TDB Law

@EleanorTerrett @SenWarren Wait, does the headline of this press release really say they admitted engaging in “Anti-Money Laundering?”

🚨NEW: Citing the DOJ’s 2023 press release, @SenWarren’s new letter suggests her tweet about CZ may fairly reflect how the DOJ described the charges against him, which could make a defamation suit “very difficult” to bring, a legal source said.

Thanks for posting this. Since starting our crypto fraud focused firm we have been inundated with calls from victims of hacks and pig butchering. They've often wasted money on scammy tracing reports. We usually find a reputable firm to take a quick look for free to see if it is even worth going further. Sadly, many times it is not.

1/ A video went viral on YT this week after a US based victim lost $3.05M (1.2M XRP) from their Ellipal wallet. Here’s the tracing of where the stolen funds ended up and the biggest takeaways for similar thefts.

Great to see the DOJ takedown an alleged pig butchering operation and seize $15 billion of bitcoin linked to the scheme. Let's hope they get it back to the victims.

The report by @bubblemaps on the alleged insider airdrop by $MYX is really troubling. But things like this will keep happening unless and until the VCs who invest in these projects pursue legal action. With a crypto-friendly environment in U.S. (including at DOJ) there are remedies available now that would have been unthinkable even nine months ago.

@laurashin @bitsandbips This was really incisive commentary, and raises some concerning issues.

⚠️ 80% premium on Strategy DATs? On @bitsandbips, Katalin Tischhauser says it’s too high—and the rest might be… 🌀 Ponzi loops?

@MichaelKitces We've been getting lots of calls from "pig butchering" victims who have pressed their own bankers and advisors to free up the funds that they send to scammers. Once the scammer gains the victim's trust it is truly extraordinary how long they can often keep it.

My heart goes out to crypto scam victims. But scary precedent for advisors - lawsuit claims advisor failed duty by following client directions to liquidate & NOT trying to talk her out of it? "Alleged crypto scam victim sues Edelman after liquidating IRA" kitc.es/3GVA9rs

@zachxbt Ah, still no honor among theives.

So Crypto Rover tagged Grok to select a winner for a giveaway and it began replying about his involvement in pump and dump schemes and sketchy promotions and is refusing to select a winner.

New law firms bank on 'boutique' edge reuters.com/legal/legalind… Great to see Treanor Devlin Brown featured in this Reuters article on new litigation boutiques shaking up the big firm model.

@laurashin @Unchained_pod @hosseeb @joemccann Pump.Fun ICO seems to have gone off without a major hitch. With ICO season back, will be interesting to see who ends up being the Icarus that flies too close to the sun.

Pump.fun just pulled off one of the biggest ICOs in history. In this week’s @Unchained_pod, with @hosseeb and @joemccann, we dive into: 🧨 why some say it’s “extractive” 🎯 why onchain beat exchanges ⚔️ the Bonk vs Pump.fun rivalry 🎥 and Pump’s ambitions to kill Ti kTok, Facebook, and Twitch Timestamps: 🎬 0:00 Intro 🚀 3:43 Why Joe says Pump.fun is one of the best crypto businesses he’s seen 📈 6:04 Whether this heralds the return of ICO mania 😤 7:11 Why the raise triggered backlash from parts of the crypto community 💸 8:32 Whether PUMP’s valuation can really be justified ⚙️ 12:10 How the exchange-first design created issues—and why others may copy it 📊 16:15 Whether PUMP’s distribution model helped or hurt its credibility ⏳ 21:43 Why the decision to have no token lockups sparked debate 👾 24:40 What kind of traders actually bought into the ICO ⚡ 32:56 Whether Solana’s performance makes it the new home for ICOs 🏦 37:50 Why Coinbase sat this one out 🔮 44:07 Where PUMP’s price might be headed in the medium term 📉 48:37 How Pump.fun lost some momentum—and what that says about the space 🧠 55:14 How Pump.fun plans to spend its $600 million war chest 📵 57:21 Whether Pump.fun can really take on Facebook 🔥 1:01:46 Why Joe still believes memecoins are just getting started Thank you to our sponsors! @xapobankapp @hodlwithLedn

@fintechfrank Envious. Best in the City.

Do a little Tuesday night Cote

@LouisOrigny @JohnReedStark This is fair to a point. But what is or isn't a meme coin is also a slippery thing, and some tokens are promoted as being real investment opportunities but after the rug is pulled the issuers go with "hey this was all just a big joke."

