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Justin Sun's TRON to Receive $2 Million from US Government Aid Coronavirus Relief

Justin Sun’s Tron platform has reportedly obtained US government aid of more than $2 million in coronavirus relief. The ongoing coronavirus crisis has wreaked havoc in the US financial markets. Particularly small-sized businesses are suffering from the economic shutdown meant to slow down the spread of coronavirus. With hundreds of thousands of employees in danger of losing their jobs, the US government created the Paycheck Protection Program (PPP) to help small businesses stay afloat. The money does not need to be repaid.

Prominent figures question Justin Sun’s relief loan

But the small business loan program has had some serious issues to ensure that these funds are distributed properly. For example, many people seem to question the grounds for giving Tron government aid. Even key personalities in the crypto community have questioned the basis at which the controversial 28-year-old entrepreneur could get the aid.

Some blockchain startups have been denied grants. It was reported that ConsenSys, which was founded by one of the Ethereum co-founders also applied for the small business relief money, but could not get it. Zach Herring, program director at ConsenSys said that while several hard-working Americans are struggling with the complicated application process to get a loan and face rejection without a valid reason, Sun is walking away with a lot of money.

Furthermore, the US Federal Reserve has also been accused of engaging in dubious practices by allowing companies, which had used the widely-abused accounting techniques in the past, to get loans.

Critics argue that Justin Sun is a wealthy individual who does not appear like he needs the aid to survive the crisis, especially when putting into consideration of his multi-million-dollar acquisitions of crypto-related firms like Steemit, Poloniex, and BitTorrent. He recently had paid $4.5 million to have lunch with Warren Buffet.

Sun’s wealth is considered to be valued at $200 million. He shifted business operations of Tron to San Francisco after Beijing banned local cryptocurrency exchanges and all ICOs in 2017 to keep a tighter rein in the financial system.

Recently the US Attorney’s Office for The District of Rhode charged two men for attempting to take advantage of the Small Business Loan Program meant for the coronavirus relief. It remains to see whether Justin Sun will face such similar scrutiny.

Sun’s $4.57 million lunch with Warren Buffet

While Tron remains one of the leading blockchain platforms by user activity and market capitalization, its founder Justin Sun has continued attracting controversies. He has become one of the most controversial personalities in the blockchain space. More recently, he paid $4.57 million in a charity auction to have lunch with Warren Buffet, one of the most successful investors in modern history.

Before Sun revealed to his Twitter followers that he had won a lunch event with Warren, he created suspense by making many pre-announcements, saying that something big was about to take place. But just a few days before the lunch meeting, Sun posted on social media that he was suffering from sudden health complications. He, therefore, mentioned that he would not be able to attend the meeting with Buffet. Soon after he cancelled the meeting, many sources reported that Sun was accused of alleged money laundering and involvement in pornography. The reports also claimed that the Tron founder had been barred from leaving China because of his involvement in gambling and illegal fundraising activities.

While it could be difficult to confirm everything, which occurs in the crypto space, Sun has become famously known for his marketing and publicity stunts. In the past few years, Tron has attracted several controversies, mainly because of its CEO’s excessive hype and marketing. Tron has several vocal supporters who are adamant that the company is gaining market share, and active users are rising. Many people know Justin Sun for his controversial headlines and keen to follow his activities.

Image via Elevenews

US Government Offers $5 Million Reward for the Arrest of Venezuela’s Head of Petro Cryptocurrency

US Immigration and Customs Enforcement (ICE), a division of the Department of Homeland Security, has added Joselit Ramirez to its most wanted person’s list. Ramirez is a public official and currently he is Venezuela’s superintendent of cryptocurrency Petro, the country’s oil-backed cryptocurrency.

Unresolved case

The report shows that Ramirez is wanted by the US government over allegations of corruption, links to the narcotics trade, and other crimes. The ICE accuses him for multiple violations associated with international commerce and his alleged involvement in the international drug trafficking scene.

The ICE wants the superintendent for violation of the Kingpin Act, the International Emergency Economic Powers Act, and for breaking multiple sanctions imposed by the US Treasury Department’s Office of Foreign Asset Control (OFAC).

