{"id":627724,"date":"2023-04-10T16:57:01","date_gmt":"2023-04-10T21:57:01","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/10\/today-in-crypto-do-kwon-converted-millions-in-illicit-funds-to-btc-robinhood-to-pay-10-2m-in-penalties-mt-gox-creditors-repayment-window-now-open\/"},"modified":"2023-04-10T16:57:01","modified_gmt":"2023-04-10T21:57:01","slug":"today-in-crypto-do-kwon-converted-millions-in-illicit-funds-to-btc-robinhood-to-pay-10-2m-in-penalties-mt-gox-creditors-repayment-window-now-open","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/10\/today-in-crypto-do-kwon-converted-millions-in-illicit-funds-to-btc-robinhood-to-pay-10-2m-in-penalties-mt-gox-creditors-repayment-window-now-open\/","title":{"rendered":"Today in Crypto: Do Kwon Converted Millions in Illicit Funds to BTC, Robinhood to Pay $10.2M in Penalties, Mt Gox Creditors Repayment Window Now Open"},"content":{"rendered":"<div>\n            <main><\/p>\n<div>\n<div>\n<p><a href=\"http:\/\/cryptonews.com\/editors\/sead-fadilpasic\/\"><\/p>\n<p>             <img decoding=\"async\" alt=\"Sead Fadilpa\u0161i\u0107\" loading=\"auto\"  src=\"https:\/\/v2.cimg.co\/authors\/12\/5a65ab71dd90c.jpg\" width=\"900\"><br \/>\n    <\/a><\/p>\n<\/div>\n<div>\n<div>\n<p><time datetime=\"2023-04-07T15:00:00+00:00\"><br \/>\n                                            Apr 7, 2023 8:00 AM EDT<br \/>\n                                        <\/time><br \/>\n                                                                        \u00b7 3 min read<\/p>\n<\/p><\/div>\n<div>\n<figure><img decoding=\"async\" src=\"https:\/\/v2.cimg.co\/news\/109828\/266133\/snapshot-media-library-or.jpg\" alt   width=\"1079\"><figcaption>Terra&#8217;s Co-Founder Do Kwon. Source: a video screenshot, Terra \/ Youtube\u00a0<\/figcaption><\/figure>\n<p><i>Get your daily, bite-sized digest of cryptoasset and blockchain-related news \u2013 investigating the stories flying under the radar of today\u2019s crypto news.<\/i><br \/>__________<\/p>\n<h2>Legal news<\/h2>\n<ul>\n<li><a href=\"https:\/\/cryptonews.com\/tags\/south-korea\/\">South Korean<\/a> prosecutors identified $314.2 million in illicit assets associated with <a href=\"https:\/\/cryptonews.com\/tags\/terra\/\"><strong>Terraform Labs<\/strong><\/a> co-founder Do Kwon and his associates, out of which $69 million is directly linked to Kwon. He, however, converted most of the illicit funds into <a href=\"https:\/\/cryptonews.com\/coins\/bitcoin\/\">Bitcoin<\/a> using overseas crypto exchanges, KBS <a href=\"https:\/\/news.kbs.co.kr\/mobile\/news\/view.do?ncd=7645579\" target=\"_blank\" rel=\"noopener\">reported<\/a>, so the assets tied to him are not recoverable or under South Korean jurisdiction.<\/li>\n<li>Major US online trading platform <a href=\"https:\/\/cryptonews.com\/tags\/robinhood\/\"><strong>Robinhood<\/strong><\/a> \u201cwill pay up to $10.2 million in penalties for operational and technical failures that harmed main street investors,\u201d the USA, <strong>California Department of Financial Protection and Innovation<\/strong> (DFPI) <a href=\"https:\/\/dfpi.ca.gov\/2023\/04\/06\/california-joins-multiple-states-in-10-million-settlement-with-robinhood-for-failing-investors\/\" target=\"_blank\" rel=\"noopener\">announced<\/a>. The DFPI joined the multi-state settlement that followed a <strong>North American Securities Administrators Association<\/strong> (NASAA) investigation into the platform outages in March 2020.<\/li>\n<li>The deadline for <a href=\"https:\/\/cryptonews.com\/tags\/mt-gox\/\"><strong>Mt Gox<\/strong><\/a> creditors to provide their repayment information has passed, opening the window for repayments to be made, <a href=\"https:\/\/www.mtgox.com\/img\/pdf\/20230407_announcement_en.pdf\" target=\"_blank\" rel=\"noopener\">according<\/a> to an April 7 letter from the exchange Trustee. The Trustee will carry out the necessary preparations to make the repayments, coordinating with several financial institutions, including crypto exchanges, which will receive and distribute the payments to creditors. \u201cIn light of this, it is expected to take some time before the repayment is commenced,\u201d it said.<\/li>\n<\/ul>\n<h2>Politics news<\/h2>\n<ul>\n<li>A candidate for <a href=\"https:\/\/cryptonews.com\/tags\/thailand\/\">Thailand<\/a>\u2019s prime minister position, Srettha Thavisin, promised every citizen 10,000 Thai Baht ($300) in digital currency if his party forms a government following a general election in May. <a href=\"https:\/\/www.bangkokpost.com\/thailand\/politics\/2544674\/cash-handouts-spark-concern\" target=\"_blank\" rel=\"noopener\">According<\/a> to the Bangkok Post, the real estate mogul promised a basic-income style economic stimulus package via \u201cdigital currency\u201d should the Pheu Thai party win the election.