Ripple Ordered to Disclose Financials; BTC ETFs Impact Miners; Fake IDs Evade Crypto KYC Checks
Summary:
A U.S. federal judge has ruled that Ripple must disclose its financial statements to the SEC as part of an ongoing investigation. Bitcoin spot ETFs impacted Bitcoin miners' holdings, leading to a transfer of over $1 billion in Bitcoin to exchanges within two days of trading. Furthermore, a new service, OnlyFake, is producing counterfeit identity documents that claim to bypass crypto exchange KYC checks.
A U.S. federal judge has mandated Ripple to reveal its financial statements to the Securities and Exchange Commission (SEC). Concurrently, Bitcoin spot exchange-traded funds (ETFs) have impacted the Bitcoin holdings of miners, leading to a transfer of over $1 billion worth of Bitcoin from their wallets to exchanges within two days of trading. Also, a new enterprise has begun generating counterfeit identity documents allegedly competent at evading crypto exchange KYC procedures.
The SEC demanded Ripple's financial documents as a part of its ongoing scrutiny of the blockchain corporation. As per a filing on February 5 in the U.S. District Court for the Southern District of New York, Magistrate Judge Sarah Netburn granted the SEC’s request for Ripple to provide financial statements and contracts related to 'institutional sales' for the years 2022 and 2023. The court has called for Ripple's response, noting the SEC's argument that this information could assist the court's decisions.
The lawsuit initiated by the SEC against Ripple, its CEO Brad Garlinghouse and chairman Chris Larsen in December 2020 alleged unregistered securities sales. A judge granted a summary judgment in Ripple's favor in July 2023 but didn't dismiss the case against Ripple itself.
Bitcoin ETFs led to extraordinary outflows from miners' Bitcoin reserves following their U.S. launch. Over $1 billion of Bitcoin moved from miners' wallets to exchanges during the first 48 hours of trading, according to Bitfinex Alpha's market report, causing a six-year high in miner outflows. Bitcoin miners’ reserves have dropped to their lowest point since June 2021.
A new platform, 'OnlyFake', claims to use artificial intelligence methods to generate realistic counterfeit driving licenses and passports that supposedly succeed in passing KYC checks on multiple crypto exchanges. The fake IDs, generated for 26 countries and sold for $15 each, are paid for via cryptocurrencies. By using these fakes to open exchange and bank accounts, crypto fraudsters and hackers could protect their real identities and complicate tracking attempts.
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Published At
2/6/2024 10:15:01 PM
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