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The U.S. Department of Justice plans to reevaluate how to return assets to victims in crypto crime cases The U.S. Department of Justice said in a memorandum that it would review a practice: how to compensate investors at a price lower than the current market value when digital assets were confiscated in cases involving fraud and theft. The memorandum mentioned that the Department of Justice paid attention to some famous bankruptcy cases in 2022. Although not all of these bankruptcy cases involved criminal charges, many of them caused investors to lose digital assets due to fraud and theft. In addition, the Department of Justice pointed out that the value of these digital assets has risen sharply in the following years. Under current U.S. bankruptcy regulations, confiscated assets should be returned to victims at the dollar value at the time the fraud occurred. Although this may seem unfair, experts say there are important reasons behind this rule and it may be very difficult to change it. (Unchained)

The U.S. Department of Justice will reassess the approach to returning assets to victims in cryptocurrency crime cases.

In a major setback for victims of the July 2024 WazirX cryptocurrency hack, the Supreme Court of India today dismissed a criminal petition filed by over 50 users seeking action against the exchange’s management, including co-founder Nischal Shetty, as well as Binance Holdings and Liminal Custody. The court explicitly cited the unclear regulatory landscape surrounding cryptocurrencies in India as its reason, stating it was “not inclined to entertain the plea.“ The petition, which detailed allegations of severe negligence, poor management of user assets, and inadequate security protocols leading to an estimated loss of over 2,000 crores (approximately $234 million) was presented before a bench comprising Justice BR Gavai and Justice Augustine Masih. However, the bench swiftly dismissed the case. Justice Gavai explicitly stated the court’s reluctance to intervene, advising the victims to “make representation to the authorities and let it be decided in accordance with law.” The dismissal was confirmed to The Crypto Times by advocate Priyanka Prakash, representing the aggrieved WazirX users. Related: WazirX Moves Closer to Resuming Operations Following Creditor Vote The petitioners, who had previously approached the Delhi High Court without success, were seeking a criminal probe into the massive cyberattack that had left an estimated 4.4 million Indian users stranded since July 2024. This outcome highlights user frustration, with some market participants noting the irony of India imposing a 30% tax on crypto gains while offering unclear legal recourse for major losses. This regulatory gap is seen by some as hindering legal action, placing focus on regulators like the RBI and SEBI to provide clarity. While this Supreme Court avenue closed, WazirX announced a separate restructuring plan last month. Approved by a Singapore court, the plan promises to eventually return 85 percent of lost assets to affected investors. Related: Using Binance in India? Tax Crackdown Targets 1% TDS Dodgers Harshly A recent WazirX press release stated over 93.1% of voting creditors (representing 94.6 percent of funds) support this restructuring proposal. The plan’s next court hearing is scheduled for May 2025. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

The Ministry of Foreign Affairs responded to the US's 245% tariff increase on China: China does not want to fight, but is definitely not afraid of it At today's regular press conference of the Ministry of Foreign Affairs, a reporter asked that the latest statement on the White House's official website stated that due to China's retaliatory measures, the US tariffs on China have increased to 245%. In response, Foreign Ministry spokesman Lin Jian said that you can ask the US about the specific tax rate. China has repeatedly stated its solemn position on the tariff issue. This tariff war was initiated by the United States. China has taken necessary countermeasures to safeguard its legitimate rights and interests and international fairness and justice, which is completely reasonable and legal. There are no winners in tariff wars and trade wars. China does not want to fight, but it is not afraid of fighting. (CCTV News)

Semler Scientific Agrees to Pay $29.75 Million to Settle Fraud Investigation with the U.S. Department of Justice