On January 16th, according to documents from the Southern District Court of New York, Sun Yuchen's legal team postponed the upcoming fraud and market manipulation trial (the third postponement so far) and restored the previously dissolved Singapore TRON Foundation. The initial lawsuit filed by the US Securities and Exchange Commission (SEC) in March of last year alleged that DeAndre Cortez Way (also known as SouljaBoy), Austin Mahone, and Sun Yuchen may have manipulated TRON and BTT tokens. Cortez Way defaulted, Mahone reached a settlement in August 2023. Sun Yuchen did not respond until a week after the absent judgment against Mahone, admitting that he would fight against the SEC.
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Justin Sun restarts TRON foundation before trial in US court
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Thai regulator to crack down on deceptive cryptocurrency ads
Cryptocurrency advertisements that contain false, exaggerated, distorted, concealed, or misleading information violate Thai regulations. Regulatory agencies in major cryptocurrency markets have also taken similar measures to minimize investment losses in cryptocurrencies. For example, the UK Financial Conduct Authority (FCA) issued 450 illegal cryptocurrency advertising alerts in 2023 alone. In addition, in November 2023, the Spanish National Securities Market Commission, the main securities market regulatory agency, condemned fraudulent cryptocurrency asset promotion activities on X and reiterated the company's obligation to comply with local laws. The Thai Securities and Exchange Commission reminded cryptocurrency exchanges to include appropriate warnings about investment risks and to avoid attracting new users through special promotions. He warned that violating the above guidelines would result in "legal punishment". -
Russia to impose cryptocurrency restrictions, exempting miners and central bank projects
Russia will implement cryptocurrency restrictions, exempting miners and central bank projects. Starting from September 1st, Russia will impose strict restrictions on the circulation of cryptocurrencies such as Bitcoin, only allowing the issuance of digital financial assets within its jurisdiction. Anatoly Aksakov, Chairman of the Financial Market Committee of the State Duma, led this initiative. This is part of a wider government effort to control the cryptocurrency ecosystem in the face of escalating geopolitical tensions. Aksakov stated that the upcoming legislation aims to restrict non-Russian cryptocurrency transactions to strengthen the dominance of the ruble. Meanwhile, recent reports indicate that Russian entities have used cryptocurrencies, particularly Tether's USDT, to purchase key components for military technology. -
EU member states prepare to enforce landmark crypto law, MiCA
The European Union is set to enforce MiCA, a crypto law that mandates national regulators to license and supervise service providers. While the regulation is EU-wide, countries can implement slightly different technical standards that crypto firms must adhere to. MiCA's specialized rules for stablecoin issuers will take effect in a few months, followed by licensing and other requirements for crypto firms broadly in December. Each jurisdiction must transpose the EU regulation into local law, select which of their regulators will oversee crypto, and prepare to authorize token issuers and other service providers. Regulators are facing challenges in implementing the new legislation, particularly in terms of licensing requirements, and each country's crypto industry has its own concerns about implementation and proposed laws. -
South Korea to formally establish an investigation unit focused on digital asset crimes
The South Korean Ministry of Justice and the Ministry of Interior and Safety will begin discussions in early May to elevate the Joint Investigation Team for Virtual Asset Crimes to an official department. The purpose of this promotion is to solidify the department's position, as it currently operates as a temporary organization under the Seoul Southern District Prosecutor's Office and may be dissolved. The change is expected to improve efficiency through the appointment of new prosecutors and budget allocation, according to Sae-ki. The department is composed of about 30 experts from seven financial and tax regulatory agencies and was established in July 2023 as South Korea's first investigative agency focused on digital asset crimes. -
Hong Kong virtual asset spot ETF debuts today
Today, six virtual asset spot ETFs were launched online in Hong Kong. The six virtual asset spot ETFs issued this time are from Huaxia (Hong Kong), Boshi International, and Jiashi International. The three institutions have certain differences in product fees, trading, issuance, and virtual asset platforms. -
Australian Stock Exchange Expects to Approve Spot Bitcoin ETF by the End of 2024
According to a source who wishes to remain anonymous, Australia will follow in the footsteps of the United States and Hong Kong by launching a Bitcoin ETF. ASX Ltd., which handles about 80% of the country's stock trading, is expected to approve the first batch of spot Bitcoin ETFs on the main board by the end of 2024. A spokesperson for BetaShares, headquartered in Sydney, said in an interview that they are working to launch a product on the Australian Securities Exchange. Another local company, DigitalX Ltd., stated in its half-year results in February that it has applied. Justin Arzadon, the head of BetaShares' digital assets, said that the inflow of funds from the United States proves that digital assets will continue to exist. Arzadon added that the company has reserved ASX stock codes for spot Bitcoin and spot Ethereum ETFs. -
Justin Sun has deposited 166 million USDT to Binance in the past 7 hours
According to on-chain analyst @ai_9684xtpa, in the past 7 hours, Sun Yuchen has accumulated a total of 166 million USDT deposited into Binance. -
Justin Sun redeemed 85.53 million USDT from JustLend 4 hours ago and immediately transferred it to Binance
As monitored by on-chain analyst Yu Jin, 4 hours ago, Sun Yuchen's Tron address (TXN...752) redeemed 85.53 million USDT from JustLend and immediately transferred it to Binance. -
Suspected Justin Sun address purchased more than 150,000 ETH in 12 days, worth US$430 million
Lookonchain monitoring data shows that 10 minutes ago, a wallet suspected to belong to Sun Yuchen purchased 18,616 ETH (worth $54.57 million) from Binance again. This wallet has purchased 151,196 ETH worth $435.3 million from Binance and DEX at a cost of $2,879 in less than 12 days.
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