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The crypto community has expressed disapproval towards the German and US governments following the transfer of millions of euros’ worth of Bitcoin and Ether. A class action lawsuit has been filed against Keith Gill, aka “Roaring Kitty,” in response to a string of recent social media posts. Attorney General of the United States of America (SEC) has brought legal action against Consensys, the company that developed MetaMask.
The US and German governments shift $150 million in crypto
The transfer of millions of dollars’ worth of cryptocurrency holdings has garnered considerable attention for the governments of the United States and Germany.
The German government has significantly increased its Bitcoin BTC $62,787 tickers downward transactions, but Ether ETH has been transferred by the US government declining tickers $3,458 from money that was taken.
The U.S. government transferred 3,375 ETH worth $11.75 million to an unidentified address on July 1, while the German government transferred 1,500 BTC, or around $95 million, to several cryptocurrency exchanges.
Data from the blockchain analytics platform Arkham Intelligence indicates that throughout the past two weeks, the German government has moved 2,700 BTC to several exchanges.
The U.S. government has reportedly carried out significant transactions, notably with respect to the address that held money taken from Estonian cryptocurrency entrepreneurs Sergei Potapenko and Ivan Turogin, according to Arkham intelligence data.
The US government has since transferred all $11.75 million of its ETH assets to an account that was not previously linked, after previously transferring 11.84 BTC, or roughly $743,00, from another address where monies were confiscated on June 30.
Both governments’ recent, regular transfers of funds raise the possibility that the funds are being managed strategically, with Germany possibly attempting to sell its holdings on important markets.
Claimants of securities fraud against Roaring Kitty in the "doomed" GME case
A class-action lawsuit has been filed against stock trader Keith Gill, who made headlines in 2021 for the GameStop short-squeeze. Gill is accused of securities fraud in connection with a series of social media statements that caused the price of GameStop (GME) stocks to fluctuate wildly between May and June.
But according to a veteran federal prosecutor, the case is probably “doomed” to fail.
The case, which was submitted to the Eastern District of New York on June 28, aims to hold Gill accountable for arranging a “pump and dump” scheme through a sequence of social media posts that started on May 13.
According to the lawsuit, Gill engaged in securities fraud by neglecting to provide sufficient disclosure regarding the acquisition and sale of his GameStop options calls, thereby deceiving his supporters and potentially causing losses for certain investors.
Plaintiff Martin Radev, who is being represented by the legal firm Pomerantz, said he was harmed by the purported “pump and dump” when he acquired three call options and a total of 25 shares in GME starting in mid-May.
SEC sues Consensys
The software business Consensys is facing legal action from the SEC, which claims it has been using its MetaMask platform to offer unregistered securities and run an unregistered broker.
The SEC claims in its complaint that Consensys failed to get the necessary registration but yet received more than $250 million in brokerage fees through MetaMask. In response to the company’s alleged violations of securities rules, the regulator is requesting a permanent injunction, civil penalties, and other remedies.
“With its MetaMask Staking service, Consensys has acted as an unregistered broker and engaged in the unregistered offer and sale of securities in the form of crypto asset staking programs since January 2023,” the commission stated. Over $250 million in fees have been earned by Consensys as a result of its actions as an unlicensed broker.