<\/li>\n<\/ul>\n<h2>DeFi news<\/h2>\n<ul>\n<li><strong>ZkSync<\/strong>, a ZK-Rollup Layer 2 scaling solution developed by <strong>Matter Labs<\/strong>, <a href=\"https:\/\/twitter.com\/zksync\/status\/1644139366707523584\" target=\"_blank\" rel=\"noopener\">said<\/a> that it found \u201can elegant solution\u201d to unlock the frozen contract, referring to the <a href=\"https:\/\/cryptonews.com\/coins\/ethereum\/\">ETH<\/a> 921 stuck in a smart contract used by a team called <strong>Gemholic<\/strong> on its Era network, after this team reached out for support. \u201cIt will require minimal changes in the gas metering of the protocol, but will allow for full recovery of the funds,\u201d said ZkSync, adding that the funds are safe.<\/li>\n<\/ul>\n<h2>Security news<\/h2>\n<ul>\n<li>Crypto security firm <a href=\"https:\/\/cryptonews.com\/tags\/certik\/\"><strong>CertiK<\/strong><\/a> <a href=\"https:\/\/twitter.com\/CertiK\/status\/1644037962047401984\" target=\"_blank\" rel=\"noopener\">found<\/a> that malicious actors drained $320,332,058 of value from <a href=\"https:\/\/cryptonews.com\/tags\/web3\/\">Web3<\/a> protocols in the first quarter of this year. <a href=\"https:\/\/indd.adobe.com\/view\/a14558a9-01a4-483a-8a3f-a7a90846c673\" target=\"_blank\" rel=\"noopener\">Per<\/a> its FY23 Q1 Hack3d report, this represents over a third of the $950 million lost in Q4 last year, and a quarter of $1.3 billion lost in Q1 2022. The $197m-heavy <a href=\"https:\/\/cryptonews.com\/tags\/euler-finance\/\"><strong>Euler Finance<\/strong><\/a> exploit alone represented over 60% of the value stolen in Q1 2023.<\/li>\n<li>A new <a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/DeFi-Risk-Full-Review.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a> by <strong>the United States Treasury Department<\/strong> \u201cexplores how illicit actors are abusing what is commonly referred to as decentralized finance (<a href=\"https:\/\/cryptonews.com\/tags\/defi\/\">DeFi<\/a>) services as well as vulnerabilities unique to DeFi services.\u201d It found that bad actors \u2013 including ransomware cybercriminals, thieves, scammers, and <a href=\"https:\/\/cryptonews.com\/tags\/north-korea\/\">North Korean<\/a> hackers \u2013 are using DeFi services in the process of transferring and laundering the illicit proceeds, exploiting vulnerabilities in the <a href=\"https:\/\/cryptonews.com\/tags\/usa\/\">US<\/a> and foreign AML\/CFT regulatory, supervisory, and enforcement regimes, as well as the technology underpinning DeFi services. \u201cIn particular, this assessment finds that the most significant current illicit finance risk in this domain is from DeFi services that are not compliant with existing AML\/CFT obligations,\u201d it said.<\/li>\n<\/ul>\n<h2>Mining news<\/h2>\n<ul>\n<li>Crypto-mining firm <strong>Foundry<\/strong>, owned by embattled conglomerate <a href=\"https:\/\/cryptonews.com\/tags\/digital-currency-group\/\"><strong>Digital Currency Group<\/strong><\/a>, is going to start charging users a fee for its Bitcoin <a href=\"https:\/\/cryptonews.com\/tags\/mining\/\">mining<\/a> services. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-06\/dcg-s-bitcoin-mining-firm-foundry-to-stop-offering-free-services?leadSource=uverify%20wall\" target=\"_blank\" rel=\"noopener\">Per<\/a> Bloomberg, Foundry USA will begin levying a pool fee on members between April 19 and April 22, saying that it will be implementing tiered fees, according to a notice it circulated to clients on April 6. The pricing tiers for each quarter will be based on the previous quarter\u2019s average hashrate, it said.\u00a0<\/li>\n<\/ul><\/div>\n<hr><\/div>\n<\/p><\/div>\n<p>            <\/main><\/p>\n<div>\n<h3>Recommended<\/h3>\n<div>\n<h3>Latest news<\/h3>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/cryptonews.com\/news\/today-crypto-do-kwon-converted-millions-illicit-funds-btc-robinhood-pay-102m-penalties-mt-gox-creditors-repayment-window-now-open.htm\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Tama Mongold<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apr 7, 2023 8:00 AM EDT \u00b7 3 min read Terra&#8217;s Co-Founder Do Kwon. Source: a video screenshot, Terra \/ Youtube\u00a0Get your daily, bite-sized digest of cryptoasset and blockchain-related news \u2013 investigating the stories flying under the radar of today\u2019s crypto news.__________Legal newsSouth Korean prosecutors identified $314.2 million in illicit assets associated with Terraform Labs<\/p>\n","protected":false},"author":1,"featured_media":627725,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22791,695],"tags":[],"class_list":{"0":"post-627724","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto","8":"category-today"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/627724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=627724"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/627724\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/627725"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=627724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=627724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=627724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}