Now, the US government is offering a $5 million reward to anyone who can provide information leading to the conviction or arrest of Ramirez. The ICE says that Ramirez has deep economic, social, and political ties to numerous alleged narcotics kingpins. Ramirez is also wanted for sanction evasion and money laundering.

The move comes the same day when Venezuela’s government has started accepting the similar sanctioned Petro crypto for gasoline purchases. Last week, Venezuela obtained many shipments of gasoline from Iran, evading sanctions imposed by the US.

Ramirez has been serving as the head of Venezuela’s cryptocurrency agency since June 2018. Carlos Vargas was his predecessor, an opposition leader, and a famous congressman who later worked with the Nicolas Maduro administration during the development of the Petro.

In March 2020, the district attorney of New York, Geoffrey Barman, accused Ramirez of being part of a corrupt group of high-profile Venezuela officials, including President Nicolas Madura, for running a narco-terrorism partnership that aims to flood the US with cocaine so that to undermine the wellbeing and health of the United States.

Venezuela journalist Marbellis posted a photo of Ramirez on twitter in which he seemed to be working from his office and apparently appeared unaffected by the ICE announcement.

If Ramirez is arrested, then he will be sent to the United States and tried in the Southern District of New York.

Venezuelans to bypass hyperinflation with Bitcoin-backed synthetic US Dollars after years of extreme economic crisis

Venezuela launched its Petro cryptocurrency backed by mineral reserves and oil in 2018 as the nation was facing harsh sanctions imposed by the US and seeing a plummeting Venezuela currency (Bolivar).

The controversial Venezuelan government has even forced its citizens to use Petro. The nation recently announced that all petrol stations across the nation will sell fuel at reduced prices in exchange for Petro cryptocurrency from customers. But the cryptocurrency was not supported or embraced wholeheartedly by the global community. Even local investors are skeptical about Petro cryptocurrency.

However, the Venezuelan government is trying to develop its own mainstream digital currencies to revive its failing economy. Last year, the government initiated a testing initiative to examine whether it can hold cryptocurrencies in its national reserves.

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US Government Now Holds $1 Billion in Bitcoin After Silk Road Seizure Using Blockchain Analysis

The United States Department of Justice (DoJ) recently requested the Northern District of California to seize $1 billion in Bitcoin from an unnamed hacker. The DoJ has asked to lock down on approximately 69,370.22491534 Bitcoin (BTC), Bitcoin Gold (BTG), Bitcoin SV (BSV), and Bitcoin Cash (BCH).

The person behind the wallet referred to as “Individual X,” has allegedly managed to hack the Silk Road to steal the cryptocurrencies. Individual X has agreed to sign over the funds earlier this week, making the funds the largest crypto seizure in Bitcoin history.

The address “1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbh,” now contains crypto assets that are worth over $1 billion dollars. This address was Bitcoin’s fourth-largest address which was dormant for around five years up until a few days ago.

The Bitcoin wallet addressed was tied to Silk Road, which was operating between 2011 to 2013 as a dark web marketplace facilitating transactions of illegal goods including drugs and unlicensed weapons using BTC.

According to Ciphertrace on Nov. 3, the BTC was moved in two transactions and equated to almost one billion dollars in Bitcoin. The anonymous crypto user reportedly first sent a test transaction on 1 BTC, before then moving a further 69,369 Bitcoin from the Silk Road wallet address.

Chainalysis, a blockchain analytics firm supported law enforcement agents to identify the largest wallets with connection to Silk Road. The blockchain analytics firm used the Chainalysis Reactor, following the money from Silk Road, to another wallet, then subsequently to Individual X’s wallet.

It was then found that Individual X liquidated some of the funds, but most of the funds were still held in the individual’s wallet as Bitcoin’s price surged, until they were seized and moved to the US government’s wallet.

With the seizure of digital assets, the US government has become one of the biggest holders of BTC. Previous similar incidents involving BTC held in authorities’ custody have been sold at federal auctions.

Nexo Capital to Pay $45 Million in Penalties

Due to Nexo Capital’s failure to register the offer and sale of its Earn Interest Product, the United States Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) have agreed to levy penalties against the cryptocurrency lender in the amount of $45 million (EIP).

