. But, that is good news for Polygon, because everyone would require the layer scaling solution of Polygon with reduced gas fees and it will also help clear up the blockchain congestion. BoredApeYachtClub (BAYC) is the leading NFT collection as per estimated market capitalization. 10 Best Cryptocurrency to Invest in 2023-Top Crypto to ...Individuals from dissolved crypto enterprises have found roles within the traditional financial landscape as well. An example is BlockFi’s Rachel Willis has joining BNY Mellon’s digital asset division. JPEX was an unlicensed cryptocurrency exchange that allegedly lured in Hong Kong residents with flashy advertising and “suspiciously” high returns on its lending products. The exchange ratcheted up fees on withdrawals from its platform on Sept. 15, rendering funds inaccessible to its users.

Silva noted that while cross-examination is an opportunity for the defense to score points with the jury, employing a strategy of "death by 1,000 cuts" may not be effective. Daniel C. Silva, former assistant US attorney and shareholder at law firm Buchalter, believes that Sam Bankman-Fried's defense might be setting the stage for a potential appeal if the disgraced crypto boss is found guilty. What determines the initial value of a new cryptocurrency?Leverage (10) multiplied by unrealized PnL.Marking price minus initial purchase rate multiplied by position size. Block officially launched bitcoin trading on Cash App in 2018. The total sale amount of bitcoin sold to customers of the mobile payment service during this year’s second quarter jumped 34% year over year to $2.39 billion.

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