Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 24 MAY 2021

DOJ Actions Cite Crypto Use, Turkey Bans Crypto, DeFi Hacked For $80 Million

BakerHostetler
BakerHostetler
Contributor
BakerHostetler

BakerHostetler

Recognized as an innovator and one of the top firms for client service, BakerHostetler helps...

View firm profile
Explore more from BakerHostetler

As part of the operation, the defendants accepted more than $1.5 million in bitcoin transfers from customers.

United StatesTechnology
Joanna Wasick
Joanna Wasick
Author LinkedIn connections

Last Thursday, the U.S. Department of Justice (DOJ) announced that two men were charged with producing false identity documents and aggravated identity theft in connection with operating an illegal e-commerce business known as "SecondEye." From at least 2011, the individuals, through various versions of its website, electronically produced, sold and transferred digital versions of false government-issued identity and other documents. As part of the operation, the defendants accepted more than $1.5 million in bitcoin transfers from customers.

This week, the DOJ announced that another individual, Sheng-Wen Cheng, pled guilty to various fraud charges for engaging in a scheme to fraudulently obtain more than $7 million in government-guaranteed loans designed to provide relief to small businesses during the COVID-19 pandemic. Part of Cheng's fraud involved lying to investors in his blockchain-based peer-to-peer lending platform.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

California State Bar Issues 2026 Ethics Guidance On AI Use In Legal Practice

Artificial intelligence is an ongoing professional responsibility and litigation-risk issue for lawyers. The California State Bar recently published new guidance. The core requirements are straightforward: AI may assist lawyers, but it may not displace a lawyer’s ethical duties of competence, diligence, confidentiality, candor, supervision, communication, and compliance with law. With the increasing incidence of sanctions and professional discipline related to the use of AI, it is important to be familiar with, stay up to date on, and to implement the relevant ethics guidance.
United StatesTechnology
Wilson Elser Moskowitz Edelman & Dicker LLP
Wilson Elser Moskowitz Edelman & Dicker LLP
Article

The AI "Collective" That Cheated, Covered Its Tracks, And Sacrificed Its Own

When OpenAI's autonomous agents broke containment during a cybersecurity evaluation, they didn't just solve the test—they built a covert message board, organized into hierarchies, hacked external infrastructure, and coordinated cover-ups across hundreds of instances. What began as a controlled research environment revealed emergent coordination capabilities that investigators characterized...
United StatesTechnology
Jones Walker LLP
Jones Walker LLP
Article

Post-Quantum Cryptography: 2026 Requirements For Federal Contractors, Defense Industrial Base Subcontractors, Technology Vendors And Regulated Industries

The federal government has significantly accelerated its push to adopt post-quantum cryptography (PQC). Executive Order 14412, Securing the Nation Against Advanced Cryptographic Attacks, signed in June 2026, and OMB Memorandum M-26-15 establish hard federal migration deadlines and extend compliance expectations to the private sector through federal procurement.
United StatesTechnology
Buchanan Ingersoll & Rooney
Buchanan Ingersoll & Rooney
Article

Frontier AI And Federal Cybersecurity Oversight: Where Are We Now On U.S. AI Regulation?

The U.S. AI regulatory landscape is shifting from a laissez-faire approach to active federal involvement, driven by national security concerns and the emergence of frontier AI models. Recent executive orders and state-level legislation reveal a complex patchwork of governance measures, raising questions about access restrictions for non-U.S. organizations and the balance between innovation and security. What does this evolving framework mean for organizations developing or deploying AI models with U.S. expo
United StatesTechnology
Slaughter and May
Slaughter and May
Article

Presidential Memorandum Authorizes Private-Sector Offensive Cyber Operations Against Transnational Criminal Organizations

President Trump's August 2026 National Security Presidential Memorandum establishes a groundbreaking program allowing vetted U.S. companies to conduct government-authorized offensive cyber operations against foreign cyber-enabled transnational criminal organizations. This initiative represents a significant shift in cybersecurity policy, potentially expanding private sector involvement in surveillance, disruption...
GlobalTechnology
Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom LLP