On January 19, the SEC and the NASAA each released their own statement announcing the news to the public.

According to the statement released by the SEC, Nexo has come to an agreement with the agency to make a penalty payment of $22.5 million and to discontinue its unregistered offer and sale of the EIP to investors in the United States.

According to the article, the extra fine amount of $22.5 million will be paid to address comparable allegations brought forth by state regulatory agencies.

According to a statement released by NASAA, the settlement in principle was reached following investigations into Nexo’s allegedly fraudulent offer and sale of securities that took place over the course of the previous year. During the course of the inquiry, it was found out that EIP investors had the potential to receive interest on digital assets that they had lent to Nexo in order to generate passive income. “Nexo exercised complete autonomy in determining which operations would generate money and be used to generate returns for investors.

Through its website and other social media platforms, the firm sold and advertised the EIP as well as other goods to potential investors in the United States. The company suggested, in certain circumstances, that potential investors might get returns of up to 36% “that was said.

The Securities and Exchange Commission (SEC) noted that throughout the negotiating process for the settlement, the commission took into account Nexo’s degree of cooperation as well as the corrective actions that were swiftly implemented by Nexo in order to remedy their deficiencies.

Elizabeth Warren Wants SEC to Double Down on Crypto Enforcement

Elizabeth Warren, a senator in the United States who is well-known for her scepticism regarding cryptocurrencies, recently issued a call to action for the Securities and Exchange Commission (SEC) to “double down” on its attempts to regulate virtual currencies. She did so by urging the SEC to “double down” on its attempts to regulate virtual currencies. She is drawing attention to the fact that those involved in the bitcoin industry are now doing their business “scared” of what is going to happen by behaving in this way.

The words that Warren made were a part of an interview that took place on January 25 with the American Economic Liberties Projects. The interview was conducted by the American Economic Liberties Projects. It was Elizabeth Warren who first brought up these accusations.

The senator was of the opinion that ever since Gensler was inaugurated in as chairman of the SEC in April 2021, the Commission “has made a decent start” toward repairing some of the issues that were caused by the previous leaders of the SEC during the time that the Trump Administration was in power. This statement was made in reference to the fact that Gensler took over as chairman of the SEC in April 2021. This comment was made in response to the fact that Gensler assumed his position as chairman of the SEC in April of 2021. The senator believed that this was the case and expressed his opinion as such.

Warren stated that the previous administration of the SEC “basically gave the green light” to set up a market for cryptocurrencies that was “full of garbage tokens, unregistered securities, rug pulls, Ponzi schemes, pump and dumps, money launderings, and sanctions evasions.” Warren was referring to the fact that the market for cryptocurrencies was “filled with garbage tokens.” When Warren said that the cryptocurrency market was “packed with trash tokens,” he was alluding to the fact that the market was flooded with worthless tokens. When Warren referred to the market for cryptocurrencies as being “stuffed to the gills with garbage tokens,” he was making a reference to the fact that the market was awash with tokens that had no value.

SEC Probes Investment Advisers Offering Crypto Custody Without Proper Qualification

The United States Securities and Exchange Commission (SEC) has begun an investigation into traditional financial advisors on Wall Street to determine whether or not these advisors grant custody of digital assets to their customers without having the necessary qualifications. The purpose of this investigation is to determine whether or not these advisors grant custody of digital assets to their customers.

According to an article that was published by Reuters on January 26, which cited “three sources with knowledge of the matter,” the investigation that is being conducted by the SEC has been ongoing for a few months, but it appears to have picked up speed after the collapse of the cryptocurrency exchange FTX.

According to the sources, the Securities and Exchange Commission (SEC) has never disclosed to the general public the inquiries that it is presently doing since the investigations that it is currently conducting are confidential.

According to a report by Reuters, the majority of the work that the SEC is putting into this investigation is focused on determining whether or not registered investment advisors have complied with the laws and regulations regarding the custody of client cryptocurrency holdings. This is the primary focus of the SEC’s investigation into whether or not registered investment advisors have complied with the laws and regulations regarding the custody of client cryptocurrency holdings. The SEC is conducting an investigation into registered investment advisers to see whether or not they have complied with the rules and regulations that govern the custody of client bitcoin assets. This is the major focus of the inquiry.

