The National Basketball Association (NBA) is in the middle of a lawsuit linked to its business relationships with the now-defunct cryptocurrency exchange Voyager Digital Holdings Inc. Investors allege the NBA’s negligence in supporting a marketing agreement between Voyager and Mark Cuban, owner of the NBA’s Dallas Mavericks, resulted in staggering losses of $4.2 billion.
The demand, presented in Miami, maintains that the NBA’s widespread promotion of Voyager’s unregistered securities makes the association liable for any resulting harm, calling it «unregulated and unsustainable fraud».
In addition to the NBA, investors also sued Voyager’s attorneys, McCarter & English. Accusing them of producing fraudulent legal opinions and participating in the alleged conspiracy to promote the cryptocurrency exchange.
The NBA’s affiliation with Voyager was not an isolated case. Since several NBA teams had marketing agreements with cryptocurrency companies, including the failed FTX exchange.
Montenegro’s Court of Appeal has revoked its agreement that would allow the United States to extradite former TerraForm Labs CEO Do Kwon, according to a statement issued by the court.
The original decision to extradite Kwon was made by the Podgorica High Court in early December. However, following an appeal by his lawyers, she was allowed to remain in Montenegro while the appeals court reviewed the case.
The court found that the original decision to extradite Kwon was “affected by significant violations.” Among the reasons cited were that the wording of the decision was incomprehensible, the decisions lacked reasons for the decisive facts, and the reasons given were unclear.
In addition, they noted that the lower court ignored the order of arrival of the extradition requests. Suggesting that South Korea was the first to request Kwon’s extradition.
Coinbase survey reveals change in mentality among cryptocurrency holders in the United States
The results of a survey published by Coinbase point out a significant change in mentality among cryptocurrency holders in the United States. The survey suggests that there is a transition from a speculative approach towards broader adoption of cryptocurrencies.
The report highlights that the majority of American cryptocurrency holders express dissatisfaction with the current financial system. Nearly 71% of Americans and 90% of cryptocurrency holders want lower fees as part of a new updated financial system.
Despite the dissatisfaction, the survey indicates that the majority of cryptocurrency holders see cryptocurrencies as an alternative to high fees. As well as the slow processing times of traditional banks.
Hong Kong proposes regulating OTC cryptocurrency trading under anti-money laundering law
The Hong Kong government has announced plans to implement stricter regulatory measures on over-the-counter (OTC) digital asset trading. In a statement Published on February 8, the government detailed legislative proposals aimed at subjecting OTC trading to the same requirements that govern retail digital asset trading.
Public consultation on these legislative proposals is scheduled to continue until April 12. Thus opening a space for the participation and comments of various market players. The initiative primarily aims to bring OTC trading under the jurisdiction of the Anti-Money Laundering and Terrorist Financing Ordinance (AMLO), which is expected to come into force in June 2023.
Do you want to always be updated in the world of cryptocurrencies? Subscribe now to whatsapp channel from CryptoTendencia! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Did you like the content? Share it
Related
2024-02-09 08:08:55
#NBA #faces #billion #lawsuit #related #Voyager #Digital
