The Kraken, Mad As Hell
Business

Crypto exchange Kraken cops $8m fine for unlawful credit with ‘margin extension’ that cost more than 1000 customers millions in losses

- December 12, 2024 2 MIN READ

The company running the Kraken crypto exchange in Australia has been handed an $8 million penalty by the Federal Court for unlawfully issuing a credit facility to more than 1100 customers. The fine follows legal action by the corporate regulator ASIC against Bit Trade Pty Ltd, launched in September last year, over its ‘margin extension’… Read more »

bitcoin
Business

Ex-CEO of failed crypto exchange Mine Digital charged with fraud over $2.2 million in missing bitcoin

- October 22, 2024 2 MIN READ

The former CEO of the company behind defunct Queensland digital asset exchange Mine Digital has been charged with criminal fraud in the wake of an investigation by corporate regulator the Australian Securities and Investment Commission (ASIC). Grant Colthup, who was CEO of ACCE Australia Pty Ltd, appeared in Ipswich Magistrates Court on Monday charged with… Read more »

Caroline Ellison
Cryptocurrency

Caroline Ellison, who ran the FTX founder Sam Bankman-Fried’s trading firm, handed 2-year sentence over the crypto fraud

- October 1, 2024 3 MIN READ

 Caroline Ellison, the ex-girlfriend of crypto fraudster Sam Bankman-Fried who turned star witness against him, has been sentenced to two years in prison over her role in the $16 billion FTX cryptocurrency scam. Ellison was the CEO of Alameda Research, the trading branch of Bankman-Fried’s cryptocurrency exchange FTX. Alameda was found to have taken funds… Read more »

Business

Corporate regular ASIC wins its compliance fight with crypto exchange Kraken

- August 23, 2024 3 MIN READ

A margin trading product offered by cryptocurrency exchange Kraken failed to meet its legal obligations under Australia’s Corporations Act, a Federal Court judge has ruled. The judgment hands a rare win to corporate regulator the Australian Securities and Investment Commission (ASIC) amid an ongoing focus on regulatory compliance in the crypto sector. Justice John Nicholas… Read more »

Cryptocurrency

Cryptocurrency has a massive carbon emissions problem – and green alternatives have their own risks

- June 7, 2024 3 MIN READ

As the urgency of climate change ramps up, focus is increasing on digital currencies to address their environmental impact. According to industry forecasts, the global cryptocurrency market is expected to surge to US$4.94 billion by 2030. But the process of mining digital currencies such as Bitcoin requires immense computational power – causing a significant drain… Read more »

Bitcoin
Cryptocurrency

Bitcoin BS: UK judge says Craig Wright, the Australian who claims to be the cryptocurrency’s inventor lied ‘extensively and repeatedly’

- May 23, 2024 3 MIN READ

A UK judge has ruled Australian businessman Craig Wright forged documents and lied repeatedly to support his long-running claim of being Satoshi Nakamoto, the inventor of Bitcoin. Wright has notoriously professed the pseudonymous title under a years-long claim of having created leading cryptocurrency Bitcoin – fuelling tenuous conflicts among the crypto community as he launched lawsuit after… Read more »

Binance
Cryptocurrency

US regulators launch legal action against crypto giant Binance alleging they broke US money laundering laws

- March 28, 2023 2 MIN READ

The US Commodity Futures Trading Commission (CFTC) has launched a suit against the world’s biggest cryptocurrency exchange Binance, claiming the company was deliberately skirting local regulation and knowingly facilitated the illicit flow of money. In a complaint against Binance, its founder Changpeng Zhao, and chief compliance officer Samuel Lim, the CFTC alleged the Binance team… Read more »

dogecoin, cryptocurrency
Cryptocurrency

The RBA is gearing up for its digital currency trial – but still can’t see the point

- December 19, 2022 2 MIN READ

The Reserve Bank of Australia (RBA) remains sceptical about the need to introduce a fully digital dollar as it looks to begin an eAUD trial early next year. In a speech to a banking conference last week, Assistant RBA Governor Brad Jones said it remained unclear exactly what purpose a central bank digital currency (CBDC)… Read more »

Cryptocurrency

How FTX Australia got away with claiming it was ‘ASIC-licenced’

- December 14, 2022 3 MIN READ

When cryptocurrency exchange FTX Group collapsed in the Bahamas last month, its local subsidiaries FTX Australia Pty Ltd and FTX Express Pty Ltd fell over too. The Australian companies were placed into administration on November 11 and within days the Australian Securities and Investments Commission (ASIC) had suspended the Australian financial service licence FTX Australia… Read more »

Cryptocurrency

‘I thought crypto exchanges were safe’: the lessons from FTX’s collapse

- December 12, 2022 4 MIN READ

Anthony* (a friend) called a few weeks ago, deeply worried. A deputy principal of a high school in Queensland, over the past year he spent hundreds of thousands of dollars buying cryptocurrencies, borrowing money using his home as equity. But now all his assets, valued at A$600,000, were stuck in an account he couldn’t access.… Read more »

Digital Surge cofounders Dan Rutter and Josh Lehman
Cryptocurrency

Brisbane fintech Digital Surge is the latest cryptocurrency exchange in voluntary administration

- December 9, 2022 3 MIN READ

Brisbane fintech Digital Surge is the latest cryptocurrency exchange to be placed in voluntary administration in the wake of the collapse of US exchange. Scott Langdon, John Mouawad and David Johnstone from KordaMentha Restructuring were appointed voluntary administrators on Thursday, after the fintech’s directors made the decision to put the business in VA on Wednesday.… Read more »

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