To be able to continue to comply with the custodial protections outlined in the Investment Advisers Act of 1940 and to be able to provide custody services to customers, investment advisory firms are required to be “qualified” under the legislation. This qualification is a prerequisite for providing custody services. This regulation is in place to ensure that consumers of investment advice businesses have access to safe and secure custody services.

The California DMV is set to digitize car titles and title transfers

The Department of Motor Vehicles (DMV) in the state of California is conducting experiments with the use of a private Tezos blockchain to facilitate the digitalization of vehicle titles and title transfers.

The move is being made as part of a cooperation between the California Department of Motor Vehicles (DMV), the blockchain software company Tezos, and the blockchain software company Oxhead Alpha. Oxhead Alpha announced a successful proof-of-concept on January 25.

Oxhead Alpha has been contracted by the California Department of Motor Vehicles to build on a private Tezos testnet that the DMV has nicknamed a “shadow ledger.” Its primary purpose is to serve as a blockchain-based copy of the agency’s existing database, which has been its primary focus since its inception.

Ajay Gupta, the chief digital officer of the California Department of Motor Vehicles, told Fortune on January 26 that the department hopes to have the kinks worked out of the shadow ledger within the next three months.

After that, it intends to roll out apps such as digital wallets to keep and transfer nonfungible token vehicle titles, with the DMV serving as a mediator to monitor such processes. In addition to that, it is planning to roll out applications similar to the one described above.

According to an interview that Gupta gave to Forbes, “The DMV’s reputation of falling behind should surely alter.”

Andrew Smith, president of Oxhead Alpha, said that the California Department of Motor Vehicles’ (DMV) blockchain programme would serve a broad variety of use cases for the department, notably addressing the agency’s present paper-based systems and their eventual upgrade.

Smith gave many instances of fraudulent transactions, such as when automobile salesmen conceal essential information about the vehicle’s condition in order to sell a defective or “lemon” vehicle to purchasers who are not paying attention.

Smith pointed out that even while problematic autos in California have a special designation on their titles, dealers may easily relocate the vehicle to another state and conceal the faulty designations by doing so.

Smith said that it would be much simpler to monitor the true history of automobiles digitally if blockchain-based record keeping were used, in addition to the possibility that other DMVs might embrace the technology.

According to him, “this is a pretty apparent use case” for having a permanent digital title, which is one of the benefits of having such a title.

Smith explained in the company’s release on January 25 why Tezos was a good match for the DMV by stating that the blockchain “solves some of the very hard challenges in blockchain in an elegant manner.” Smith was commenting on why Tezos was a good fit for the DMV.

“The combination of responsible consensus, on-chain governance, and institutional grade security makes Tezos a perfect platform for providing production-ready solutions,” he added. “On Tezos, governance happens directly on the blockchain.”

The decision made by the California Department of Motor Vehicles is likely to be replicated by other governmental agencies in the state going ahead. In May of 2022, Governor Gavin Newsom of California issued an executive order to direct and investigate potential prospects for the integration of blockchain technology with state government institutions.

The governor said that “California is a worldwide powerhouse of innovation, and we’re setting up the state for success with this new technology.” This includes encouraging responsible innovation, safeguarding consumers, and harnessing this technology for the benefit of the public.

Randall Crater, Founder of "My Big Coin" Sentenced

Randall Crater, the person responsible for operating the fraudulent scheme known as “My Big Coin,” was given a sentence of one hundred months in prison and was ordered to make restitution payments totaling more than seven and a half million dollars to those who had lost money as a result of his scheme.

According to a statement that was released by the United States Department of Justice on January 31, the United States District Court Judge Denise Casper in the state of Massachusetts was the one who handed down the sentence that was given to Crater.

This sentence was handed down to Crater after he was found guilty by a federal jury on July 21 of four counts of wire fraud, three counts of unauthorised monetary transactions, and one count of operating an unregistered money-transmitting corporation. All of these charges were related to the same scheme. After adding up all of these fees, it became clear that Crater was running an unlicensed money transmission business.

Crater launched My Big Coin in 2013, and despite the fact that it was never intended to be a payment mechanism for cryptocurrencies, the company promoted itself as such. This resulted in the solicitation of potential victims between the years of 2014 and 2017, and the con was carried out right up to 2017.

