Newsletter: Three major crypto schemes in a single week underscore how aggressively Trump is leveraging the presidency for illegal personal gain. This blatant corruption has sparked Democratic outcry, blockage of a crypto bill, and a Senate PSI inquiry.
crypto
Alex Mashinsky has been sentenced to twelve years in prison for his Celsius fraud, which culminated in the mid-2022 collapse of his US-based cryptocurrency lending firm with customers suffering losses of more than half a billion dollars.
The GENIUS Act stablecoin bill has stalled in the Senate with key Democrats — including some of its early co-sponsors — voting against it. Democratic opposition increased after Trump’s World Liberty Financial cryptocurrency platform released its own stablecoin, allowing the president to profit from transactions including a $2 billion deal between the Emirati state-owned investment firm MGX and the Binance crypto platform.
Edited 42d ago
In our magazine, from Candice Bernd: Texas is the national epicenter of #Bitcoin mining, with only about 24 total mines operating outside the state’s borders. Approximately 40 mines are operating in the state, together consuming about 3,200 MWs, enough to power 800,000 homes. https://www.texasobserver.org/the-crypto-racket/
Copublished with our friends at The Nation.
#Texas #politics #energy #ClimateChange #pollution #environment #OilAndGas #crypto #news
Edited 45d ago
Newsletter: Crypto traders are spending millions of dollars on TRUMP memecoins to buy access to the president at an upcoming private dinner, exacerbating existing ethics concerns. 73% of the attendees are likely not American, only adding further concerns over foreign influence.
https://www.citationneeded.news/trump-memecoin-dinner-guests/
A trader bought 6,000 $TRUMP on April 21, two days before the announcement that top holders would be invited to dinner with the president. They sold it a few hours after the announcement two days later caused the token price to go up, earning $33k on the trade. Impressive timing!
Prosecutors have requested Alex Mashinsky, CEO of the collapsed Celsius cryptocurrency company, be sentenced to at least twenty years in prison for his "sustained, calculated campaign of deceit carried out over years, targeting ordinary people."
https://www.courtlistener.com/docket/67604619/144/united-states-v-mashinsky/
Newsletter: As Celsius victims detail their devastation even under the weak crypto regulations of the past, the Trump administration continues to dismantle those same rules while he pumps his personal memecoin with promises of private access.
The May/June 2025 issue of Texas Observer magazine will be out starting May 1, featuring stories from Candice Bernd, Michelle Pitcher, Brant Deboer and more.
Become a member to support our work, and get the best of our reporting in our magazine.
#journalism #nonprofit #media #Texas #politics #USpol #news #bitcoin #crypto #pollution #refugees #CriminalJustice #DeathPenalty
Edited 58d ago
Someone just spent $8 million on $TRUMP memecoins after the president announced that the top holders would be invited to join him at a private dinner at his DC golf club.
The purchases were funded by a Binance account, suggesting the wallet owner is not based in the US.
FBI: Americans aged 60 and older reported losing almost $3 billion to crypto fraud last year. In total, Americans reported being scammed out of around $9.3 billion via crypto, out of a total $16.6 billion in total reported Internet crime losses that year.
Edited 57d ago
Prosecutors have just submitted over 200 victim impact statements in advance of Alex Mashinsky's sentencing in the Celsius fraud case. I've purchased them on PACER to make them freely available on CourtListener: https://www.courtlistener.com/docket/67604619/united-states-v-mashinsky/?filed_after=&filed_before=&entry_gte=&entry_lte=&order_by=desc#entry-140
![Hello,
Tanya.Trakht@ag.ny.gov
[EXTERNAL] Victim Impact Statement - Brandon Lawrence
I was encouraged to share my experience and aspirations, a tale that morphed into a harrowing ordeal. It's a burden I bear to this day, and I'm convinced Alex Mashinsky remains indifferent to the impact of his actions. From the outset, it seemed his maneuvers were concealed behind multiple LLCs and obscured within the minutiae of terms and conditions. It's clear to me that Alex Mashinsky was aware of his actions. He took risks like a gambler, using our funds as his stake, and ultimately, he lost.
I had secured a margin loan exceeding $60,000 for a single Bitcoin, which I was obligated to repay. Subsequently, Celsius initiated a bankruptcy filing when Bitcoin's value plummeted, diminishing my claim to merely a quarter of its worth. It was a devastating blow, especially after dedicating nearly all of my earnings for two years to overcome this oppressive loan that was meant to secure my family's financial legacy. Instead, it has become an albatross, a heavy burden on my spirit.
In my younger days, I acquired fragments of another Bitcoin valued at about $10,000. That too was taken. Now, what remains with me? Barely half a Bitcoin from the original two. I'm left to contend with the disdain of my peers who view me as a wastrel, a failure, and my reputation has been sullied. The very essence of cryptocurrency, along with my ambitions and dreams, has been tarnished. I'm saddled with a mountain of debt](/proxy/post_attachment/483529/9a3912a814.png "Hello,
Tanya.Trakht@ag.ny.gov
[EXTERNAL] Victim Impact Statement - Brandon Lawrence
I was encouraged to share my experience and aspirations, a tale that morphed into a harrowing ordeal. It's a burden I bear to this day, and I'm convinced Alex Mashinsky remains indifferent to the impact of his actions. From the outset, it seemed his maneuvers were concealed behind multiple LLCs and obscured within the minutiae of terms and conditions. It's clear to me that Alex Mashinsky was aware of his actions. He took risks like a gambler, using our funds as his stake, and ultimately, he lost.
