BTC $76,710.71 -1.84%
ETH $2,259.87 -1.56%
BNB $694.59 -2.05%
XRP $1.25 -0.04%
SOL $92.06 -2.59%
TRX $0.3217 +1.89%
DOGE $0.0740 -1.87%
ADA $0.1872 -2.22%
BCH $276.20 -0.53%
LINK $11.13 -1.58%
HYPE $83.96 -2.85%
AAVE $127.96 -3.09%
SUI $0.8682 -2.64%
XLM $0.1617 -3.61%
ZEC $1,136.77 -9.63%
AAPL $323.42 -5.80%
AMZN $246.27 +1.13%
GOOGL $278.41 -1.98%
MSFT $506.80 -3.15%
META $609.73 -1.00%
NVDA $205.07 -1.39%
TSLA $403.36 +0.20%
SNDK $1,103.78 -6.84%
INTC $61.51 -7.85%
SPCX $137.54 -1.25%
MU $853.93 -6.23%
AMD $478.93 -7.33%
BTC $76,710.71 -1.84%
ETH $2,259.87 -1.56%
BNB $694.59 -2.05%
XRP $1.25 -0.04%
SOL $92.06 -2.59%
TRX $0.3217 +1.89%
DOGE $0.0740 -1.87%
ADA $0.1872 -2.22%
BCH $276.20 -0.53%
LINK $11.13 -1.58%
HYPE $83.96 -2.85%
AAVE $127.96 -3.09%
SUI $0.8682 -2.64%
XLM $0.1617 -3.61%
ZEC $1,136.77 -9.63%
AAPL $323.42 -5.80%
AMZN $246.27 +1.13%
GOOGL $278.41 -1.98%
MSFT $506.80 -3.15%
META $609.73 -1.00%
NVDA $205.07 -1.39%
TSLA $403.36 +0.20%
SNDK $1,103.78 -6.84%
INTC $61.51 -7.85%
SPCX $137.54 -1.25%
MU $853.93 -6.23%
AMD $478.93 -7.33%

fundraising

All
Article
Flash

Qian Zhiming's 40 billion illegal fundraising case update: the prosecution has applied to confiscate over 61,800 bitcoins and other assets, and the court has accepted the case

According to a report by The Paper, the case of Qian Zhimin, involving over 40 billion yuan in illegal fundraising and more than 60,000 bitcoins, has seen new developments in domestic judicial procedures. The Tianjin Second Intermediate People's Court announced that it has accepted the Tianjin People's Procuratorate Second Branch's application to confiscate the illegal gains of the suspect Qian Zhimin as of September 28.According to the property confiscation list published by the Tianjin Second Intermediate Court, in addition to bitcoins, the involved virtual currencies also include 72,745.79502 bitcoins cash, 72,745.78555 bitcoins gold, 72,745.7845 bitcoins Satoshi Vision, 3,605,989.9995 ripples, and 70,081,208.62553222 dogecoins (which have been converted and deposited into an interest-bearing account by British judicial authorities). Additionally, the confiscated assets also include cash in US dollars, euros, and British pounds, jewelry, as well as bank balances and investment portfolios.The Tianjin People's Procuratorate Second Branch believes that Qian Zhimin is suspected of fundraising fraud, and after fleeing, he has been wanted for a year without appearing in court. There is evidence proving that over 61,800 bitcoins and other assets seized in the UK belong to illegal gains and their proceeds, and should be recovered along with the transformed and converted properties and proceeds, except for those legally returned to the harmed fundraising participants, which should be confiscated.

first_img The U.S. Treasury Department sanctioned a $2 million fundraising network related to Hamas, including cryptocurrency transfers

According to CoinDesk, the U.S. Treasury Department announced sanctions against a member of Hamas's military wing, two French nationals, and two charitable organizations, accusing them of raising over $2 million for Hamas through cryptocurrency and so-called humanitarian donations in a fundraising campaign that lasted six years.The Treasury stated that Faouzi Barika and Amel Oualid raised funds in France under the guise of humanitarian efforts, subsequently transferring the money to Hamas. This network raised over $2 million between 2020 and 2026, with $1.5 million occurring after the Hamas attack on Israel on October 7, 2023. The two also sent hundreds of thousands of dollars in cryptocurrency to Saleem Abdallah Saleem al-Zaq in Gaza, who is the deputy battalion commander of Hamas's Kassam Brigades.The sanctions freeze the assets of the relevant entities within U.S. jurisdiction, and Americans are generally prohibited from engaging in transactions with them. Foreign financial institutions that knowingly facilitate significant transactions may face secondary sanctions risks, and restrictions also extend to companies in which the sanctioned parties hold more than 50% directly or indirectly. U.S. Treasury Secretary Scott Bessent stated that terrorist organizations like Hamas rely on complex financial intermediaries and fraudulent means. This move indicates U.S. concern about the role of cryptocurrency in broader fundraising networks, rather than viewing it as Hamas's primary source of funding.

first_img The U.S. House of Representatives' fundraising committee has passed the first federal cryptocurrency tax framework

The House Committee on Ways and Means passed the "Digital Asset Tax Clarification Act" with a vote of 38 in favor and 5 against, establishing the first federal tax framework for digital assets. The bill sets a threshold for taxation, stating that cryptocurrency transactions with network or transaction fees not exceeding $10 are exempt from taxes, but this exemption does not apply to service providers conducting transactions on behalf of others, and the relevant provisions will not take effect until December 2027.The bill also requires the Treasury Department to establish a voluntary disclosure program for digital assets within 12 months of the bill's enactment, allowing eligible taxpayers to amend previous filings and settle owed taxes, interest, and penalties. The bill specifies that income from mining and staking will be taxed as ordinary income, while allowing certain investment trusts to stake without affecting their tax status. The previous version included an option for deferred income recognition, but that provision has been removed, and the issue of income recognition timing remains unresolved.Committee Chairman and Republican Congressman Jason Smith called it a historic moment for the committee. This vote took place the day after the Senate's procedural vote on the "Clarity Act" failed (49 votes to 50), with Democrats opposing the bill mainly due to ethical concerns raised by Trump's cryptocurrency interests. The House will recess until after the November elections, and the bill may advance during the lame-duck session, with public attention shifting to the Senate Finance Committee.
app_icon
ChainCatcher Building the Web3 world with innovations.