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Lawmakers Clash Over DeFi’s Role in Finance 🧐
The first-ever Congressional hearing on decentralized finance (#DeFi ) on Sept. 10 revealed a sharp divide between U.S. lawmakers.
Republican proponents like French Hill emphasized DeFi’s potential to create a freer financial system through peer-to-peer transactions without intermediaries. In contrast, Democratic representatives like Brad Sherman and Maxine Waters criticized DeFi for enabling #crimes , tax evasion, and regulatory noncompliance.
Witnesses provided contrasting perspectives, with some advocating for DeFi’s role in financial inclusion, while others warned of its risks, including scams and investor exploitation. The debate highlighted the complexity of #regulating DeFi and its role in shaping the future of finance.
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The first-ever Congressional hearing on decentralized finance (#DeFi ) on Sept. 10 revealed a sharp divide between U.S. lawmakers.
Republican proponents like French Hill emphasized DeFi’s potential to create a freer financial system through peer-to-peer transactions without intermediaries. In contrast, Democratic representatives like Brad Sherman and Maxine Waters criticized DeFi for enabling #crimes , tax evasion, and regulatory noncompliance.
Witnesses provided contrasting perspectives, with some advocating for DeFi’s role in financial inclusion, while others warned of its risks, including scams and investor exploitation. The debate highlighted the complexity of #regulating DeFi and its role in shaping the future of finance.
If you enjoy my content, feel free to tip me ❤️
#Binance
#crypto2024
🚔 The U.S. Department of Justice arrested 35-year-old Chinese citizen Yunhe Wang for organizing the 911 S5 botnet of more than 19 million private IP addresses and reselling them to criminals.
The scheme operated from 2014 to 2022, victimizing residents of more than 200 countries. According to Chainalysis, Wang's wallets held more than $130 million in digital assets.
#crimes #Chainalysis #btc70k #altcoins #Megadrop
The scheme operated from 2014 to 2022, victimizing residents of more than 200 countries. According to Chainalysis, Wang's wallets held more than $130 million in digital assets.
#crimes #Chainalysis #btc70k #altcoins #Megadrop
Seven Chinese Nationals Jailed in Nigeria for Cyberterrorism and Internet Fraud Linked to Ponzi Scheme
A Nigerian Federal High Court in Lagos sentenced seven Chinese nationals—Peng Li Huan, Zhang Jin Rong, He Kun, Rachelle Cabalona, Caselyn Pionela, Guo Long Long, and Zhang Hua Zhai—to one year in prison and a ₦1 million fine each for cyberterrorism and internet fraud tied to a massive Ponzi scheme uncovered in December 2024. The EFCC arrested over 700 people in a Victoria Island raid and revealed that the foreigners trained Nigerian youths to run romance scams and crypto investment fraud via platforms like yooto.com. The court also ordered their deportation upon completing their sentences. Convictions were based on plea bargains, and the offense violated provisions of Nigeria's Cybercrimes and Terrorism Acts.
#cyberattacks
#crimes
A Nigerian Federal High Court in Lagos sentenced seven Chinese nationals—Peng Li Huan, Zhang Jin Rong, He Kun, Rachelle Cabalona, Caselyn Pionela, Guo Long Long, and Zhang Hua Zhai—to one year in prison and a ₦1 million fine each for cyberterrorism and internet fraud tied to a massive Ponzi scheme uncovered in December 2024. The EFCC arrested over 700 people in a Victoria Island raid and revealed that the foreigners trained Nigerian youths to run romance scams and crypto investment fraud via platforms like yooto.com. The court also ordered their deportation upon completing their sentences. Convictions were based on plea bargains, and the offense violated provisions of Nigeria's Cybercrimes and Terrorism Acts.
#cyberattacks
#crimes
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