The US Justice Department’s recent disbanding of its crypto enforcement team, ostensibly due to a Trump administration order, has sparked widespread outrage and concern. The move, announced late one Monday night, raises serious questions about the government’s commitment to combating cryptocurrency fraud and the potential for rampant financial malfeasance.
This action immediately raises red flags. A dedicated team focused on crypto scams, a notoriously difficult area to police, has been effectively eliminated, leaving a gaping hole in efforts to protect consumers from potential exploitation. The timing is particularly troubling, occurring at a moment when cryptocurrency investment scams are proliferating, and individual investors are vulnerable to significant financial losses.… Continue reading
The launch of the $TRUMP memecoin resulted in significant profits for early investors, some allegedly based in China, who capitalized on its rapid price increase. Simultaneously, over 810,000 wallets incurred approximately $2 billion in losses following the coin’s subsequent crash. The Trump family and associates profited from substantial trading fees, totaling nearly $100 million, despite Trump’s claims of limited knowledge about the coin. This situation has prompted investigations into potential violations of ethics regulations and the Emolument Clause.
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Donald Trump’s newly launched cryptocurrency, $Trump, rapidly gained a market cap exceeding $6.5 billion before settling around $4.7 billion. The coin’s launch coincided with a pre-inauguration “Crypto Ball” and features Trump’s companies holding 80% of the tokens, raising concerns about potential conflicts of interest. Disclosures state the coin is non-political, despite Trump’s plans to prioritize cryptocurrency as president-elect. The significant holdings by Trump’s companies have fueled comparisons to “pump and dump” schemes.
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Caroline Ellison, former CEO of Alameda Research and a key figure in the FTX collapse, has begun serving her two-year prison sentence. Ellison, who cooperated extensively with prosecutors in the case against her former boyfriend and FTX founder Sam Bankman-Fried, pleaded guilty to charges related to the fraud that defrauded investors, lenders, and customers of billions of dollars. Though she could have faced decades in prison, Ellison’s cooperation led to a significantly reduced sentence, and she expressed deep remorse for her actions during her sentencing hearing. Ellison’s prison sentence marks a significant chapter in the unfolding saga of the FTX scandal, a case that exposed the vulnerabilities within the cryptocurrency industry and the potential for abuse by those in positions of power.
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Colorado Pastor Accused of Pocketing $1.3M in Crypto Scheme Says ‘Lord Told Us To’
When I first heard about the Colorado pastor who was accused of pocketing $1.3 million in a crypto scheme and claiming that the ‘Lord told us to’, I couldn’t help but feel a mix of disbelief, disappointment, and frustration. It is disheartening to see individuals using religion as a shield to justify their deceitful actions and personal enrichment.
In his video update to INDXcoin followers, the accused pastor, Eli Regalado, stated that the Lord brought this cryptocurrency to him and instructed him to take it to his people for a wealth transfer.… Continue reading
Matt Underwood 
John Q. Hosedrinker