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DOJ And SEC Continue Crypto Enforcement; $30M In Hacked Crypto Recovered – Fin Tech

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The U.S. Department of Justice (DOJ) recently published a press
release announcing that the purported head trader of a
cryptocurrency trading platform pleaded guilty to conspiracy to
commit securities fraud in connection with an alleged
cryptocurrency Ponzi scheme that took in $100 million from
investors. According to the press release, the defendant admitted
that he and others made numerous misrepresentations to investors,
including about the existence of a proprietary trading bot and the
promise of guaranteed returns. A sentencing date has not yet been

This week, the U.S. Securities and Exchange Commission (SEC)
announced an action against a cryptocurrency assets broker, Chicago
Crypto Capital LLC, its owner and two salespeople, alleging
violations of the securities laws. The allegations include that the
company and individuals conducted an “unregistered offering of
crypto asset securities” related to certain BXY tokens, and
further made materially false and misleading statements in the
offer, purchase and/or sale of the BXY tokens. The SEC seeks
injunctive relief, disgorgement with prejudgment interest and civil

Finally, according to several recent reports, blockchain
analytics firm Chainalysis has successfully assisted law
enforcement agencies in recovering $30 million in funds stolen from
the Ronin Bridge hack in March of this year by North Korea-linked
Lazarus Group. Among other things, the reports note that while the
Lazarus Group had been using the Tornado Cash mixer to launder the
hacked proceeds, it subsequently switched to utilizing DeFi
services to chain hop following the imposition of sanctions on
Tornado Cash by the U.S. Department of the Treasury’s Office of
Foreign Assets Control.

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