ChainCatcher news, according to Bitcoinist, Lilian Nurieva, the former head of the Russian cryptocurrency investment fund Finiko, has been sentenced to three years in prison for defrauding private investors and participating in an organized crime group. The Federal Foundation for the Protection of Investors' and Shareholders' Rights considers this $55 million pyramid scheme to be the second-largest financial fraud in post-Soviet Russian history.In 2021, Russian authorities began investigating the "cryptocurrency investment fund" Finiko for suspected fraud and organized crime. According to the investigation, the fund was a cryptocurrency scheme based on a pyramid scheme that attracted funds from millions of investors.The Kazan Vakhitovsky District Court ruled that Lilian Nurieva, one of the executives of Finiko, was guilty of defrauding investors. Nurieva was a key participant in the scheme and received a "light" sentence for cooperating with prosecutors.

ChainCatcher news, the Canadian Securities Administrators (CSA) has proposed amendments to regulations regarding how public investment funds handle crypto assets, aimed at further clarifying custody rights and the rules for funds dealing with crypto assets.According to the amendment, only alternative investment funds and non-redeemable investment funds are allowed to directly purchase, sell, or hold crypto assets, while other mutual funds can only invest in these funds to gain exposure to cryptocurrencies. Additionally, the assets must be listed on exchanges recognized by Canadian securities regulators and must be interchangeable. The assets must also be insured and stored in cold wallets, and an annual review of the custodian's internal management is required by a public accountant.It is reported that the proposal will be open for public consultation for 90 days, after which a consultation document will be drafted and a broader regulatory framework for crypto assets will be considered.

ChainCatcher news, according to GlobeNewswire, Singapore-based venture capital firm Leo Ventures has announced the launch of a new fund with a size of $10 million, which will focus on investing in Web2 and Web3 technology startups in the Asia-Pacific region, India, and the Middle East.In terms of Web2, the fund plans to support projects related to fintech, deep tech, and ESG technologies, as well as vertical fields such as artificial intelligence and machine learning; while in terms of Web3, it will support projects related to DeFi, L0, L1, infrastructure, Web3 payment solutions, and Web3 consumer technologies.

ChainCatcher news, according to sources cited by The Block, venture capital firm GoldenTree's long-time partner Joseph Naggar will be leaving. Joseph Naggar has been responsible for leading GoldenTree's investments in the crypto space, including dozens of crypto startups.Additionally, sources revealed that GoldenTree is exploring various options to advance its crypto division, including the possibility of spinning it off.

ChainCatcher news, Vietnam's cryptocurrency investment fund Coin98 Ventures has announced its rebranding to Arche Fund.Under the new fund structure, Arche Fund will provide customized support for different types and stages of Web3 projects through three different branches: the early-stage fund Arche Ventures, the project incubator Kompass, and the breakthrough creative investment fund Arche Capital.

ChainCatcher news, The Wall Street Journal cited informed sources saying that Sequoia Capital has reduced the size of its cryptocurrency investment fund from $585 million to $200 million, and its ecosystem fund from $900 million to $450 million. Sequoia stated that due to the ongoing market downturn, the company had to scale back and plans to focus its cryptocurrency fund on supporting early-stage startups rather than large institutions that are facing challenges in the current market environment.

ChainCatcher news, Spanish private bank A&G will launch a cryptocurrency investment fund product after registering with the National Securities Market Commission (CNMV). It is said to be the first fund of its kind in Spain.The bank stated that investors have shown "great interest" in cryptocurrency investments, and that crypto investments "can achieve more effective risk management and control through safer and more regulated investment products." A&G also mentioned that a fund "involving regulated professionals" is a safe choice for cryptocurrency investors.Another bank, CACEIS, will act as the custodian for the fund, while PwC will serve as its auditing firm. It is reported that CACEIS Bank is a joint asset servicing department of European banking giants Crédit Agricole and Santander. (source link)

ChainCatcher news, according to a report by CoinDesk citing sources, Hong Kong asset management company Metalpha has raised $5 million from Bitmain for its Grayscale-based cryptocurrency investment fund Next Generation Fund I.It is reported that Metalpha aims to raise $100 million for Next Generation Fund I, which was established in collaboration with NextGen Digital Venture Limited. As of the end of March, Metalpha has raised $20 million towards this goal. The fund invests in Grayscale products through structured derivatives, granting access to a digital asset portfolio pillar in a manner compliant with U.S. and Hong Kong laws. (Source link)

Chain Catcher news, Asian emerging crypto investment fund SevenX Ventures announced the completion of the first closing of Fund III at 80 million USD.It is reported that SevenX Ventures Fund III has a total scale of 100 million USD and will fully close fundraising by the end of October. The funds for this round mainly come from the continued follow-on investments of LPs from the first and second funds, as well as family offices of leading internet entrepreneurs in Asia.SevenX Ventures Fund III will allocate 60% of its funds to invest in middleware and infrastructure protocols focused on the data layer, and 40% of its funds to invest in decentralized applications centered around Asian application developers, covering new business model explorations in gaming, finance, content, and social networking. (Source link)