Crypto Super PAC uses $2.5M to support Washington, Michigan Democrats

27 July 2024

Cointelegraph by Turner Wright

A crypto PAC used roughly $1.5 million to fund a media buy for Democrat Emily Randall, while her rival’s campaign manager criticized the move as having “sold out” the district.  

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Spanish police arrest six over $20M AI-powered investment scam  
Spanish police arrest six over $20M AI-powered investment scam  

Authorities in Spain have arrested six people who helped operate a global AI-powered investment scam that stole over $20 million from at least 208 victims. The scammers would swindle victims up to three times. After stealing an initial sum through the investment scam, the fraudsters contacted victims twice more, masquerading as investment managers and then as authorities, offering to recover the stolen funds for a fee, Spanish police said in an April 7 statement. The scammers used deepfake ads of “national personalities” promising high returns on crypto investments, and would occasionally pose as financial advisers or even feign romantic interest to lure in victims.  Experts have been warning of a rise in AI-enhanced scams. Blockchain analytics firm Chainalysis said in its Feb. 13 Crypto Scam Revenue 2024 report that generative AI is making “scams more scalable and affordable for bad actors to conduct.”🚩Detenidas seis personas por estafar más de 19 millones de euros usando #inteligenciaartificial🔴Engañaban a las víctimas a través de anuncios manipulados con #IA para que realizaran inversiones con #criptomonedas en productos supuestamente muy rentables pic.twitter.com/rMrdgBpOYz— Policía Nacional (@policia) April 7, 2025“Victims were not selected randomly; instead, algorithms selected those whose profiles matched the cybercriminals’ searches,” Spanish police said.“Once they selected their victims, they placed advertising campaigns on the websites or social networks they used, offering them cryptocurrency investments with high returns and zero risk of asset loss — investments that, obviously, turned out to be a scam.” When victims could not withdraw the funds, most realized it was a scam, according to Spanish police; however, the ruse didn’t end there. Scammers would trick victims again with follow-up scamsThe cybercriminals would then contact victims again, posing as investment managers, claiming the stolen funds were frozen and could be recovered if they paid a deposit. “The victims, hoping to finally recover their money, made the deposit without realizing they had been scammed again,” Spanish police said.The scammers would then contact victims a third time, this time posing as Europol agents or lawyers from the United Kingdom, offering to return the stolen funds if the victim paid the corresponding taxes in the country where it was blocked.Related:  Crypto broker breaks ankles while fleeing kidnappers in SpainSpanish authorities arrested six people involved in the syndicate, charging them with fraud, money laundering and falsifying documents in a criminal organization. During a raid on the alleged leader behind the scam, Spanish authorities seized numerous cell phones, computers, hard drives, a simulated weapon and extensive documentation. Several people linked to the plot have also been identified in other countries, and the syndicate allegedly created a large number of fake companies to channel the stolen funds.  “Furthermore, the members of the organization used multiple false identities. In the case of the leader, for example, he used more than 50 different identities,” Spanish police said.Magazine: Bitcoin heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5

SEC crypto trading roundtable to include crypto giants Uniswap, Coinbase  
SEC crypto trading roundtable to include crypto giants Uniswap, Coinbase  

