#law

South Korea's crypto market experienced a sharp decline as President Yoon Suk Yeol declared martial law.

Blockchain gaming company Immutable received a Wells Notice from the US SEC (Securities and Exchange Commission). This means the agency is considering filing a lawsuit against Immutable for violating securities law.

California Governor Gavin Newsom blocked an artificial intelligence (AI) safety bill that would have enforced strong security measures for AI companies and developers, potentially impacting industry growth.

Criminals impersonating law enforcement officers coerced a 20-year-old entrepreneur to transfer 250,000 USDT under the threat of a fabricated case, as reported by the Main Department of National Police in the City of Kyiv.

San Francisco's law enforcement has filed a lawsuit aimed at shutting down 16 websites that use artificial intelligence to turn photos of real women into nonconsensual images. Such services have recently gained popularity among both teenagers and adults.

A U.S. court has permitted a new lawsuit against Ripple Labs and its CEO, Brad Garlinghouse, for alleged violations of securities law. The plaintiffs in the case accuse Garlinghouse of making misleading statements during a 2017 interview, which they argue qualifies the XRP token as a security.

The law enforcement of South Korea is set to confiscate the Belgrade apartment of Terraform Labs' founder, Do Kwon, situated in Serbia. Estimated at $2.2 million, the apartment is in the capital's elite district, populated by high-profile individuals like legislators, police officials, and entrepreneurs.

Two OpenSea users, Anthony Shnayderman and Itai Bronshtein, have withdrawn their lawsuit accusing the company of securities law violations. This decision came after the court permitted OpenSea's legal team to pursue arbitration.

On October 9, 2024, SEC Chairman Gary Gensler spoke at an event at the New York University School of Law in Manhattan. Once again, he took the opportunity to lay out the familiar crypto concerns that the SEC, under his leadership, has been raising for years.

Tether, TRON, and TRM Labs established the T3 Financial Crime Unit (T3 FCU)—a collaborative initiative aimed at fighting financial crimes within the cryptocurrency sector. This is a pioneering move where private companies united to assist law enforcement agencies.

Blake Benthall asserts that the U.S. government needs to collaborate more closely with cryptocurrency companies to create effective regulations and ensure compliance with the law. He believes that some officials advocate for strict measures due to their misunderstanding of new technologies.

HectorDAO has filed for Chapter 15 bankruptcy in the U.S. Interpath Advisory, a firm specializing in insolvency cases, has pinpointed three primary causes for this outcome: the collapse of the Terra ecosystem, a breach in the Multichain protocol, and a subsequent theft from HectorDAO's treasury.

Chinese law enforcement has initiated its first criminal case related to the launch of cryptocurrency tokens, accusing student Yang Qichao of creating fake digital assets. Although the case resembles a common Rug Pull scam, he was charged under a different count due to legal ambiguities.

UK prosecutors have charged a group of individuals with the kidnapping of Chinese businessman Dylan Huang. Law enforcement reports reveal that the criminals sought a ransom of $15 million in BTC, while subjecting him to threats, physical assault, and confinement for over 30 hours.

Law enforcement repeatedly demanded that Google provide detailed information about viewers of specific YouTube videos. The requests sought addresses, phone numbers, IP addresses, and other private details of users.

Tether, the issuer of the USDT stablecoin, has again provided assistance to US law enforcement by helping to recover about 1.4 million USDT stolen by fraudsters masquerading as technical support. Tether has announced that all recovered funds will be returned to the victims and that the company will maintain its voluntary cooperation with government authorities.

Ladan Stewart, the leader of the SEC's crypto unit, has transitioned from the agency to join the law firm White & Case, Bloomberg reports. In her new role, she will spearhead the development of crypto and cybersecurity practices.