Latest news with #Token2049
Toronto Sun
10-07-2025
- Toronto Sun
Judge jacks up sentence for New York City crypto scammer to 12 years
Nicholas Truglia gets 12 years in prison after failing to pay back victim Published Jul 10, 2025 • 2 minute read The Bitcoin logo is displayed during the Token2049 conference in Dubai, April 30, 2025. Photo by GIUSEPPE CACACE / AFP / Getty Images A man who got 18 months in prison for his part in a scheme to steal $22 million in cryptocurrency saw his sentence increased to 12 years after failing to pay back his victim as he had promised. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Nicholas Truglia received the stiff new sentence Thursday, after U.S. District Judge Alvin Hellerstein found he had willfully failed to honour his agreement to pay nearly $20.4 million in restitution. 'You paid not a cent, not one cent,' Hellerstein told Truglia, 27, in resentencing him to eight times his original prison term. The judge ordered Truglia, who has already served his original sentence, taken into custody immediately after the hearing. Mark Gombiner, Truglia's lawyer, told Hellerstein the sentence was illegal and 'an extraordinary abuse of discretion.' He promised to appeal. Truglia pleaded guilty in 2021 to participating in a complex scheme to gain control of the victim's cell phone and steal more than $20 million of his cryptocurrency. He was charged as part of a ring of 'evil computer geniuses' who tricked telecom employees into transferring customers' cell numbers to SIM cards the hackers. This advertisement has not loaded yet, but your article continues below. The group targeted Michael Terpin, the founder and chief executive officer of Transform Group, which advises blockchain businesses on public relations. The hackers recruited Truglia to convert stolen digital tokens into Bitcoin after they drained Terpin's cryptocurrency accounts. During Truglia's initial sentencing hearing, it emerged that he had $53 million in assets, including crypto, art and jewelry. Gombiner, argued in a court filing that Truglia has 'surrendered every valuable asset he has access to,' including all the money in a Wells Fargo & Co. account. RECOMMENDED VIDEO Truglia said much of his wealth was contained in bitcoin wallet that he could not access. If he could, he would pay what he owes, he said. But Terpin, participating in the hearing by phone, called Truglia's claim 'a giant smoke screen.' The judge slammed his lavish lifestyle. 'You didn't have a job, but you lived in splendour,' the judge said to Truglia. The case is US v. Truglia, 19-cr-00921, US District Court, Southern District of New York (Manhattan). Toronto & GTA Toronto & GTA Toronto Blue Jays Canada World
IOL News
04-07-2025
- Business
- IOL News
CBEX Crypto Scam: Africa's AI-Hyped Ponzi Nightmare and the Urgent Call for Real Regulation
Logos of different cryptocurrencies are displayed during the Token2049 conference in Dubai. Beneath the glittering promises of the cryptocurrency world, where AI hype shines brightest, lies a sinister truth: CryptoBridge Exchange (CBEX). This AI-powered Ponzi scheme has shattered and embittered countless African investors. Edwin, a Kenyan government worker, is just one of many victims, having lost $16,000—borrowed money, shattered dreams, and bruised dignity. His isolated story is a symptom of a broader crisis: a digital swindle spreading unchecked across Africa's vulnerable investment landscape. CBEX initially presented an enticing opportunity: an AI trading system guaranteeing monthly returns and attractive referral bonuses. Its appearance of legitimacy was crafted through a complex network of corporate identities and fraudulent certificates. The platform employed "brandjacking," using the acronym of China's Beijing Equity Exchange, a deceptive tactic designed to instill a false sense of security in investors. The unfortunate reality is that these schemes exploit both the lack of technological awareness and the financial aspirations of ordinary Africans seeking to improve their economic standing. The Anatomy of a Modern Ponzi Scheme Africa is no stranger to Ponzi schemes, but CBEX marks a disturbing new phase: the combination of cryptocurrency's lack of transparency with the enticing appeal of artificial intelligence. Crypto scams globally siphoned off an estimated $9.9 billion last year alone, according to blockchain analysis firm Chainalysis—a staggering sum that underscores the profitability and prevalence of these fraudulent activities. CBEX operated a sophisticated, yet