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US President Trump: I think we are closer to our goal (reaching a ceasefire between Russia and Ukraine) than ever before.On December 16th, the FBI announced the arrest of four suspects on December 15th for plotting bomb attacks at multiple locations in California on New Years Eve. FBI Director Cash Patel posted on social media that the FBI thwarted a "credible and imminent terrorist threat" and arrested four individuals with ties to the Los Angeles area. These individuals identified themselves as members of a radical wing of the far-left group "Turtle Island Liberation Front" and are suspected of planning attacks using improvised explosive devices at five different locations in the Los Angeles area on New Years Eve. "Turtle Island" is an English name for North America.On December 16th, the Argentine government of President Millai announced adjustments to its monetary policy, stating it would begin an initiative to accumulate its depleted foreign exchange reserves. This represents a step closer to the free-floating exchange rate that investors have long desired. Starting in 2026, the pesos trading band will expand at the same rate as monthly inflation, instead of the current 1%. Novembers price increases of 2.5% mean that the trading band could expand at more than twice the current rate in the short term. The central bank stated on Monday that it will also begin accumulating reserves, with a base case scenario target of purchasing $10 billion next year, the specific amount potentially increasing based on currency demand. Following this news, Argentine sovereign bonds surged across the board. The more liquid bonds maturing in 2035 rose by more than 1 cent, reaching nearly 73 cents.On December 16th, local time, Ukrainian President Volodymyr Zelensky and German Chancellor André Merz held a joint press conference in Berlin. Zelensky stated that the US delegation did not make any demands on Ukraine regarding territorial concessions, but merely conveyed Russias position. Regarding the question of whether the US demanded Ukraine withdraw from the Donetsk region, Zelensky said: "I dont think the US made any demands. I believe we are strategic partners. Therefore, I would put it this way: we have heard statements from the US regarding Russian territorial claims or demands. We consider these to be Russian demands." He also stated that Ukraine had conveyed its position to the US.Lockheed Martin (LMT.N) has completed production of its first F-16 Block 70 fleet, delivering them to Bulgaria and Slovakia.

New York Senator Introduces Bill To Criminalize Crypto Fraud

Skylar Shaw

Apr 28, 2022 09:46

The rise of the crypto realm brought both benefits and drawbacks, and while the public recognized the benefits of the technology, criminals recognized how to use it to commit crimes.


As a consequence, hackers, fraudsters, and exploiters have appeared in the crypto realm, preying on naive investors and defrauding them of millions of dollars.

There Are No Longer Any Rug Pulls

Senator Kevin Thomas of New York presented legislation in the state senate today that would criminalize crypto crimes and impose penalties.


Thomas, who is also the Chairman of the Consumer Protection Committee, filed a bill titled – An act to alter the criminal legislation in regard to the establishment of certain crimes pertaining to crypto fraud.


The bill's main emphasis is on rug pulls, which are presently causing havoc on the bitcoin business, according to the proposed law.


Rug pulling is a circumstance in which a project seems to be genuine but is really handled by a person or individuals who destroy the business after enough investors engage and then flee with all of the money put in the project.


"Famous instances include Squid Game Coin ($SQUID), which began at a price of $0.016 per coin, soared to roughly $2,861.80 per coin in only one week, and then crashed to a price of $0.0007926 in less than five minutes following the rug pull," the bill said, citing the Squid Games-inspired token SQUID as the precedent for the legislation. 


To put it another way, the SQUID founders made a 23,000,000% profit on their investment, while their investors were duped out of millions. Prosecutors will have a clear legal framework in which to prosecute these sorts of crimes under this measure."


However, the actual penalties and budgetary repercussions have yet to be determined, and will be after the law is enacted.

Crypto-Crimes are on the Rise

Rug pulls may seem like legend, but they still exist, and they were single-handedly responsible for $2.8 billion in crypto-crime.


However, over time, these rug pullers have shifted their attention from classic token scamming to DeFi initiatives, notably NFTs.


Last year, the NFT market boomed, with many new NFT collections appearing on a regular basis. Investors bought these NFTs out of fear of missing out, and in one case, they lost $1.3 million.


The Frosties NFT project, which deceived its investors on January 11 when its 8,888 NFTs abruptly lost all value, was the first significant rug pull of 2022.


According to sources, the project's Twitter and Discord accounts, as well as its website, mysteriously vanished. An anonymous invader had taken $1.1 million (ETH) and $4,000 worth of Ether tokens in the previous two days, it was subsequently discovered.


Thus, although criminalizing rug pulls may put a stop to it, it still leaves a loophole for other crimes, which must be criminalized as quickly as possible.



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