A New Zealand citizen has been arrested following an FBI-led investigation on international cryptocurrency fraud. The man was found guilty of siphoning off 265 Million US dollars.
The New Zealand police said that the man was caught in the coordinated raids conducted in Wellington, Auckland and California and more than a dozen people are facing charges.
As per the police, the suspects are accused of being part of a criminal organization that defrauded a significant amount of cryptocurrency from seven victims. The money was laundered through various platforms between March and August 2024.
According to the Cointelegrph, the US Department of Justice has charged the Wellington man under different federal laws including racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering.
Paraguay deports three undocumented immigrants after crypto mining theft attempt
On May 15, Paraguayan authorities deported three undocumented Chinese citizens and arrested another individual in connection with an attempted theft at a crypto mining site near the Itaipu hydroelectric dam.
The suspects were apprehended after illegally entering a restricted area of Teratech SA’s facility in Coronel Bogado.
Considering the trespassing in a highly secure area, the authorities suspect the men may have previously worked as independent contractors for Teratech, but the company has not responded to it yet.
As per the interpol, the deported Chinese citizens, Jinping Duan, Tian Jianyun, and Zheng Guanglong lacked are not legally permitted to enter into Paraguay and are believed to have crossed the border illegally from Brazil or Bolivia.
The fourth suspect, Nahun María Velázquez Garcete, a legal resident of Paraguay, has been charged with aggravated theft. Garcette is currently in pre-trial detention after being hospitalized in critical condition post-arrest.
Digital Chamber CEO said US Senate will pass Stablecoin bill
The United States Senate will pass the stalling of key stablecoin legislation in the coming weeks, said Cody Carbone, CEO of Digital Chamber, a Washington, DC, based blockchain trade association and advocacy group.
Speaking to Cointelegrph at Consensus 2025, Carbone argued it is in the best interests of the US to pass comprehensive stablecoin regulations in order to protect US dollar hegemony in global markets, which has bipartisan appeal and support.
"These things never move as quickly as we want them to move, but it's stablecoin legislation. This Congress has already moved more expeditiously than we ever could have imagined. So, yes, it's a bump in the road, but I think very, very shortly, we will have another vote."
Said Carbone
According to Cointelegrph, the guiding and Establishing National Innovation in US Stablecoins of 2025, or GENIUS Act, is an important piece of legislation. If this bill fails to pass before the midterm elections in 2026, it could mean a reversal in the positive regulatory environment and a downturn in the crypto markets.