classic, Ponzi scheme. Investors observed fabricated "growth" in their accounts, while their actual investments were covertly drained. These funds were funneled through intricate TRON blockchain transactions, distributed across numerous wallets, and converted into various cryptocurrencies to obscure their origin. This digital illusion led investors to believe their capital was expanding, even as it was silently pilfered. Such schemes flourish where financial regulation is lax and populations are financially desperate. CBEX exploited these vulnerabilities in Kenya and Nigeria, its primary operational hubs. Large segments of the populations in these countries are financially underserved, lack financial literacy, and are keen for alternative income. CBEX capitalized on these gaps by inundating messaging apps like Telegram with alluring, yet ultimately unrealistic, promises. Why Africa? Why Now? With a burgeoning youth population, over 60% of whom are under 25 according to a 2023 African Development Bank report, Africa is seeing its young people increasingly embrace cryptocurrency. This adoption is driven by the desire for economic opportunity amidst limited formal employment and unstable local currencies, reflecting a growing demand for digital financial solutions. The rapid adoption of cryptocurrency in Africa has unfortunately outpaced the implementation of adequate safeguards, leading to a precarious situation. Instead of proactive measures, governments have largely reacted after the fact. For instance, Kenya's Capital Markets Authority only issued investor alerts once significant harm had already occurred, and Nigeria's EFCC has been compelled to reactively pursue scammers and recover funds. These isolated responses are insufficient for a crisis that urgently requires a holistic and forward-looking regulatory framework. CBEX's acquisition of an anti-money laundering certificate—even if only for consultancy services—highlights a concerning blend of scammer ingenuity and institutional oversight. This loophole in governmental and institutional diligence emboldens fraudsters, who expertly exploit bureaucratic gaps and insufficient cross-border regulatory collaboration. What Must Be Done? The Imperative for Stronger Regulation and Education African governments need to abandon their current reactive and fragmented regulatory approach. While Nigeria's new Investments and Securities Act, which criminalises Ponzi schemes, is a welcome development, robust and immediate enforcement, coupled with enhanced cross-border collaboration, is crucial. Warnings and investor alerts from regulators are no longer sufficient. There's a pressing need for dedicated crypto regulatory bodies. These bodies must be equipped to comprehend and supervise digital asset markets, with the authority to vet platforms, enforce transparency, and implement stringent Know-Your-Customer (KYC) protocols. Public education on crypto risks is crucial and should be integrated into financial literacy initiatives. Many are drawn to the allure of "guaranteed returns" from AI-powered trading bots, often unaware of the volatile and speculative nature of digital assets. Governments, NGOs, and community organizations should collaborate to provide clear and accessible information on identifying scams. Telegram and other similar technology platforms need to enhance their scam-detection systems. While Telegram has started to ban problematic users and identify scam groups, CBEX's ongoing activity on the platform underscores the critical need for more proactive surveillance and collaboration with law enforcement. Closing Thoughts: Never Again For victims such as Edwin and Abby, "never again" is more than a personal promise; it's a demand for systemic change. While the CBEX scandal may account for billions lost worldwide and millions domestically, the real price is the erosion of hope and the shattering of trust. This cannot be Africa's crypto epitaph. Rather, it must be the point at which we declare an end to hollow pledges and AI fantasies. The urgent need for responsible regulation, investor education, and institutional responsibility is upon us—before another CBEX rises from the depths, poised to exploit aspirations once more. By Sesona Mdlokovana UAE & African Specialist Associate at the BRICS+ Consulting Group ** MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on X/Twitter & @brics_daily on Instagram for daily BRICS+ updates
Forbes
03-06-2025
- Business
- Forbes
Justin Sun Is Bullish On Dubai And Stablecoins. Here Is Why.