The US Securities and Exchange Commission has released the list of executives from US crypto and finance giants that will take part in a roundtable discussion on crypto trading regulation.On April 7, the regulator said its upcoming April 11 roundtable will discuss how it should handle crypto trading rules, calling it “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”It will be the second in a series of discussions on crypto, headed by its recently-formed Crypto Task Force.Taking part are Uniswap Labs chief legal officer Katherine Minarik, Cumberland DRW associate general counsel Chelsea Pizzola and Coinbase institutional product vice president Gregory Tusar — all firms that had once been in the regulator’s scope.Under the Biden administration, the regulator sued Cumberland DRW in October and Coinbase in June 2023 for alleged securities law violations, but both lawsuits were dropped this year under the Trump administration.The SEC also started an investigation for possible enforcement action into Uniswap Labs in April 2024, which was dropped in February with no further action.Also taking part in the roundtable are New York Stock Exchange product chief Jon Herrick, crypto brokerage FalconX business lead Austin Reid, securities tokenizing firm Texture Capital CEO Richard Johnson and the University of California, Berkeley finance chair Christine Parlour.Source: SECDave Lauer, co-founder of the advocacy group We the Investors and Tyler Gellasch, CEO of the not-for-profit Healthy Markets Association, will also take part, while law firm Goodwin Procter partner Nicholas Losurdo will moderate the discussion.Representing the SEC will be acting chair Mark Uyeda, Crypto Task Force chief of staff Richard Gabbert and Commissioners Caroline Crenshaw and Hester Peirce.The roundtable is the second crypto-focused discussion in a series of five that the SEC dubbed the “Spring Sprint Toward Crypto Clarity.” The first was on March 21, regarding the legal status of crypto, while three future discussions will cover custody, tokenization, and decentralized finance (DeFi).SEC’s Uyeda orders review of staff crypto commentsThe roundtables come as the SEC, under President Donald Trump, works to revamp its oversight of the crypto industry, with its latest action being to review staff statements on crypto so they can possibly be changed or withdrawn.Uyeda said in an April 5 statement shared by the SEC on X that due to Trump’s executive order on deregulation and recommendations from the Elon Musk-led Department of Government Efficiency, or DOGE, he was reviewing seven staff statements, five of which concerned crypto.Source: SEC“The purpose of this review is to identify staff statements that should be modified or rescinded consistent with current agency priorities,” Uyeda said.Related: SEC paints ‘a distorted picture’ of USD stablecoin market — Crenshaw The first on the list was an April 2019 analysis from the Strategic Hub for Innovation and Financial Technology on how crypto sales could be investment contracts under the securities defining Howey test — an argument the agency had made to sue multiple crypto firms for legal violations.Also up for review are two Division of Investment Management statements, one from May 2021 asking investors to consider the risks of funds with exposure to Bitcoin futures and a November 2020 statement asking for feedback on whether state-chartered banks meet standards to be qualified custodians.The SEC will also look into a December 2022 Division of Corporation Finance statement that urged SEC-regulated companies to evaluate their disclosures to mention if a slew of crypto firm bankruptcies and collapses at the time impacted their business.Finally, the agency will review a Division of Examinations alert from February 2021 that said, “a number of activities related to the offer, sale and trading of digital assets that are securities present unique risks to investors.” Legal Panel: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set 

Lawyer sues US homeland dept to probe supposed Satoshi Nakamoto meeting  
Lawyer sues US homeland dept to probe supposed Satoshi Nakamoto meeting  

A crypto lawyer has sued the US Department of Homeland Security, alleging the agency may know who created Bitcoin — compelling the department to share what it knows. The Freedom of Information Act lawsuit was filed by James Murphy, who based his accusations on claims made by DHS Special Agent Rana Saoud at a conference in April 2019, where she said a few of her colleagues had previously met with four people involved in creating Bitcoin.“My FOIA lawsuit simply asks for the notes, email and other documents relating to that alleged interview,” Murphy posted to X after announcing the April 7 suit.  “IF the interview really happened as the DHS Agent claimed, there should be documentation of the substance of that meeting,” added Murphy, who goes by MetaLawMan on X.Source: James MurphySpeaking at the OffshoreAlert Conference North America in Miami in April 2019, Saoud said DHS agents met with the four people it believed to have created Bitcoin, asking what their motives were and what the “end game” is for Bitcoin.“The agents flew to California and they realized that he wasn’t alone in creating this, there were three other people, they sat down and talked with them to find out how this actually works and what the reason for it was,” Saoud said in the presentation, which is available on YouTube.If the DHS resists disclosure, Murphy said he will “pursue the case to conclusion” to solve the mystery.Murphy, however, noted that it is possible that Saoud and the other DHS agents were mistaken and did not interview the real Satoshi Nakamoto. Related: Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve assetMurphy is being assisted by former Assistant US Attorney Brian Field, who specializes in Freedom of Information Act litigation.The purpose of the Freedom of Information Act is to promote transparency and accountability by granting the public access to information held by the government.Efforts to identify Satoshi Nakamoto have failedThe lawsuit follows a wave of recent efforts attempting to uncover Satoshi’s identity.Last October, a controversial HBO documentary claimed that Peter Todd, a Bitcoin cypherpunk, invented Bitcoin. Todd refuted that conclusion, and most industry pundits said HBO’s evidence was weak.Nick Szabo, Adam Back and Hal Finney have also had their names tied to Satoshi’s identity. Szabo and Back regularly refute claims they’re Satoshi, as did Finney before he died in 2013.Meanwhile, members of the Bitcoin community are split on whether unveiling Satoshi’s identity would be a net positive for Bitcoin.Some worry that revealing Satoshi’s identity could compromise Bitcoin’s decentralized ethos and put Satoshi’s safety at risk, while others want to be reassured that Bitcoin wasn’t created by the US government.Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’

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