Terraform Labs to Sell Four Businesses as Part of Chapter 11 Bankruptcy Proceedings

Terraform Labs is attempting to sell four of its businesses as part of its Chapter 11 bankruptcy proceedings.

Bankruptcy proceedings have led Terraform Labs to announce its intention to sell four of its businesses on Monday. The company is seeking buyers for Pulsar Finance, a cross-chain portfolio tracker, as well as Station, Enterprise, and Warp.

The announcement comes as part of the company's Chapter 11 bankruptcy proceedings, following its failed attempt to relaunch its blockchain platform in May. The company's native token, LUNA, saw a modest 1.4% daily gain in response to the news.

Crypto News: Huione Guarantee Implicated in $11B Crypto Scam

Blockchain analytics firm Elliptic has linked online marketplace Huione Guarantee to an $11 billion crypto scam operation in Southeast Asia. Operating like a darknet marketplace, Huione facilitates various cyber scams, with most transactions in USDT.

Huione is part of a conglomerate with connections to Cambodia’s ruling Hun family. Another subsidiary, Huione Guarantee, is allegedly involved in laundering scam proceeds globally.

Elliptic assists exchanges and law enforcement by identifying hundreds of crypto addresses linked to Huione. These scams include “pig butchering” schemes, Ponzi scams, sextortion, and impersonation frauds.

CFTC Chair: BTC, ETH Are Commodities, Need Clear Oversight

Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), reiterated that Bitcoin and Ethereum should be classified as commodities and fall under CFTC oversight.

Testifying before the U.S. Senate Committee on July 9, Behnam highlighted a recent Illinois court ruling that affirmed Bitcoin and Ethereum commodity status. He emphasized the need for federal legislation to create a regulatory framework for digital assets.

Highlighting the risks of inaction, Behnam cited a 2022 Financial Stability Oversight Council report on the lack of regulation in the spot market for non-security digital assets.

Crypto News: BitMEX Pleads Guilty to Bank Secrecy Act Violations

The U.S. Department of Justice announced on Monday that cryptocurrency exchange BitMEX has pleaded guilty to violating the Bank Secrecy Act (BSA) from September 2015 to September 2020.

During this period, BitMEX failed to implement adequate know-your-customer (KYC) and anti-money laundering (AML) programs, allowing customers to trade anonymously.

This anonymity made BitMEX a potential channel for money laundering and sanctions evasion. BitMEX also admitted to lying to a foreign bank to open an account for a shell company.

Lithuanian Authorities Fine Payeer $10 Million for Crypto Violations

The Lithuanian Financial Crime Investigation Service (FNTT) has hit crypto payment company Payeer with a record fine of 9.29 million euros (about $10 million) for violating Anti-Money Laundering regulations and permitting transfers to sanctioned banks.

Despite having its Estonian license revoked in January, Payeer, a crypto exchange and e-commerce payment service, continued operating from Lithuania.

The FNTT discovered that Payeer failed to adequately identify customers and permitted transactions in Russian rubles through sanctioned Russian banks for over 1.5 years. Of the fine, 8.23 million euros are for violating international sanctions, while 1.06 million euros are for breaching money laundering prevention laws. Payeer can appeal the decision.

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