Justin Sun at Token 2049 conference in Dubai on May 1, 2025. (Photo by Giuseppe CACACE / AFP) (Photo ... More by GIUSEPPE CACACE/AFP via Getty Images) Justin Sun, the multi-billionaire behind Tron, is doubling down on Dubai as the crypto capital of the world. With Tron's network moving an eye-popping $20 billion in stablecoins every day, Sun's enthusiasm for the UAE is a strategic move. 'Everyone who matters in crypto is already here,' he told me on the sidelines of Token2049, the largest event in crypto that brought hundreds of international speakers and 15,000 attendees. We sat down to explore why he sees Dubai as the next frontier, how stablecoins are a cornerstone of Web3, even touched on how President Trump has become focal points of both public praise and scrutiny, as bitcoin and crypto increasingly intersects with politics, a dynamic that continues to shape the broader conversation around the industry. 'Previously, I would have pointed to Singapore as the crypto center," Sun said. "But now? It's definitely Dubai.' He is not alone in that view. From the largest exchanges, such as Binance and ByBit, to layer-one protocols, Dubai has become the go-to jurisdiction for launching and scaling crypto ventures, outpacing traditional strongholds like Singapore and Switzerland. Sun is observing this shift and acting on it. Tron and their affiliated businesses are in the process of securing regulatory approvals from multiple UAE virtual asset regulators, and Sun is excited to be laying roots in the region. 'We see our investments here in Dubai as pivotal for us and the entire industry,' he explained, highlighting plans to grow his team, host more events, and make the UAE a strategic anchor for Tron's global expansion. Sun's message is clear: Dubai is the strategic headquarters of Tron's next chapter. In addition to Dubai, Sun is also bullish on the future of stablecoins. 'In 2024, we processed around $5 trillion in stablecoins' Sun said casually. 'In 2025, we expect $7 trillion.' Yes, trillion. And that is not total market cap, it is on-chain volume, driven mainly by USDT running on the Tron network, at a pace of $20–30 billion per day. 'We've already surpassed the volume of some of the biggest traditional finance systems such as Visa,' he said. 'And we're just getting started.' Beyond transaction volume, Tron's growth in users is hard to ignore. With over 300 million wallets and an average of 250,000 new users per day, Tron is scaling faster than most blockchains outside of Ethereum. What is the appeal of Tron chain for stablecoins? It is fast and it costs almost nothing. Unlike Ethereum, where a simple stablecoin transfer can set you back $10 per transfer at times, on Tron you will pay less than a cent. 'We built Tron network for the world,' Sun added. 'It's borderless, inclusive, and designed for scale.' Sun's advisory role in the USD1 stablecoin project, tied to World Liberty Financial, has attracted attention, particularly because of the Trump family's involvement in related ventures in Dubai. 'I'm here to support them in building a robust crypto and stablecoin product,' he said. 'But this is their project. I'm just helping where I can, with no other links.' Some might see conflict in such close ties, but Sun sees alignment. In fact, he credits President Trump with bringing regulatory clarity to the United States at a time when the crypto industry was flailing in the dark. 'He's the only one who stepped up and gave clarity,' Sun said. 'And when the U.S. moves, the world watches.' Sun's bet is that pro-crypto leadership in the U.S. will drive a new wave of global adoption, and he plans to be on the front lines, supporting this administration that backs innovation. The stablecoin market currently stands at around $250 billion, which may sound substantial, until you realize it is a rounding error in a global fiat system worth over $130 trillion. For Sun, this is his starting block. 'What happens when we're processing $400 trillion a year on-chain?' he challenged. His vision is clear: every major currency - USD, EUR, JPY, CNY, AED - will eventually have its blockchain-native version. And Tron intends to be the rails beneath them all. 'We're not talking about digitizing dollars,' he explained. 'We're talking about moving the world's money infrastructure to blockchain. That's the real revolution.' When challenged about Tron's revenue streams, he said, 'Before we reach 8 billion people, we won't even think about monetization. We're building the future. Profit comes after impact.' It is a high-stakes approach, prioritizing reach and infrastructure over revenue. But in a space that rewards early network dominance, it may prove to be the right kind of patience. For anyone watching the evolution of money, one thing is clear: stablecoins are no longer a niche phenomenon. They are the core engine of Web3. And with chains like Tron driving volume, regulatory engagement, and infrastructure, the next wave of financial innovation will not be built by banks. It will be built on-chain. And it will be settled, according to Justin Sun on Tron.
