Monthly Archives: May 2023

Cryptocurrency has become a popular way to invest and transact, but with that comes the need for sanctions compliance. In this episode, Michael Volkov and Matt Stankiewicz discuss the recent enforcement actions against Poloniex, Bittrex, and Kraken for violating US sanctions regulations with cryptocurrency transactions. Matt is a Partner at Volkov Law and a leading cryptocurrency expert. He and Michael dive into the common themes and basic failures that led to these enforcement actions, including IP blocking, transaction monitoring, Seemore+

1. Cryptocurrency companies are struggling to implement KYC and geo-blocking controls, which is leading to violations involving sanctioned jurisdictions.

2. OFAC is taking an aggressive stance against cryptocurrency companies. Companies in the cryptocurrency industry need to implement effective sanctions compliance programs to avoid hefty fines and enforcement actions from regulatory authorities.

3. There is no materiality requirement for sanctions violations, and even small transactions can result in multimillion-dollar fines.

4. Retroactively applying controls to existing customers is important, and failing to do so can lead to violations.

5. Companies need to have a comprehensive and automated system in place to detect and prevent violations.

6. Companies need to be vigilant about screening individuals and transactions against the relevant sanctions lists, including screening field text, addresses, and ID cards.

7. Geo-blocking for IP addresses is a crucial compliance control, but it is not perfect and can be circumvented by VPNs.

8. Voluntary disclosure of violations can lead to more favorable outcomes and lower fines from regulatory authorities.

9. OFAC and other regulatory authorities are using analytical tools to monitor transactions and flag potential violations, so cryptocurrency companies should not assume they can go under the radar.

10. Companies can use the public blockchain to monitor transactions and identify potential sanctions risks.

11. Sanctions compliance programs should be regularly reviewed and updated to address new risks and changes in regulations.

KEY QUOTES:

There are a lot of tools available to these companies to monitor transactions, maybe better than in the traditional finance world, just because everything on the blockchain is public record essentially. Matt Stankiewicz

Its just interesting to see OFAC go so aggressively against these companies. Not too surprising considering the extreme sanctions risk that cryptocurrency poses. Very importantly, theres still a lot of takeaways that really any industry can take away from these enforcement actions. Matt Stankiewicz

If you find problems, obviously you want to remediate them, but figure out what you need to do in terms of voluntary disclosures, because typically youll be much better off than if OFAC figures it out on their own, which they usually do. Matt Stankiewicz Seeless-

Continued here:
Corruption, Crime, & Compliance - Cryptocurrency and Sanctions ... - JD Supra

Frauds are everywhere and all of us have experienced them every once in a while. So much so that. the FTC i.e. Federal Trade Commission in the US has stated that along with jobs and business scams, cryptocurrency fraud is also on the rise. Can you imagine? Cryptocurrency, which is considered to be the most secure form of digital money, is also being manipulated for people to fall into their traps.

While investing in cryptocurrency is a good option, the idea that there are many cryptocurrency scams everywhere should not deter you from collecting it. In fact, you should take the necessary steps to recognize these scams and prevent yourself from falling for them. So if you are interested in learning how to educate yourself about these scams while continuing to invest in cryptocurrency, you have come to the right place.

Below, we have listed how you can spot and avoid falling for cryptocurrency scams:

Sign Up for a Secure Internet Connection

The internet is a gateway to accessing and investing in cryptocurrency, which is why the internet is the step to being cautious against scams.

Starting from here, check what security packages are being offered by your internet service provider. We recommend Xfinity as your best shot when it comes to advanced internet security as well as good speeds and seamless connectivity. You can reach out to 24/7 Xfinity customer service to learn about what internet plans to sign up for.

Having a secure internet connection keeps your network of devices safe from any viruses or newly-emerging cyberattacks.

Fake Mobile Apps

One of the ways you can fall for scams is if you download apps that are an imitation of the real thing. There are plenty of fake apps out there that resemble genuine cryptocurrency apps. Many people fall for these third-party apps and thats because these apps are getting so accurate to the point that its hard to tell the fake from the real ones.

What you can do to differentiate between these apps is check the apps ratings, reviews, and logos. If you are good at looking at detail, you can spot which one is real and which one is fake. Also, if you know someone who is using real apps, you can just ask them to share the apps URL so you can also download it.

