HomeBitcoinBitmex Cofounder Ben Delo Surrenders to US Authorities— Arthur Hayes to Follow...

Bitmex Cofounder Ben Delo Surrenders to US Authorities— Arthur Hayes to Follow in April – News Bitcoin News



Legal issues with crypto exchange Bitmex’s cofounders still make the headlines. Benjamin Delo surrendered to the U.S. authorities, and Arthur Hayes agreed to make the same maneuver in April.

Delo Released on a $20M Bail Bond

According to Bloomberg, Bitmex’s cofounder Benjamin Delo traveled from the U.K. to the United States and pleaded not guilty before U.S. Magistrate Judge Sarah L. Cave. However, he was later released after posting a $20 million bail bond.

Per the release terms, Delo was allowed by the judge to return to the United Kingdom. Still, he is set to face a court status conference scheduled for May.

Along with Arthur Hayes and Samuel Reed, Delo co-founded the crypto-derivatives exchange, but they were accused in October 2020 of violating the Bank Secrecy Act (BSA). The accusation was filed by the Commodity Futures Trading Commission (CFTC) and the U.S. Department of Justice.

The BSA requires financial institutions to provide documentations with transactions above the $10,000 threshold. The purpose of such a measure is to prevent money laundering through the banking system.

Moreover, Gregory Dwyer, one of the first employees of the crypto exchange, was also charged amid Bitmex’s legal tussle with the U.S. authorities. He remains at large as of press time.

A spokesperson for Delo told Bloomberg:

The charges are unfounded and an overreach by U.S. authorities and Delo intends to defend himself against the charges and clear his name in court.

Hayes to Surrender on April 6 in Hawaii

On May 17, 2021, the U.S. District Court for the Southern District of New York announced that Arthur Hayes also agreed to surrender in the United States on April 6, 2021. He will be released on a $10 million bond, secured by a $1 million deposit in cash.

Hayes is currently living in Singapore, and according to the court filing, he will be present before the U.S. authorities in Hawaii.

Reed is also a free man after being arrested in 2020 and posted a $5 million bond.

What do you think about the surrendering from both cofounders? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = ‘https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v3.2’;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));


Source link


Cardano faces $1.60 resistance after ADA price hits 2-month highs

Cardano's ADA token came close to its highest in two months on Aug. 10 as daily gains neared 6%.Data from Cointelegraph Markets Pro and...

Teller Finance deploys mainnet on Polygon, migrates 2,200 NFTs

Teller Finance, a non-collateral lending protocol for the DeFi market, has officially deployed its mainnet on Polygon, marking a significant milestone in its quest...
[td_block_social_counter style="style8 td-social-boxed td-social-font-icons" facebook="tagdiv" twitter="tagdivofficial" youtube="tagdiv" custom_title="Follow us" block_template_id="td_block_template_11" border_color="#fbb03b" f_header_font_size="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTgifQ==" f_header_font_weight="600" f_header_font_family="702" f_header_font_transform="uppercase" tdc_css="eyJwb3J0cmFpdCI6eyJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsInBob25lIjp7Im1hcmdpbi1ib3R0b20iOiI0MCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3NjcsImFsbCI6eyJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn19"]

Most Popular