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The U.S. proposed G7 to confiscate $300 billion in Russia n assets in December 2023. The move was implemented to crush Russia ’s ability to grow stronger in the war against Ukraine. The $300 billion in Russia n assets that G7 froze were in the form of bonds, cash, and other assets. Now that G7 successfully froze $300 billion in Russia n assets, where did all the money go? Who holds the major part of it and where is it held currently? In this article, we will highlight what the U.S. and G7 did with the billions worth of frozen Russia n assets. Also Read: BRICS Gold-Backed Currency to Launch at 2024 Summit? Who Holds $300 Billion in Frozen Russian Assets: G7 or the U.S.? Source: Moneycontrol Much debate was made about what to do with the $300 billion frozen Russia n assets by G7 and the U.S. Once frozen, it remains clear that the money will not go back to Russia , and G7 and the U.S. will have to decide what to do with it. Also Read: Petrodollar Died This Month, Not the US Dol...

BRICS is controlling the decision-making of trade, commerce, and payment settlements across developing countries and not the US. The stronghold of the US among non-Western countries is declining and the vacuum of power is being filled in by BRICS . The alliance is appealing to the majority of developing countries as it’s the only bloc that’s challenging the US dollar. Also Read: US Reacts to Middle East Countries Joining BRICS On the other hand, the US is losing control of global domination as developing countries fear three things: Sanctions US debt Decline of local currencies BRICS Filling The Global Power Vacuum Left By the US Source: Reuters All three economic developments are occurring in real-time, making developing countries stay away from the US dollar. The US Treasury Secretary Janet Yellen confirmed earlier that the White House pressing sanctions on other countries is what led to BRICS and other countries deciding to cut ties with the dollar. ...

HyperFund founders Lee and Chunga sued for $1.7B crypto scam. Chunga has agreed to a settlement, pending court approval, while Lee faces legal action. Additional charges have been filed by the US Attorney’s Office. The US Securities and Exchange Commission (SEC) has taken decisive legal action against individuals allegedly involved in a crypto currency ‘Ponzi’ scheme worth $1.7 billion, associated with HyperFund, HyperVerse, and HyperTech. The accused individuals are Xue Lee, also known as Sam Lee, and Brenda Chunga, also known as Bitcoin Beautee. They are accused of orchestrating fraudulent scheme s that deceived investors and violated federal securities laws. False membership plans The lawsuit filed by the SEC on January 29, 2024, alleges that Sam Lee and Brenda Chunga engaged in deceptive practices by selling false “membership” plans to investors, promising lucrative returns that never materialized. They purportedly misled ...

Now defunct Silvergate bank allowed Guangying Chen, a close associate of Changpeng Zhao, to control the accounts between 2019 and 2020, according to records from those years. advertisement Binance and its US affiliate both are under investigation in the US for a slew of alleged crimes, including facilitating money laundering and tax offenses. Binance claims its US arm is completely independent Binance has repeatedly claimed that its US arm operates independently from Binance and only Binance .US employees have access to Binance .US bank accounts. However, messages reviewed by Reuters reveal that Binance .US employees had to ask Chen’s team to process payments, even the payroll of the employees. The report further reveals that Chen signed agreements with Silvergate to act as the “Primary Admin User” for the five bank accounts belonging to the US arm, including an account for corporate clients that later sent funds to Merit Peak, a ...