Tech Support Calls Scam

Another way you can fall for a cryptocurrency scam is when you receive a call from someone whos posing as a tech support representative. They might ask you for your email address, password, or your account information.

Always verify the phone number they are calling you from and youll see that its not a local one. Never give them your personal information because a real tech support agent never asks for your data, login credentials, or codes.

Any Offer That Sounds Unreal is Unreal

If you come across any cryptocurrency offer that sounds too good to be true, its probably too good to be true. But sadly people often fall victim to such an offer. If such an offer guarantees profit WITHOUT offering any logical rationale, know that you are totally being duped.

If you come across any deal, research it to verify its credibility or simply just avoid dealing with such offers.

Are You Using the Right Cryptocurrency Wallet?

There is a selection of wallets to choose from, to store your cryptocurrencies and private keys. Although you can use a non-custodial or self-custody wallet, the safest alternatives are cold or hardware wallets to store your private keys.

However, these are still not secure because hackers can still manipulate you into giving up your login credentials using a number of phishing techniques. Make sure to stay informed and cautious when it comes to your wallets.

Read the Contract Carefully

Smart contracts may be very complicated, but they are still important to consider because if there is any issue with the developers code, it means that the whole project may have problems. To hack and manipulate the smart contract, a reliable set of codes is needed.

Dont sign smart contracts that seem questionable or simply do not provide enough information to you. Sure, judging them may be difficult, but you can always get help from an expert or by doing your own research.

Keep Up to Date with any Emerging Threats

This is the best way to defend yourself against any cryptocurrency fraud. Research thoroughly all the different ways that you might fall prey to any cyberattacks including cryptocurrency scams along with issues like data theft, hacking, and more.

You can also find plenty of trusted websites on the internet that provide guidance on how you can keep yourself safe from any hackers and fraud.

Wrapping Up

There is no foolproof method to completely keep yourself safe from online hackers and fraud. What you can do is maintain phone security and avoid clicking on any fraudulent emails or websites. In this evolving world, there production of and reliance on digital assets is increasing, and that raises the possibility that such assets are at threat of being stolen. Hence, stay vigilant and stay safe on the internet.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.

More:
How to Spot and Avoid Cryptocurrency Scams - Crypto Mode

This article enlisted the top 5 different kinds of cryptocurrency airdrops

Beginning in the early 2010s, as potential trolls investigated the possibility of sending unsolicited photos to unintentional passersby, airdrops became extremely popular. Now, in the world of fintech, a marketing tactic known as crypto airdrops is used to build platform awareness and generate excitement for newly launched cryptocurrency projects.

Blockchain-based projects employ a marketing tactic known as a crypto airdrop, which entails dispersing a large number of free tokens as part of a larger promotional effort. RabbitX, a decentralized exchange, has rewarded new platform users with standard airdrops.

These airdrops with a service focus are supported by recipients doing small favors and themselves. Commonly, organizations require some low-lift limited time work, with remunerations distributed to those able to pursue a pamphlet, follow indicated web-based entertainment channels across stages, interface with a tasks new post, or sign on to a live gathering.

This is determined by a snapshot of user wallets taken by the community at a particular time-for example, on a particular day or over a predetermined period. Those who have reached or exceeded a certain amount are presented with a reward. Sudoswap, a platform for exchanging NFTs for tokens, has yet to issue its governance token, SUDO.

Developers airdrop the new coins as a crumbs trail to convert native users when a protocol branches off or hard forks from its original code, resulting in two distinct platforms. ETHPoW, a proof-of-work chain that split off from Ethereum after it switched to a proof-of-stake system in The Merge, is an example of a hard fork airdrop.

Wallet size isnt all that matters. Elite airdrops frequently reward a clients time signed on an undertaking, cash spent on non-token action, or level of commitment inside a gathering. Exclusive airdrops reach people who dont have any money but are more invested in a project outside of school.

