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Crypto

Tether froze $42 million before court order; David Schwartz defends move

Former Ripple chief technology officer David Schwartz publicly backed Tether’s decision to freeze 42,417,785.62 USDT before a formal court order. The dispute stems from a civil case in the U.S. District Court for the Southern District of New York, where Thai businessmen seek release of the assets and damages. The freeze followed an informal request from U.S. Homeland Security Investigations, while a court order approving seizure was issued about four months later.

Crypto

Jay Clayton, known for launching XRP lawsuit, confirmed as U.S. director of national intelligence

Jay Clayton, a former U.S. Securities and Exchange Commission chairman known in the crypto industry for launching the SEC\'s XRP lawsuit against Ripple Labs, has been formally confirmed as director of national intelligence. The U.S. Senate approved his nomination 51-47. The vote followed a party-line pattern, with Republicans in support and Democrats opposed, and two senators not voting. Clayton faced criticism over limited intelligence experience but secured a majority.

Crypto

BitMEX former customers file class action lawsuit on closure announcement day over insider trading allegations

Two former BitMEX customers filed a class action lawsuit against the cryptocurrency exchange and three co-founders on the day it announced plans to close in September. A report by The Block said BKX Services and David Namdar alleged BitMEX ran a private insider trading desk and traded against clients using account information. They also alleged deliberate server stoppages during volatile periods to block access and trigger forced liquidations.