Founders of Crypto Mixer Tornado Cash Accused of Laundering $1 Billion
Last week, the founders of Tornado Cash, a cryptocurrency mixing service, were charged with aiding in the laundering of over $1 billion in digital currency. These funds allegedly included money stolen by North Korean hackers.
- Founders of Tornado Cash accused of helping launder $1 billion in digital currency
- Funds involved in the money laundering scheme reportedly taken by North Korean hackers
Court Rules in Favor of Grayscale Against SEC in Bitcoin ETF Conversion Lawsuit
A court in Washington D.C. has ruled in favor of Grayscale, the largest crypto asset manager, in its lawsuit against the U.S. Securities and Exchange Commission (SEC). Grayscale challenged the SEC’s decision to deny the conversion of GBTC to a spot bitcoin exchange-traded fund (ETF). The court found that the SEC failed to provide a sufficient explanation for its differing treatment of similar products.
- Grayscale wins lawsuit against SEC over bitcoin ETF conversion
- Court states that SEC did not adequately explain differing treatment of similar products
Economist Peter Schiff Warns of ‘Full-Blown Financial Crisis’ Hitting US Economy Before Fed Reaches Inflation Target
Economist Peter Schiff predicts an impending “full-blown financial crisis” that he believes will hit the U.S. economy before the Federal Reserve reaches its inflation target. Schiff also forecasts that this crisis will compel the Fed to raise its inflation target.
- Peter Schiff warns of upcoming financial crisis in the U.S. economy
- Crisis expected to occur before Fed reaches inflation target
- Schiff predicts Fed will raise its inflation target in response to the crisis
Oil Giants Joining BRICS a Strategic Success for China and Russia, Expert Says
An expert from Germany suggests that the addition of several oil giants to the BRICS economic bloc is a strategic success for China and Russia. During the annual summit, the BRICS leaders announced the invitation of Saudi Arabia, the UAE, Iran, Argentina, Egypt, and Ethiopia as new members.
- BRICS economic bloc successfully adds oil giants as new members
- Expert believes this is a strategic success for China and Russia
Hot Take
The world of cryptocurrency continues to face legal challenges, with the founders of Tornado Cash now being accused of involvement in money laundering. On a positive note, Grayscale’s victory against the SEC sets a precedent for future disputes involving crypto asset managers. Economist Peter Schiff’s warning of a financial crisis adds to the existing concerns about the stability of the U.S. economy. Lastly, the BRICS economic bloc’s expansion with new oil giant members strengthens China and Russia’s influence in the global economic landscape.
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