Go here to read the rest:
Top 5 Different Kinds of Cryptocurrency Airdrops - Analytics Insight

Last year, we discussed the NFT-related criminal charges filed against Nathaniel Chastain, OpenSeas former product manager. For those who are not familiar with his case, in late May 2022, the United States Department of Justice indicted and arrested Mr. Chastain, charging him with wire fraud and money laundering in connection with what the government alleged to be the first ever NFT-centered insider trading scheme. As the Department of Justice explained in its indictment, part of Mr. Chastains duties as a product manager at OpenSea included choosing which NFTs to highlight on the homepage of OpenSeas website. Typically, the price of an NFT significantly increases after being featured on OpenSeas homepage, which should come as no surprise given that featuring an NFT on OpenSeas homepage effectively amounts to an endorsement of that NFT by the largest online marketplace for NFTs. The government accused Mr. Chastain of exploit[ing] his advanced knowledge of what NFTs would be featured on OpenSeas homepage for his personal financial gain by quietly purchasing dozens of soon-to-be-featured NFTs and selling them at a significant profit after they were published on OpenSeas homepage.

Now, the government has come out on top in this case. On May 3, 2023, after a week-long trial in the Southern District of New York and two days of deliberations, the federal jury found Mr. Chastain guilty of wire fraud and money laundering. Mr. Chastain faces up to 20 years in prison at his sentencing schedule for August 22nd. Despite the flurry of pre-trial motions filed by Mr. Chastains defense team, prosecutors prevailed. Mr. Chastains defense team had argued that the charges must be dropped because insider trading charges only apply to securities and commodities and NFTs are neither securities nor commodities. However, by charging Mr. Chastain with wire fraud, rather than alleging securities fraud charges which are central to most traditional insider trading cases, prosecutors were able to skirt the issue of whether non-fungible tokens are legally classified as a security, a hotly debated topic in the world of digital assets. The door is now wide open on the heels of this successful verdict for the government to bring charges against other allegedly duplicitous NFT players in an attempt to weed out fraud in the industry.

In fact, the government has already successfully used a similar argument in what was dubbed the first ever cryptocurrency insider trading case. Just last week, Ishan Wahi, a former Coinbase Global Inc. product manager, was sentenced to two years in prison after pleading guilty to two counts of conspiracy to commit wire fraud. Mr. Wahi was one of three people charged with wire fraud and wire fraud conspiracy after Mr. Wahi allegedly tipped off his brother and friend that certain crypto assets and tokens were about to be listed on Coinbases exchanges. Just like with Mr. Chastains case, the fact that the assets at issue are fairly novel digital assets for Mr. Wahi, cryptocurrency; in Mr. Chastains case, NFTs did not matter because the charges were framed wire fraud, not securities fraud. As FBI Assistant Director Michael J. Driscoll commented on Mr. Wahis indictment, Although the allegations. . . relate to transactions made in a crypto exchange rather than a more traditional financial market they still constitute insider trading. Mr. Wahis brother, Nikhil Wahi, also plead guilty, admitting to making trades based on the confidential information his brother provided to him. He was sentenced to ten months in prison earlier this year. Their friend, Sameer Ramani, who is also alleged to have made trades using the same insider information is still at large.

More:
Guilty! Criminal Convictions in the First Ever NFT and ... - JD Supra

BitLux employees also physically travel to meet with the companys network operators to ensure BitLux flights operate efficiently.

Kyle Patel, executive director of BitLux, says: As far as I know we are the only people in the brokerage position that have regular structures, industry specific training on logistic handling and networking. Our guys are specifically trained on international logistics but our sweet spot is on heavy cabin international trips which is one of the big things that separates us from other companies.

BitLux suggests that the use of cryptocurrency for private jet charter ensures top tier safety and security. This includes secure, anonymous and convenient payment.

The company encountered a customer who needed to fly from the Caribbean islands to Europe and was unable to complete a bank transfer. The customer did not have a credit card that could withstand the cost and being able to make meetings was vital to his operations but he did not have a solution.

However, he had the digital cryptocurrency Bitcoin which inspired the idea that cryptocurrency could be the solution to many peoples dilemmas.

Patel says: From my position, I dont think that the use of cryptocurrency in the private jet industry is unique or philosophical.

I think that the core values of cryptocurrency align almost perfectly with private aviation in the fact of freedom, privacy, efficiency, detail and expedience. Its very difficult for anything to be wrong or impossible in the crypto space on a well-built platform.

I believe that this being raised in aviation is what aviation is about being able to provide a level of freedom, security and control over where you are at, when you are there. The concepts of crypto arent foreign or unique, they are just embodied in a name.