I had secured a margin loan exceeding $60,000 for a single Bitcoin, which I was obligated to repay. Subsequently, Celsius initiated a bankruptcy filing when Bitcoin's value plummeted, diminishing my claim to merely a quarter of its worth. It was a devastating blow, especially after dedicating nearly all of my earnings for two years to overcome this oppressive loan that was meant to secure my family's financial legacy. Instead, it has become an albatross, a heavy burden on my spirit.
In my younger days, I acquired fragments of another Bitcoin valued at about $10,000. That too was taken. Now, what remains with me? Barely half a Bitcoin from the original two. I'm left to contend with the disdain of my peers who view me as a wastrel, a failure, and my reputation has been sullied. The very essence of cryptocurrency, along with my ambitions and dreams, has been tarnished. I'm saddled with a mountain of debt")
The House Financial Services Republicans and the White House (now deleted) tagged either a hacked or fake account in their announcements that Paul Atkins was sworn in as SEC Chair. The "Atkins" account immediately started asking for crypto.
Yuga Labs is looking to obtain a court order to seize possession of four crypto wallets from Jeremy Cahen, co-defendant in the Yuga v. Ryder Ripps case where Yuga won a nearly $9 million judgment.
Yuga has previously tried to collect the judgment via levies on Cahen’s various banks, as well as Robinhood, Gemini, Crypto.com, Coinbase, and Binance.
They claim that these four wallets contain almost $400,000 in crypto assets Cahen moved out of his Gemini account while Yuga was attempting to collect.
“This transfer occurred before Gemini froze his accounts, showing a deliberate and calculated move to shield his assets from the Final Judgment. Cahen’s actions here are not those of an individual passively awaiting the collection process but rather an intentional effort to evade payment at all costs.”
They also claim that “Cahen has made a mockery of this Court’s Final Judgement by refusing to pay any portion of the judgment or comply with any post-judgment discovery.” (Cahen has argued that he need not comply while an appeal is pending.)
Yuga argues, citing his various Twitter accounts, that Cahen “regularly flouts [sic] his supposed wealth by sitting courtside at Los Angeles Clippers games”.
It’s not clear when he made this tweet, though. In February he was listed among the 10 Most Wanted in Puerto Rico on assault charges, and so likely wasn’t attending many Clippers games. (He has since been removed from this list, though it’s unclear if the charges were resolved.)
https://www.courtlistener.com/docket/63458882/514/1/yuga-labs-inc-v-ripps/
Edited 58d ago
My principles for successful entrepreneurship encompass the following: prioritize the development of products and services that address genuine market demands, maintain relentless perseverance in the face of adversity, cultivate a collaborative environment by distancing from toxic influences, rigorously challenge prevailing assumptions, continuously seek innovative insights, and incentivize high performance and ambition within the team. #finance #entrepreneur #investment #bitcoin #crypto
Newsletter: Inside the Trump family’s sprawling crypto empire — from memecoins to mining — and how Trump is using presidential power to dismantle the regulators who could stop it.
Zero Edge crypto casino founder Richard Kim has been charged with wire fraud and securities fraud after soliciting investments for his crypto casino and then gambling them away. He was arrested and released on bond.
https://www.courtlistener.com/docket/69903482/united-states-v-kim/
why using nothing but our oceans, is better than using fossil fuels.
https://medium.com/@acefujiwara/776b7da82b44
#crypto #bitcoin #blockchain #finance #money #energy #hydrogen #gas #technology #innovation
Excellent!
A Norwegian court has determined that crypto mining is not "industry", and therefore can be excluded in local zoning plans for industry.
Municipalities in Norway want to exclude them because of the huge energy demands and very few jobs created.
This is a good decision. These data centres are a massive waste of energy and resources.
#Crypto #Miming #Energy #Law #Norway
https://rett24.no/articles/staten-vant-ankesak-om-reguleringsplan--kryptoutvinning-er-ikke-industri
Newsletter: Trump continues to dismantle crypto enforcement while expanding his personal crypto empire.
Most recently, Trump has called the DOJ off cryptocurrency enforcement and dismantled the agency's crypto enforcement team.
Crypto lobby: “Sure, Trump nixed the Crypto Enforcement Team, directed Major Fraud prosecutors to stop prosecuting crypto cases, and is trying to exempt crypto platforms from the BSA, but they wrote right here that they care about stopping crypto crime!”
Trump has directed the Department of Justice to stop pursuing crypto fraud, dismantling the National Cryptocurrency Enforcement Team and ordering the Market Integrity and Major Frauds Unit to cease cryptocurrency enforcement.
We're hiring! The Java Platform Group is responsible for developing the JDK. Most work is in open source (OpenJDK). This opening is for the Java Security Libraries team. It can be on-site or remote.
#Crypto approaches its final form
Newsletter: As the US government lays a very favorable groundwork for the crypto industry, Trump positions himself for maximum personal profits. Meanwhile crypto companies write their own rules, and an adviser mulls swapping US gold reserves for bitcoin.