SEC offers FTX insider settlements, South Korean crypto counterfeit ring arrested, Poland revives crypto bill
South Korean law enforcement shut down a cryptocurrency fraud enterprise utilizing counterfeit currency, and Poland's parliament reintroduced comprehensive industry legislation.
The Securities and Exchange Commission offered settlement agreements Friday for Sam Bankman-Fried's close circle whose testimony was crucial to his criminal conviction.
These decisions address regulatory accusations against those who helped prosecutors establish the case against the former FTX CEO.
South Chungcheong province is prosecuting a criminal cell that made fake Korean won bills to scam cryptocurrency traders during in-person exchanges.
The suspects had 9,188 counterfeit 50,000-won notes worth 459.4 million won ($330,000) last year, according to Chosun Ilbo.
$50M USDT stolen after address-poisoning victim falls
A fake address from transaction history received 49,999,950 USDT from the victim.
The theft took under an hour. SlowMist surveillance showed that the stolen monies were quickly converted to Ethereum, distributed among wallets, and partially laundered through Tornado Cash.
The victim demanded 98% of the stolen funds within 48 hours on chain.
Along with threatening legal and international law enforcement, the victim offered the assailant a $1 million white-hat prize.
Vitalik Buterin explains why prediction markets are “healthier” than regular markets
Buterin wrote on Farcaster that prediction markets link opinions to finances. This creates accountability missing from platforms where users gain power without consequences for wrong forecasts.
Buterin disputed claims prediction markets encourage wrongdoing. He said “small-scale markets over large-scale events are not like this.”
The co-founder contrasted prediction markets with social media, where people say “THIS WAR WILL DEFINITELY HAPPEN” without consequences.
Prediction markets have a structural edge over equities markets, Buterin said. I think prediction markets are healthier than conventional markets. Prices are confined between 0 and 1, contributing to this, he wrote.
Bounded pricing minimizes reflexivity, “greater fool theory,” and pump-and-dump strategies in traditional markets.
Prediction market contracts settle 0 or 1. This stops speculative mania from inflating asset values.
Buterin acknowledged theoretical damage incentive hazards. A politician with a “CAUSE DISASTER” button may profit from disaster.
Regular stock markets pose the same hazards at far bigger quantities, he replied.
Ethereum inventor revealed his prediction market experiences calibrating news emotions.
“I can personally report a few times reading a news headline, feeling scared, then checking polymarket prices and feeling calmer,” he added.