The company also highlights its online quoting tool which allows clients to send their requested flight details to its charter department to check availability and quotations.

Eventually, it is expected that there will be an increased presence of AI in the aviation industry. Patel suggests that AI will understand scheduling.

Patel says: Thats going to be communication between consumer and aircraft. Itll be able to understand schedules, not take the place of scheduling but understand schedules. I see this happening in the next five years. Hopefully some of our vendors and counterparts will take a step forward in the scheduling aspect.

Companies in the private jet space would be able to query their own internal systems, without having to do problem solving. They could take a number of requests that will automatically get approved through scheduling and then go through an AI supervisor for approval.

BitLux is working on consumer facing language model AI. Patel is curious about whether people will prefer working with AI or human beings on charter requests and information on upcoming flights.

Within the private aviation sector, customers are older than the typical population. There is a gap between the age group and the technology that is being used.

Ive been doing a ton of research on how these language models interpret data that isnt direct conversational language and then being able to translate that data and putting it into a readable, eloquent presentation of information.

I think theres a long way to go mostly because of regulations. I will certainly say that the last place you want to have any kind of issue or mistake is in aviation. That is not a good place for a testing ground. Closer integration with AI will come in the form of mostly language models, consistent data, analytics models and projection models for things like air traffic control, maintenance and crew scheduling.

Although there may be some who are hesitant to accept the likelihood of AIs influence on the aviation industry in the future, there are clear benefits.

However, Patel notes that it is important for regulatory agencies to be in the right place to come up with control structures to ensure accuracy of information.

The thing with aviation is that everybody, from ground crew to air traffic controllers, they need to have the most accurate and up to date information possible.

If people have reservations about utilising AI, a computer can digest, understand and regurgitate information a million times faster than humans can imagine. That is something that we can harness or it can go the other way. Someone will develop this whether we are on board or not, adds Patel.

Read more:
Digitalisation: cryptocurrency, AI and private jet chartering - Airport Technology

Bitcoin (BTC) and Ethereum (ETH), two of the most popular cryptocurrencies, failed to show notable upwards movement early Thursday. While BTC remained below $28,000, ETH dwelled within the $1,800 range. Other popular altcoins including the likes of Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) saw minor gains across the board. The Render Token (RNDR) managed to become the top gainer, with a 24-hour jump of over 16 percent. Memecoin PEPE continues to be the biggest loser, with a 24-hour loss of over 6 percent.

The global crypto market cap stood at $1.14 trillion at the time of writing, registering a 24-hour gain of 0.62 percent.

Bitcoin price stood at $27,362.33, registering a 24-hour gain of 1.13 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.40 lakh.

ETH price stood at $1,825.04, marking a 24-hour gain of 0.10 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.58 lakh.

DOGE registered a 24-hour jump of 1.78 percent, as per CoinMarketCap data, currently priced at $0.07452. As per WazirX, Dogecoin price in India stood at Rs 6.40.

Litecoin saw a 24-hour gain of 1.15 percent. At the time of writing, it was trading at $93.98. LTC price in India stood at Rs 8,199.15.

XRP price stood at $0.4477, seeing a 24-hour dip of 2.39 percent. As per WazirX, Ripple price stood at Rs 38.65.

Solana price stood at $21.03, marking a 24-hour gain of 0.27 percent. As per WazirX, SOL price in India stood at Rs 1,820.15.

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Render Token (RNDR)

Price: $2.3224-hour loss: 16.10 percent

Synthetix (SNX)

Price: $2.4324-hour loss: 9.87 percent

Mask Network (MASK)

Price: $4.4124-hour loss: 7.12 percent

Axie Infinity (AXS)

Price: $7.4424-hour loss: 6.05 percent

Optimism (OP)

Price: $1.8224-hour loss: 5.50 percent

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Pepe (PEPE)

Price: $0.00000157124-hour loss: 6.19 percent

Conflux (CFX)

Price: $0.300724-hour loss: 4.12 percent

Casper (CSPR)

Price: $0.0481524-hour loss: 2.22 percent

Decentraland (MANA)

Price: $0.51124-hour loss: 2.21 percent

Ripple (XRP)

Price: $0.447324-hour loss: 2.15 percent

Mudrex co-founder and CEO Edul Patel told ABP Live, Bitcoin and Ethereum showed little movement despite concerns about the US debt ceiling. Bitcoin is currently trading at approximately $27,300, with a potential upward trend if it surpasses the resistance level of $27,550. The support level is currently at $27,000, while resistance levels are at $27,420 and $27,550. Meanwhile, Ethereum experienced a decline following Chinese prosecutors' announcement of a crackdown on the NFT market, but it has since rebounded and is trading at around $1,825.