Barnama
26-05-2025
- Business
- Barnama
Bitget Delivers A Knockout Experience: VIP Access to Karate Combat's KC54 Dubai UFC Fight
DUBAI, United Arab Emirates, May 26 (Bernama) -- Bitget, the leading cryptocurrency exchange and Web3 company, brought the heat to Token2049 with an exclusive ringside experience at Karate Combat KC54 in Dubai on May 2nd. Think high-octane strikes, VIP treatment, and a night so wild, even the blockchain felt the impact. This year, Bitget raised the stakes by offering a premium experience that put crypto enthusiasts right at the heart of the action. Bitget's esteemed VIPs witnessed world-class fighters trade blows while enjoying gourmet food and premium beverages in an exclusive VIP section reserved just for Bitget's key opinion leaders and special guests.
Globe and Mail
26-05-2025
- Business
- Globe and Mail
Bitget Delivers A Knockout Experience: VIP Access to Karate Combat's KC54 Dubai UFC Fight
DUBAI, United Arab Emirates, May 26, 2025 (GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, brought the heat to Token2049 with an exclusive ringside experience at Karate Combat KC54 in Dubai on May 2nd. Think high-octane strikes, VIP treatment, and a night so wild, even the blockchain felt the impact. This year, Bitget raised the stakes by offering a premium experience that put crypto enthusiasts right at the heart of the action. Bitget's esteemed VIPs witnessed world-class fighters trade blows while enjoying gourmet food and premium beverages in an exclusive VIP section reserved just for Bitget's key opinion leaders and special guests. With a crowd of 4,000-5,000 roaring fight fans, the energy in Dubai's premier venue was electric. Bitget COO Vugar Usi Zade perfectly captured the spirit of the event: "Crypto trading and combat sports demand the same qualities—quick reflexes, strategic thinking, and nerves of steel. We're thrilled to give our community this exclusive opportunity to experience world-class competition up close. Whether you're analyzing charts or analyzing fight techniques, this is where champions are made." Robert Bryan, CEO of Karate Combat, remarked, "KC54 marked a significant milestone in our journey, and having Bitget as a sponsor amplified our commitment to innovation in combat sports. Their support helped us deliver an unforgettable experience that blended tradition with cutting-edge technology. Asim Zaidi, President of Karate Combat, also added, "Partnering with Bitget for KC54 was a game-changer. Their involvement not only elevated the event's profile but also underscored the synergy between martial arts and the evolving digital landscape." The event marked another strategic partnership for Bitget in the combat sports world, following their successful collaborations with professional combat athletes such as Wrestling World Champion, Buse Tosun Çavuşoğlu, and Boxing Gold Medalist Samet Gümüş (Boxing). By creating these exclusive live experiences, Bitget continues to build meaningful connections between the crypto community and high-profile sporting events. Jyotsna Hirdyani, Bitget's South Asia head, who orchestrated the event, shared insights. "This is the future. From blockchain to sports, crypto is changing the game forever. This is what happens when sports & entertainment meet blockchain technology. It's a cultural shift where you will see more & more cross-plays of sports x crypto, the ultimate cross-over." This partnership underscores Bitget's commitment to delivering unique, high-value experiences to its community. Just as in trading, timing is everything, and May 2nd in Dubai was when crypto met combat in what turned out to be an unforgettable showdown. Bitget's focus remains on creating tangible value for the crypto community beyond digital interfaces. About Bitget Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. For media inquiries, please contact: media@ Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use. About Karate Karate Combat is the world's premier full-contact karate league, renowned for its innovative approach to combat sports entertainment. Known for its distinctive, fast-paced fighting style - essentially MMA without ground fighting, Karate Combat delivers high-energy bouts, with nearly half ending in knockouts. With over 7 million followers, hundreds of millions of views monthly, and over 100,000 active app users, Karate Combat is at the forefront of blending sports, technology community-driven experiences. Photos accompanying this announcement are available at