According to Crater, the digital currencies that are available for purchase on My Big Coin are fully operational tokens that are backed by gold. Furthermore, the website has a collaboration with Mastercard to facilitate transactions.

In addition, Crater provided its users with access to a marketplace known as “My Big Coin Exchange,” which was promoted as a location at which users could trade their cryptocurrencies for fiat currencies such as the United States dollar and other currencies.

A substantial percentage of the $7.6 million in finance that Crater and his marketing team were successful in generating was used for the acquisition of a residence, many automobiles, and more than one million dollars’ worth of antiques, artwork, and jewellery.

Billionaire investor Ray Dalio has described fiat currency as being in serious jeopardy

Ray Dalio, a billionaire investor, has said that fiat money is under “jeopardy” as an effective store of wealth, but he does not think that Bitcoin (BTC) and stablecoins will be the answer to the problem.

On February 2, the founder of the hedge fund firm Bridgewater Associates appeared on CNBC’s Squawk Box to discuss his concerns regarding the “effective money” status of the United States dollar and other reserve currencies as a result of the massive amount of money that has been printed using these currencies.

“We live in a world where the form of money that we are used to is under peril. We are creating too much money, and it’s not just the United States doing it; it’s all of the reserve currencies.”

Nevertheless, Dalio was quick to add his opinion on whether Bitcoin was a viable answer to the problem, noting that despite everything it has done in “12 years,” it is still too unpredictable to function as money:

“This is not going to be a productive use of money. It does not function very well as a means of storing riches. “He claimed that it is not a viable medium of trade since it is not efficient.

Stablecoins, which are replicas of state-backed fiat currency, were another kind of cryptocurrency that he thought was ineffective as a form of money.

Instead, Dalio recommended the introduction of a “inflation-linked currency,” which would help customers preserve their purchasing power in the face of rising prices.

“The item that comes the closest to that is something called an inflation index bond,” he said. “However, if you developed a coin that says OK, this is purchasing power that I know I can save in and put my money in over a period of time and trade in everywhere, I believe that would be a terrific coin.”

“Therefore, I believe that you are going to witness the creation of currencies that you have not seen before and that most likely will end up becoming coins that are both beautiful and viable. He continued by saying, “I don’t believe Bitcoin is the answer.”

On the other hand, Dalio’s assessment of Bitcoin and the practicality of an inflation-linked currency did not get widespread support from the financial community.

3 Website Operators Lured Romance-Seeking Victims Into Their Fraud

The New Jersey Bureau of Securities has issued a cease and desist order to the owners of three websites, instructing them to stop attempting to con people who are looking for love into investing in their fraudulent cryptocurrency scams. The order was issued in response to the New Jersey Bureau of Securities’ discovery that the owners of these websites were targeting people who were looking for love. The New Jersey Bureau of Securities made the finding that the websites were specifically targeting persons who were interested in romantic relationships, which led to the issuance of the order. The New Jersey Bureau of Securities conducted an investigation into the websites in question, and based on the results of that investigation, the agency made the decision to issue the order.

The orders to cease and desist were reportedly sent to the firms Meta Capitals Limited, Cresttrademining Limited, and Forex Market Trade, as stated in a press release that New Jersey Attorney General Matthew Platkin released on February 3rd. The office of the state’s Attorney General made the statement that was issued by Platkin available to the general public for viewing.

The three companies all pretended to be platforms for trading cryptocurrencies, and they convinced their customers that they would be able to significantly increase the amount of money that they had in their accounts if they simply replicated the actions taken by the “expert traders” employed by the companies. However, the customers lost all of their money because the companies were only pretending to be platforms for trading cryptocurrencies.

By contacting individuals who are using dating apps like Tinder to hunt for love connections, these organisations recruit fresh victims for a scam that is frequently referred to as “pig slaughtering.”

Con artists will contact prospective victims on social media, attempt to build a romantic relationship with them, and when they have gained the confidence of their victims, they will try to trick them into investing in a fake bitcoin investment plan. This kind of fraudulent behaviour that takes place online is referred to as “pig butchering,” and it has its own moniker.