WazirX Vice President Rajagopal Menon said, Bitcoin and Ether remain resilient despite concerns over US debt ceiling negotiations. While crypto markets are generally unaffected due to tight liquidity, Tether's decision to diversify reserves into crypto indicates some impact. On WazirX, Cartesi (CTSI) and MOBOX (MBOX) have been the top gainers in the last 24 hours.

Sathvik Vishwanath, CEO and co-founder of Unocoin said, Bitcoin (BTC), the dominant cryptocurrency, is trading sideways after falling from $28,000. Currently valued at $27,300, its performance is being closely watched to see if the decline continues or if another crash is imminent. Analysts note historical patterns of temporary rallies followed by new lows, while others predict a bullish trend in 2023. Bitcoin's defence of critical support near $25,000 is crucial, and a break below could lead to lower prices. Axie Infinity's native cryptocurrency, AXS, has seen a 12 percent increase after launching its card game on the Apple App Store. Already installed more than 1.5 million times, the game is initially targeting users in Latin America and Asia, with plans to expand to Google and Apple platforms in the future.

Shivam Thakral, the CEO of BuyUCoin, said, The overall crypto market witnessed a marginal jump of 0.65 percent as BTC and ETH continue to remain in the green zone. With the US president declaring that the US will not default on its debt ceiling, there may be some liquidity crisis in the market which can restrict the momentum. Tether (USDT) announced that it will invest 15 percent of realised profits into Bitcoin to mitigate the dollar risk, this may be a good sign for BTC in the long term.

CoinDCX Research Team told ABP Live, Bitcoin experienced retracement, falling below the $27,000 mark. Last week's high volatility resulted in a price decline for Bitcoin, reaching a two-month low of $25,800.Since the introduction of the Shanghai upgrade to Ethereum about a month ago, demand for ETH staking has surged significantly. As a result, the number of staked ETH tokens has reached 21.6 million, marking an increase of approximately 3.5 million within the month following the Shanghai upgrade. With the total supply of ETH tokens standing at around 120 million, the current staking participation rate has surpassed 18 percent, according to Glassnode data. These developments demonstrate the growing interest and confidence in ETH staking as an investment strategy.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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Cryptocurrency Price Today: Bitcoin, Ethereum Fail To Impress As Top Coins See Minor Gains - ABP Live

The crypto market is awash with excitement once more as investors look at the latest exciting crypto projects to get involved in. With speculation of a possible bull market looming, many believe this could be the alt season as people look for exciting altcoins to invest in. Apecoin (APE) and Floki Inu (FLOKI) will be among those that capture the attention of crypto enthusiasts but, as it approaches the end of its presale, could Big Eyes Coin (BIG)be the all-conquering meme coin that becomes the object of everyones fascination and interest?

Meme coins have been a lighthearted introduction to cryptocurrencies through their ability to connect with the contemporary internet culture. Big Eyes Coin has executed this superbly well. Firstly, its a coin based on the theme of a cat meme and if theres anything that embodies our internet culture, its people scrolling through endless cat videos. Its handling of the online meme culture has extended to being able to peerlessly manipulate its social media platforms better than most other tokens. It has, put simply, enchanted its followers through friendly competitions.

Why has this been helpful? Community and sustainability are the core themes of Big Eyes Coin and social media has helped both embody and promote these ideals. A larger follower base helps to solidify the platform ahead of its launch and gives it a crucial edge over its relatively blunted competitors.

Big Eyes Coin has, through this, accrued well over $30m in its presales, marking it as one of the most successful presale cryptocurrencies. This is all the more impressive when one considers that recently, investor confidence in cryptocurrencies has been somewhat shaky, rocked by the crash of FTX and multiple crypto-focused banks. Yet, somehow, defying seemingly insurmountable odds, Big Eyes Coin is the cat that has managed to keep its claws in and continued climbing.

