📌 TOPINDIATOURS Eksklusif crypto: Washington Man Sentenced to 2 Years for Divertin

A Washington state man has been sentenced to two years in federal prison after diverting $35 million from his employer to fund a personal decentralized finance venture that ultimately collapsed during the 2022 crypto market downturn.

Nevin Shetty, 42, was convicted of wire fraud in November after prosecutors showed he secretly transferred company funds into a crypto investment scheme tied to his side project, HighTower Treasury.

The funds belonged to a private software company where Shetty served as chief financial officer.

Prosecutors Say CFO Diverted Funds After Learning of Job Termination

According to the US Department of Justice, Shetty drafted a conservative investment policy for the firm that limited how corporate funds could be used.

Despite those internal guidelines, he moved tens of millions of dollars from the company’s accounts after learning in April 2022 that his position would be terminated due to performance concerns.

The money was routed to HighTower Treasury, where Shetty and a business partner invested heavily in decentralized finance lending protocols promising annual returns of 20% or more.

Prosecutors said Shetty intended to return a fixed payment to the company while keeping the remainder of any profits generated by the crypto strategy.

Initially, the scheme produced modest gains. Court filings show the operation generated roughly $133,000 in its first month.

However, the broader crypto market soon entered a steep downturn following the collapse of the Terra ecosystem in May 2022.

As the market fell, the value of HighTower’s positions rapidly deteriorated. The investments tied to Shetty’s strategy plunged from approximately $35 million to nearly nothing during the subsequent crypto winter.

After the losses became clear, Shetty admitted his actions to colleagues at the company. He was later dismissed from his role.

During sentencing, US District Judge Tana Lin said the incident inflicted serious damage on the business. According to the court, the company faced “significant and severe effects” from the losses and was nearly forced to shut down.

The financial damage also triggered layoffs, with about 60 employees losing their jobs as the company attempted to stabilize operations following the missing funds.

Federal prosecutors had requested a nine-year prison sentence, arguing that Shetty’s actions involved deception and caused lasting harm to the company and its staff. The court ultimately imposed a shorter sentence of two years.

Washington Man Ordered to Pay $35M Restitution After DeFi Fraud

In addition to prison time, Shetty was ordered to pay $35,000,100 in restitution. After completing his sentence, he will remain under supervised release for three years.

Judge Lin also imposed restrictions on Shetty’s future employment, prohibiting him from serving as an officer or director of a company without approval from the probation office.

Last month, two teenagers from California faced serious felony charges after authorities say they traveled hundreds of miles to carry out a violent home invasion in Scottsdale, Arizona, in a bid to obtain cryptocurrency believed to be worth $66 million.

The case came amid a broader rise in so-called wrench attacks, physical assaults aimed at forcing crypto holders to hand over private keys.

Security researcher Jameson Lopp’s public database lists roughly 70 such incidents in 2025, a sharp increase from the previous year.

Security analysts say criminals are increasingly using leaked personal data to identify targets and recruiting young perpetrators online to reduce traceability.

The post Washington Man Sentenced to 2 Years for Diverting $35M to Failed DeFi Platform appeared first on Cryptonews.

🔗 Sumber: cryptonews.com

📌 TOPINDIATOURS Update crypto: Florida Lawmakers Push Forward First State-Level St

Florida lawmakers have advanced legislation that would introduce state-level oversight for stablecoins, marking a step toward formal regulation of the rapidly growing digital asset sector.

The Florida Senate approved Senate Bill 314 in a vote on Friday. The legislation would require stablecoin issuers operating in the state to obtain a license from the Florida Office of Financial Regulation before offering their tokens to residents.

Florida Stablecoin Bill Aims to Align With Federal Genius Act

Republican Senator Colleen Burton said the bill is designed to align Florida’s approach with emerging federal rules.

According to Burton, the measure aims to combine state supervision with the framework outlined in the federal Genius Act, a law intended to strengthen consumer protections and reinforce financial stability in the stablecoin market.

The proposal now moves to Florida Governor Ron DeSantis, who must decide whether to sign it into law.

If enacted, Florida would become the first US state to introduce its own regulatory structure specifically targeting stablecoins.

DeSantis has previously positioned himself as supportive of the crypto sector. During his presidential campaign, the Republican governor pledged to defend Bitcoin and digital assets from restrictive regulation.

Florida also became the first state to ban the use of central bank digital currencies, or CBDCs, after DeSantis argued that government-issued digital money could threaten private cryptocurrencies and expand financial surveillance.

Stablecoins have increasingly become a focal point for policymakers in Washington and across the country.

The sector gained renewed attention last year after President Donald Trump signed the Genius Act, which established federal guidelines for issuing dollar-pegged tokens.

Under the law, banks and other approved entities may issue stablecoins if they maintain reserves in assets such as US Treasuries and publish monthly disclosures detailing those holdings.

Despite that progress, debate continues over how the broader digital asset industry should be regulated. Another proposal in Congress, the Clarity Act, has exposed tensions between crypto firms and traditional financial institutions.

Companies such as Coinbase have argued that issuers should be allowed to provide rewards to users who hold stablecoins. Banking groups, however, warn that such incentives could pull deposits away from traditional banks.

Trump recently weighed in on the debate, saying banks should not interfere with the administration’s pro-crypto policy direction.

Japan, Hong Kong Embrace Stablecoin Regulation as China Tightens Rules

Elsewhere in Asia, policymakers have taken a different path. Japan introduced a legal framework for stablecoin issuance in 2023, while Hong Kong plans to begin licensing stablecoin issuers this year.

China briefly explored allowing private firms to issue yuan-pegged tokens in 2025, but later halted pilot programs.

Last year, the People’s Bank of China unveiled a framework that will allow commercial banks to pay interest on balances held in digital yuan wallets starting January 1, 2026.

Lu Lei, a deputy governor at the PBOC, said the change would shift the e-CNY beyond its original role as a digital version of cash and integrate it into banks’ asset and liability operations.

Global stablecoin transaction value reached $33 trillion in 2025, marking a 72% increase from the previous year, according to Bloomberg data compiled by Artemis Analytics.

USDC emerged as the most-used stablecoin by transaction volume, processing $18.3 trillion, while Tether’s USDT handled $13.3 trillion, despite maintaining its lead by market capitalization at $187 billion.

The post Florida Lawmakers Push Forward First State-Level Stablecoin Oversight Bill appeared first on Cryptonews.

🔗 Sumber: cryptonews.com