Razzlekhan spits bars before going behind bars
In simpler terms, a woman named Heather Morgan (who was found guilty of money laundering) recently published an unusual rap video under her pseudonym “Razzlekhan,” just prior to beginning an 18-month prison term that she received for involvement in the well-known Bitfinex hack.
In a video labeled both “seductive” and “awkward,” titled “Razzlekhan vs The United States, on January 10th, Morgan donned fishnet stockings and bondage attire outside a government building. She also mentioned her recent legal issues, spoke out against the financial system, and implored Elon Musk for assistance.
In the opening lyrics of his song, Morgan rhymes, “It’s so unusual, they suspect I’m alien,” all while donning an ankle bracelet.
This isn’t a land of freedom, it thrives on currency; the capitalists are cozy, old white men are quite cranky, this lyric suggests before appealing for the wealthiest person in the world to intervene and help.
“Old money, gold dusty; save me Elon Musky.”
Based on a court filing dated December 11, it’s suggested that Morgan may be transferred to the minimum-security Federal Correctional Institution (FCI) Danbury in Connecticut as soon as January 24. Nevertheless, the Bureau of Prisons retains the authority to determine her exact reporting date.
In February 2022, Morgan and her spouse, Ilya Lichtenstein, who are both facing five years imprisonment, were taken into custody. The charges against them stem from the laundering of approximately 120,000 Bitcoin, which were illegally obtained from the crypto exchange Bitfinex in August 2016.
119,756 Bitcoins that Lichtenstein allegedly stole were approximately valued at $70 million back then. Today, their value has skyrocketed to a staggering $11.2 billion. Initially, when US authorities recovered the stolen funds, these Bitcoins were worth around $3.6 billion – setting a record as the largest financial seizure in U.S. history.
The authorities alleged that Lichtenstein masterminded the cyber attack, and it was reported that Morgan significantly contributed to the disguising of the illegally obtained funds. This follows the widely discussed case of Lichtenstein and Morgan, which has been highlighted by a Netflix documentary titled “The Biggest Heist Ever“, recently released last month. However, Morgan expressed dissatisfaction with this portrayal, stating it as “completely inaccurate.
FDIC’s Hill decries ‘Choke Point-like tactics,’ wants ‘new direction’
As an analyst, I’ve recently observed remarks by the Vice Chair of the Federal Deposit Insurance Corporation (FDIC), Travis Hill. He has expressed concerns over the practice of “debanking” crypto firms and has outlined his perspective on the role of our agency in this context.
In a speech on January 10, the potential successor to Martin J. Gruenberg as FDIC Chair, Hill, indicated that if appointed on January 20, they would steer the banking regulator towards a fresh path, one that might extend banking services to individuals and businesses deemed politically unpopular.
He pointed out that numerous digital asset companies have been unable to use their bank accounts, much like firearm vendors and risky loan providers who were pushed out during the initial Operation Choke Point in 2013, without any clear reason given.
According to Hill, it was contrary to the FDIC’s traditional aim for them to be expanding rather than reducing the number of individuals and companies that are unbanked.
As a responsible crypto investor, I firmly believe that the practice of denying services to law-abiding customers is unacceptable. It’s high time regulators took action to put an end to this issue. The FDIC should not provide a platform for anyone who has intentionally or unintentionally pressured banks into refusing service to legitimate customers.
As a researcher, I propose that one of the initial strategies for the Federal Deposit Insurance Corporation (FDIC) should involve adopting a fresh perspective towards cryptocurrencies and discontinuing any practices reminiscent of the Choke Point operations.
US cryptocurrency supporters argue that the nation’s regulatory bodies have persistently tried to isolate the industry from conventional banking networks, a move often referred to as “Operation Chokepoint 2.0.”
CFTC’s enforcement boss hits the exit
On January 10th, it was announced that Ian McGinley, the head of the Enforcement Division at the Commodity Futures Trading Commission, will leave the agency on the 17th of the same month – just a few days before Donald Trump assumes office on the 20th.
In February 2023, McGinley became part of the Commodity Futures Trading Commission (CFTC), just prior to the organization filing a lawsuit against Binance and its founder, Changpeng Zhao, alleging breaches of commodities laws.
Additionally, he played a key role in concluding the victorious $12.7 billion lawsuit against FTX and Alameda Research, led by the CFTC, as well as spearheading legal actions against other cryptocurrency companies such as KuCoin, under the umbrella of the Commodity Futures Trading Commission (CFTC).
According to the CFTC’s announcement, McGinley’s time in office notably included strengthening the CFTC into a leading enforcer of digital asset regulations, along with various other significant accomplishments.
As President-elect Trump, set to take office on January 20th, has pledged to lessen regulatory scrutiny in the cryptocurrency sector.
As a researcher reporting on the latest developments, I’m sharing that Rostin Behnam, the current Chair of the Commodity Futures Trading Commission (CFTC), is planning to leave his position. Notably, it has been suggested that President Trump is considering Summer Mersinger, a commissioner who is supportive of cryptocurrencies, as a strong candidate to replace Behnam as the head of the agency.
Other news
Mango Markets, a decentralized trading platform, has announced it will cease operations by January 11, following a $700,000 settlement with the U.S. Securities and Exchange Commission in September. The decision was made after all members of Mango’s decentralized autonomous organization unanimously agreed to shut down the exchange. Users are being urged to close their open positions accordingly.
The New York Attorney General, Letitia James, has started a lawsuit to reclaim over $2 million worth of cryptocurrency that was fraudulently obtained by tricking people into purchasing it based on a misleading guarantee of remote job prospects.
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2025-01-13 05:18