In addition, Big Eyes Coin also allocates a portion of its earnings to charities through its charity wallet. This is used to help charities that are committed to conserving the earths endangered green resources.

With its presale set to end in the opening week of June, Big Eyes Coin has established itself as arguably the hottest crypto project in 2023. It will relish what it can do during a potential bull market run.

Floki Inu is almost synonymous with the notion of a crypto community. At the helm of its meteoric rise are its Floki Vikings, an ardent community of supporters more than 440,000 strong. They form the backbone of what is passionate support to propel FLOKI to great heights. The community has gained notoriety for its impactful social media raids and viral memes.

Floki Inu has an ecosystem that consists of many cutting-edge offers, including its Valhalla Play 2 Earn metaverse, FlokiFi its hub for DeFi projects, and Flokiplaces an NFT and merchandise marketplace. These core elements of the ecosystem sit alongside the University of Floki which is a detailed crypto education platform.

Apecoin is a cryptocurrency that emerged to provide a seamless payment solution for businesses that were operating in the Asia-Pacific region. Its integration of NFTs is what distinguishes it from other cryptocurrencies. This allows for the creation of unique digital assets that are then eligible to be bought, sold, and traded.

A significant advantage of investing in Apecoin is its high ceiling for growth. As businesses in the Asia-Pacific region continue to expand and utilise new technologies, the demand for a fast and reliable payment solution will inevitably grow too. There remains a sense of novelty to Apecoins approach to digital payments, combined with its use of NFTs, that puts it in a great position to exploit the potential of the crypto market in Asia.

For more information on Big Eyes Coin, please see below:

Website:https://bigeyes.space/

Presale:https://buy1.bigeyes.space/

Telegram:https://t.me/BIGEYESOFFICIAL

Twitter:https://twitter.com/BigEyesCoin

Original post:
As Big Eyes Coin Edges Near The End Of Its Presale, Could This Be ... - TechCabal

State election officials are fining the Democratic Party of Oregon a $15,000 late filing fee after the party changed the donor of a hefty campaign check.

The state also plans to monitor the Democratic Party of Oregons financial disclosures to ensure campaign finance laws are being followed in the future. The secretary of states office initially proposed fining the party $35,000 after a three-month investigation but lowered the amount.

While the financial penalties are significant, the most important part of the settlement are the numerous oversight requirements the DPO has agreed to, including spot checks by Elections Division investigators, to ensure compliance with all state campaign finance laws, Cheryl Myers, acting secretary of state said in a statement. In too many cases, people who violate campaign finance laws pay a fine and move on.

But if for some reason the DPO doesnt comply with the oversight requirements reached in the settlement, they could be on the hook to pay a larger fine up to $50,000.

The state was prompted to take a closer look at $500,000 contribution in question after The Oregonian/OregonLive reported the contribution was not actually from Prime Trust, which is how Democratic Party officials reported it on their campaign finance filings. Instead, Prime Trust was merely a pass-through and the donation really came from Nishad Singh, a former executive at the disgraced cryptocurrency exchange FTX.

The fine concludes the investigation into the state Democratic party, but officials are still looking into whether Singhs actions were a violation of the law.

We have closed the investigation into whether DPO reported a contribution under a false name, and we are focusing that investigation on Nishad Singh. This settlement allows the possibility of reopening an investigation into the DPO if new information comes to light, Myers said.

DPO Executive Director Brad Martin said in an email that the party chose to move forward with the settlement in order to eliminate distractions from its primary goal: electing Democrats.

The DPO accepts this settlement and welcomes todays closure of a case that boiled down to an individual lying about a donation and the DPO making the correct information available as soon as it learned about the donors lie, the statement read.

FTX, the exchange Singh worked for, has come under intense scrutiny amid charges its founder, Sam Bankman-Fried, defrauded investors.

Bankman-Fried and his associates are also face accusations they violated campaign finance laws by routing money through straw donors people who made contributions at FTX officials behest in order to avoid federal giving limits.

Its a felony to make a campaign contribution under a false name. Oregon has no campaign finance limits for state political races and causes, and Singh could have given the $500,000 to the state party in his own name.

State election officials are still conducting a preliminary investigation into whether the contribution was made using a false name.

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State election officials fine Democratic Party of Oregon for cryptocurrency donation flap - Oregon Public Broadcasting