?? DOJ Charges Epoch Times Exec with Laundering $67M Using Cryptocurrency

The US Department of Justice (DoJ) indicted Bill Guan, the chief financial officer of Epoch Times, on Tuesday. The DOJ alleges that Guan was involved in an international scheme to launder around $67 million of illicit funds using cryptocurrency. From 2020 to May 2024, Bill Guan engaged in a large-scale international money laundering scheme, collaborating with others to launder approximately $67 million of illegal funds into the bank accounts of his media company and its related entities, according to the official press release by DOJ.

? Crypto custodian Bakkt is considering a potential sale or break up: report

Crypto custodian and trading firm Bakkt is considering a potential sale or break up amid numerous strategic options, Bloomberg reports, citing people familiar with the matter. The firm is fresh off a partnership with the crypto trade execution platform Crossover Markets to create a forthcoming crypto-focused electronic communication network called BakktX, Bakkt announced on Thursday.

? BitMEX offers 200x leverage for ether perpetuals ahead of anticipated US spot ETFs

The Seychelles-based crypto derivatives exchange announced on Wednesday that it will increase the maximum leverage of its ether perpetuals product to 200x. The leverage boost comes in the wake of the recent U.S. Securities and Exchange Commission (SEC) regulatory approval of spot ether ETFs, which has heightened market volatility.

?? Japanese Crypto Exchange DMM Bitcoin Hacked: $305M Worth Bitcoin Drained

Japanese cryptocurrency trading platform – DMM Bitcoin – fell victim to a hack resulting in a massive loss of Bitcoin worth around $305 million on May 31st. The exchange confirmed the attack and revealed that 4,502.9 bitcoins were drained from their systems. DMM Bitcoin has not provided additional details regarding the breach but stated that it is conducting an investigation and has implemented measures to avoid a recurrence of such an attack.

?? EU elections could hint at future direction for crypto regulations, Bitfinex analyst says

The European Union Parliamentary Elections, taking place next week, could provide further clues on how crypto will be regulated in that market, according to Bitfinex Head of Derivatives Jag Kooner. "A right-wing shift could lead to stricter crypto controls, while a pro-crypto outcome might accelerate supportive regulations like MiCA," Kooner told The Block.

?? Metaplanet to invest additional ¥250 million in Bitcoin amid staggering stock growth

Japan-based Metaplanet has announced plans to purchase an additional ¥250 million (approximately $1.6 million) worth of Bitcoin. The move has been approved by the company’s board and continues Metaplanet’s aggressive Bitcoin acquisition strategy. Once this purchase is completed, Metaplanet’s Bitcoin holdings will increase significantly from its current 117.72 BTC — valued at ¥1.2 billion ($7.7 million).

?? Venezuela bans crypto mining to protect power grid

The Venezuelan government has joined the list of countries that have frowned on crypto mining due to its hefty electricity demands. According to a local news outlet, Venezuela’s Ministry of Electric Power has unveiled plans to disconnect cryptocurrency mining farms from the national grid. The move aims to regulate excessive energy consumption and guarantee a stable power supply for the population.

?? US lawmakers vote in favor of repealing controversial SEC accounting rules for crypto

The US Senate voted in favor of repealing the SEC’s Staff Bulletin 121 (SAB 121) on May 16. In all, 60 Senators voted in favor of HJ Res. 109, a resolution to overturn the bulletin, while 38 Senators voted against it. The results show bipartisan support for reversing the SEC rule. Of the 60 Senators who voted in favor of the resolution, 11 were Democrats, 48 were Republicans, and one was independent.

?? Crypto prime brokerage firm Falcon Labs settles with CFTC over registration violation

Crypto prime brokerage firm Falcon Labs, Ltd. settled with the U.S. Commodity Futures Trading Commission after the agency said it should have been registered, marking the first case of its kind. The CFTC issued an order against the Seychelles-based firm and subsequently settled, according to a statement released on Monday. The agency said Falcon Labs was an "intermediary facilitating its customers’ trading on various digital asset exchanges." .

?? Crypto Custody Tech Firm Fireblocks Seeks New York-Regulated Trust Company

Cryptocurrency safekeeping specialist Fireblocks plans to establish a limited-purpose trust company under the purview of the New York Department of Financial Services (NYDFS). The New York-based company is also creating a network of licensed custodians, the Global Custodian Partner Program, which will launch this quarter with an initial group of companies based in the U.S., the United Arab Emirates, Britain, Singapore, Thailand and Australia.

?? Mark Cuban slams SEC's Gary Gensler, says 'crypto voters will be heard' in the 2024 election

Billionaire Mark Cuban responded to former 2024 Republican presidential candidate Donald Trump's courting of crypto in a Friday social media post, claiming that crypto will play a large role in the 2024 election. "If Joe Biden loses, there is a good chance you will be able to thank Gary Gensler and the SEC," Cuban wrote on the social media platform X. "Crypto is a mainstay with younger and independent voters.".

? DWF Labs denies report that it did $300 million of wash trading on Binance last year

Crypto trading and market-making firm DWF Labs denied reports that it engaged in $300 million of wash trading on Binance in 2023. "It has come to our attention that a recent article contains many allegations that we believe to be unfounded and that do not accurately represent our ethical business practices," DWF Labs said in its Telegram channel.

?? Biden Admin To Kill Republican Bill Letting U.S. Banks Custody Crypto

A Republican-led effort to free American banks to provide crypto custody services has been shut down by the Democrat-led White House. On Wednesday, the House of Representatives discussed and prepared to vote on House Resolution 109 (H.J. Res. 109), which would strike down prior accounting guidance from regulators to banks planning to offer the service to customers.