Good afternoon everyone thanks all for Being here Today the Department of Justice Has dealt a significant blow To the crypto crime ecosystem okay the U.S Department of Justice had sort of an Emergency press conference this morning Announcing that they issued their first Crypto enforcement action of the year Now part of this was shutting down a Random exchange that nobody’s ever heard Of bitsolato and arresting the founder Let me share with you two minutes of the Doj announcing this enforcement action And then talk about what this means to You and me as crypto investors today the Department of Justice Has dealt a significant blow To the crypto crime ecosystem Justice department agents and Prosecutors working in partnership with The treasury Department and French law Enforcement Have disrupted bits Lotto a china-based Cryptocurrency exchange notorious for Laundering criminal proceeds from the Dark net And last night agents of the FBI Arrested bitslotto’s founder Anatoly Legadimov Today’s law enforcement actions Put all of those who seek to exploit the Cryptocurrency ecosystem on notice That the Department of Justice will use
Every tool working along with our Partners every tool that we have to Attack the criminal use of the dark net And cryptocurrency Bitslotto failed to implement safeguards Required by U.S law safeguards that Enable law enforcement to detect and to Investigate Financial crimes Instead bitslotto facilitated the Transmission of hundreds of millions of Dollars in illicit funds fueling Dark-net marketplaces and laundering the Proceeds of ransomware attacks For example As alleged bitslotto was a crucial Financial resource for the notorious Hydra darknet Market the disruption of Which I announced from this Podium last April at that time with our German Partners Now Hydra was the world’s longest Running and largest darknet Marketplace Responsible for 80 percent of the World’s Dark Net transactions Together Hydra and bitslotto formed a high-tech Axis of crypto crime So there’s three big takeaways that Stand out to me as a crypto investor First off I love this what is this a Prosecution for ants meaning that the It’s a lot of announcement from the doj Is so bizarre the doj worked for over a Year to shut down a random tiny Russian
Exchange while FTX was literally a Multi-billion dollar fraud right in Front of them thank you for keeping us Safe doj memes like this really Illustrate yes the good intentions but The true lack of awareness of the Cryptocurrency sphere from these Regulators or enforcers no don’t get me Wrong this is a net positive I like to See Bad actors taken out of space this Was a corrupt exchange with bad players Take them out but if your goal is to Protect average people in the US we can See with this Google Trend search of Bitslotto from 2004 to present nobody in The US has ever heard of this exchange And again I don’t want to be too much of A hater I applaud any enforcement agency Taking actual Bad actors out of this Space that’s good here are the specific Charges Who’s stuck in trade was that it allowed Users to open accounts with minimal Identifying information The result was that bitslotto became a Safe haven for criminals Including drug dealers and ransomware Groups They knew that when the police traced Their funds to bitslotto bitslotto would Not be able to turn over its users true Identities The defendant who is bitslotto’s Majority shareholder and sat atop of its
Organizational chart knew full well About these violations To anyone who still believes that they Can hide from the law by using Cryptocurrency This prosecution should put that Illusion to rest and how this Enforcement action now that we Understand it affects you and me number One yes this is an ongoing story so as I Get new information I will make a video I’ll keep you updated but two the doj Did make it clear that this is the first Of many the phrase we are just getting Started floated around a lot in that Press meeting but what this represents From the U.S treasury Department the U.S Department of Justice specifically the Treasury’s financial crimes enforcement Network Vincent the coordinated actions That this takedown represents was the Most significant U.S action against a Crypto criminal Network to date so pay Attention to the trend Bitcoin ethereum And the crypto Market dipped slightly Actually not even so much on the news They dipped on the announcement of the Press conference before we knew the Information that was going to be Presented but really this just didn’t Affect crypto prices all that much again Because this is a net positive in a Small sense for the market of course we Do have bigger things looming right now
Genesis is planning to file for Bankruptcy per the latest reports so if You have no idea what’s going on I do Encourage you to watch this video right Here I’m going to link it down below but The news today is this cryptocurrency Lending firm Genesis Global capital a Subsidiary of cryptoconglomerate dcg is Reportedly preparing to file for Bankruptcy as early as this week this is Coming directly out of Bloomberg and According to a January 18th Bloomberg Report Genesis previously said it was Considering a bankruptcy filing if they Were unable to raise cash amid their Liquidity Crunch and we are seeing this Digital currency group halts dividends In an effort to preserve liquidity so Again dcg is the parent company of Genesis parent company of grayscale even Parent company Of coindesk and as per yesterday Venture Capital firm digital currency Group has told shareholders it’s halting Its quarterly dividend payments until Further notice as it attempts to Preserve liquidity so if you have Ownership in the company shares you’re Getting nothing this quarter according To the letter sent to shareholders on January 17th the firm is focused on Strengthening our balance sheet by Reducing operating expenses in Preserving liquidity dcg said it was
Also considering selling some of his Assets within its portfolio so on the Surface this does seem Grim dcg Obviously a major player for such a long Time in this space but let’s also Remember that unlike the FTX collapse Unlike the collapse of 3C the collapse Of Celsius Terra Luna stablecoin all of Those collapses were sudden came out of Nowhere took the market by surprise Whereas Genesis we’ve been talking about Their issues for months now absolutely Not a surprise to the market if slash Once happens this is an ongoing story so Be sure to hit the like button to Support me support this Channel and Click subscribe you do not want to miss A daily video See you tomorrow
