Dutch prosecutors have filed for Knaken's bankruptcy liquidation, freezing funds belonging to approximately 30,000 users.
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Dutch prosecutors have filed for bankruptcy against cryptocurrency platform Knaken and seized its assets in a criminal investigation.
According to official reports, the Dutch Public Prosecutor's Office (OM) has filed for bankruptcy proceedings against the cryptocurrency exchange Knaken Cryptohandel B.V. and its subsidiary Stichting Knaken Payments with the Rotterdam court. OM stated that the Dutch Financial Markets Authority (AFM) had previously warned that the platform was illegally providing cryptocurrency exchange and custody services without the necessary licenses. Although the platform claims to have ceased operations and is undergoing liquidation, it has currently stopped making payments to customers. OM is concerned that the liquidation process lacks order and may harm investors' interests, hence the bankruptcy filing, aiming to appoint a liquidator to take over and protect creditors' funds. Furthermore, based on the AFM's report, the Dutch Fiscal Intelligence and Investigation Service (FIOD) has launched a parallel investigation into the platform's alleged criminal activities. Law enforcement conducted multiple searches on June 29, seizing relevant digital storage devices and freezing some of the company's assets; no arrests have been made so far.
Dutch Prosecutors Sell $2.5M of Crypto From Bankrupt Platform Knaken
The trustee says Knaken bought the coins in its own name, leaving customers with a euro claim against a company that has collapsed.
The Central Bank of Russia plans to implement a "cooling-off period" for cryptocurrency transactions, freezing funds for 48 hours after transfer.
PANews reported on July 3rd that, according to a report by Bits.media, Vladimir Chistyukhin, First Deputy Governor of the Central Bank of Russia, stated that the proposed cryptocurrency regulatory bill will establish a 48-hour "cooling-off period" for legitimate cryptocurrency transactions. This means that funds will be forcibly frozen for 48 hours after a transfer, limited to transfers between accounts only and excluding cryptocurrency brokerage services. This aims to protect non-professional investors from fraud. These provisions have been incorporated into the cryptocurrency market regulatory bill, which was originally scheduled to take effect on July 1st, but the second and third readings have been postponed, and it is expected to take effect on September 1st. Furthermore, Chistyukhin also stated that the Central Bank of Russia is discussing rules for Belarusian cryptocurrency companies to enter the Russian market.
Polish prosecutors charge suspect in Zondacrypto probe, seek pretrial detention
Polish prosecutors charged Romana Ż. with organized crime and misappropriation offenses involving $2.1 million in Zondacrypto user funds.
Vietnamese police reported on the ONUS cryptocurrency case, seizing over 350 kilograms of gold and silver and freezing eight real estate transactions.
Foresight News , citing Vietnam's Tuoi Tre newspaper, the Vietnamese Ministry of Public Security recently held a press conference to report on the investigation into the ONUS cryptocurrency case. A representative from the Investigation and Security Department (A09) of the Ministry of Public Security stated that in the investigation of the ONUS cryptocurrency exchange's alleged embezzlement, police have seized over 350 kilograms of gold and silver, frozen transactions involving eight properties worth 200 billion Vietnamese dong, and suspended over 300 bank accounts used by the defendants to trade with investors. On March 23rd of this year, police filed criminal charges against eight defendants, accusing them of using computer and telecommunications networks to commit embezzlement and money laundering. Since 2018, the perpetrators have exploited the public's lack of understanding of cryptocurrencies, creating digital accounts through applications and packaging them as virtual currencies. They built trust and attracted investment through cyclical buying and selling between affiliated companies, ultimately embezzling funds. Between 2018 and 2021, they sold over 7 trillion Vietnamese dong worth of cryptocurrency. A representative from A09 stated that the case involves numerous individuals and users, with approximately 5 million user accounts currently in operation. Police have received over 2,000 reports from citizens, and the recovery of assets is ongoing. They are also investigating whether social media influencers colluded with the defendants in promoting the cryptocurrency.
The protagonist of ByteDance's stock trading spree, who made 30 million yuan, discusses the storage market: the market is entering a chain of liquidations, and deleveraging is healthier in the long run.
According to Mars Finance, on July 4th, Leto Bao, the protagonist of the "ByteDance stock trading 30 million yuan" story, posted an article discussing the storage market. Why has storage stocks recently plummeted? He attributed it to aggressive institutional withdrawals, coupled with forced liquidations of leveraged funds, leading to a downward spiral of liquidation. He believes that appropriately reducing leveraged funds is healthier in the long run. Leto Bao also stated that investors must have their own convictions. He cited a colleague in a ByteDance investment group with millions of dollars in assets who was bullish on storage at the beginning of the year but lacked conviction. He then personally visited Micron's factory in Singapore to solidify his belief and subsequently bought shares decisively. He emphasized that relying on others' recommendations is their conviction, not yours; you might not be able to hold on when prices rise or fall. Regarding how ordinary people should invest, Leto Bao believes there are several scenarios: Investors with elderly parents, young children, mortgages, and car loans who want to improve their lives through investment should absolutely not invest; their priority should be reducing leverage. Investors with no financial burdens but little savings should first improve their earning capacity. Investors with some savings (based on the PDT threshold of $25,000) but no prior investment experience or no interest in investing and only interested in making money should directly buy index funds and absolutely avoid individual stocks. The ideal investor is someone with some savings, a passion for investing, the ability to learn, whose primary goal is not to make money but to treat investing as a strategic game, enjoying the fun of trading, improving their understanding through information sources to accelerate earnings, having goals, and receiving real-world feedback. In this case, investing is more interesting than any strategic game.