@JohnReedStark Look there is no protecting anyone buying Meme coins. Their intent is to actively participate in a ponzi and hopefully pass on the knife to someone else before it drops. No crying in the casino

SEC and Policing Meme Coins — A Disturbingly Schizophrenic Approach This morning on Squawk Box, Andrew Ross Sorkin specifically asked SEC Chair Paul Atkins about policing meme coins, like the satirical “Sorkin” Meme Coin, which (incredibly and absurdly) apparently reached a market cap of over $200M. Chair Atkins answered that the SEC would always act to protect investors. But how can the SEC protect meme coin investors when the SEC has explicitly stated that meme coins are not securities and caveat emptor applies. N.B. also that the SEC’s take on meme coins is actually the SEC’s current take regarding all digital assets i.e that digital assets are not securities, so the SEC has no jurisdiction over digital assets. How can the SEC protect crypto-investors if the offering of crypto, sales of crypto, transacting of crypto and fraudulent promoting or transferring of crypto, does not involve a security? The Stark reality is that the SEC cannot protect investors in meme coins or any other so-called digital assets, because the SEC has decided, despite an avalanche of case law to the contrary, that digital assets are not securities. You can’t have your cake and eat it too SEC —either you are protecting crypto investors or you are not protecting crypto investors — and all evidence points to the latter. Watch for yourself at: youtu.be/bnXGWBa7u2k?si…

Exactly this. It isn't that anyone at the SEC thinks meme coin scams are awesome. But the SEC can't do anything about an asset that it considers to be something other than a security. There are other parts of govt that can (DOJ, State AGs), and our law firm (founded by two former fed prosecutors) is pursuing meme coin scams too.

@JohnReedStark To me, the really notable thing is that she felt the need to make this (very obvious) point publicly. A sign, I think, that SEC knows people are about to do some crazy things and this preempts their inevitable defense of "oh I thought this stuff was ok now."

Kudos to SEC Commissioner Hester Peirce for an Uncharacteristically Anti-Crypto Proclamation (Not Surprising Though, You May Recall That it Took Nixon to Go to China) Yesterday, in an extraordinary and unprecedented “Statement,” the famed “Crypto Mom” Peirce makes it clear that new models for trading securities via so-called "tokenization" must still register with the SEC. sec.gov/newsroom/speec… Wow. A few very quick points: An SEC Commissioner “Statement” — What is That? What does it actually mean when an SEC Commissioner publishes a “statement” on the SEC website. On the one hand, not much at all (see e.g. the many other previous statements from countless SEC Commissioners of both political parties expressing a dissent or opposing opinion to an SEC rule or regulation). But on the other hand, given that Commissioner Peirce is a member of the ruling party of SEC Commissioners, my bet is that she cleared her Statement with SEC Chair Paul Atkins — so her Statement likely represents the majority opinion of all three Republican-nominated SEC Commissioners. Commissioner Peirce Just Made History. For the head of the SEC’s Crypto Task Force to take such an anti-crypto position sua sponte (i.e. acting unsolicited, on her own initiative and at her own peril) is a remarkable event in and of itself. Kudos to Commissioner Peirce for an extremely courageous, thoughtful and meaningful act. Blockchain is Not “Powerful” Nor is Blockchain “Innovation.” I wish Commissioner Peirce had not referred to blockchain as “powerful.” It’s not. Blockchain hype is all smoke and mirrors. It remains utterly nauseating (and comical) that the SEC continues to justify crypto-projects under the auspices of the “innovation of blockchain.” Blockchain remains, and will forever be, remarkably unremarkable -- a useless, shoddy, inefficient database scheme, which is not remotely close to becoming any sort of technological panacea. Moreover, no matter where the arena, blockchain enthusiasts can never: •Articulate one feature of blockchain that, since blockchain’s inception long ago, has been proven to provide a unique benefit to anyone; •Provide one example of a real world problem that blockchain has solved, which couldn’t have been solved equally well using traditional database technology; or •Explain how blockchain will somehow revolutionize finance (without making broad, sweeping, unproven, untested, undocumented aspirational generalizations). Moreover, that blockchain projects are always a bust is probably why the greatest technology firms in the world — Oracle, Microsoft, Amazon, Google and Apple — have devoted little, if any, resources to blockchain/tokenization development. In fact, just listen to all of their earnings calls (I did) – there is no mention at all of blockchain. Better yet, take a look at Oracle, Amazon, Microsoft, Google, and Apple's most recent Forms 10-K (the annual, audited report that U.S. public companies must file with the U.S. Securities and Exchange Commission) and the Management, Discussion and Analysis Sections in each. There is radio silence when it comes to blockchain — not even a mention of the word “blockchain.” A New Hope. Commissioner Peirce’s Statement reminds me that despite the SEC’s wholesale demolition of its crypto enforcement program, the SEC might not have completely lost its way. This gives me hope — for the first time in a while. And despite our crypto-differences, I have always respected, appreciated and admired Commissioner Peirce. I knew Hester way back when she was a proud and brilliant legal assistant to then-Commissioner Paul Atkins — and, as a life long Republican and libertarian, I was 100% aligned with everything Hester fought for back in those days. But now I am even more impressed with Commissioner Peirce and even more of a fan. We might disagree on crypto generally but the Stark reality is that Hester Peirce is a dedicated public servant and a bad-a$$. And the Stark reality abides.

@ZekeFaux The point she makes here is obvious; the remarkable thing is she felt the need to say it. The SEC knows some people are about to do some crazy things and want to be on record in advance with -- "no, we weren't nudging and winking you can do anything now."

i hereby revoke your 'crypto mom' title reuters.com/sustainability…

Attorney advertising Not effective attorney advertising, but still attorney advertising.

Announcing the launch of Treanor Devlin Brown, a trial and litigation boutique led by two former federal prosecutors that will seek justice for victims of cryptocurrency fraud scams. Stay tuned!