Andrew Cuomo Linked to OKX as Exchange Admits to Illegal Operations

Andrew Cuomo's Role in OKX's US Probe Response

According to Bloomberg, Andrew Cuomo, the former governor of New York, served as a paid adviser to the cryptocurrency exchange OKX during its response to a federal investigation. The investigation, led by the FBI and prosecutors from the Southern District of New York, scrutinized OKX's operations in the United States. Cuomo's advisory role focused on policy matters and strategies to address the probe effectively.

The investigation concluded with OKX pleading guilty to operating illegally in the US. Cuomo's involvement came after his resignation as governor in 2021, following a scandal. This development highlights the intersection of politics and the cryptocurrency industry, as well as the challenges faced by offshore exchanges operating in the US.

Source: Bloomberg

Key Takeaway: Andrew Cuomo advised OKX on handling a US federal investigation, which ended with the exchange admitting to illegal operations in the country.

Elon Musk’s X Challenges 'Suspicionless' Data Requests

Decrypt reports that Elon Musk’s X, formerly known as Twitter, has filed a legal brief with the US Supreme Court. The brief challenges the legality of broad "John Doe" data requests sent to cryptocurrency exchanges like Coinbase. These requests, often issued by the IRS, seek transaction records without specific probable cause, raising concerns about privacy and Fourth Amendment rights.

The case centers on James Harper, who has been in a legal battle with the IRS since 2020. Harper argues that his contract with Coinbase explicitly stated that his records belonged to him and would be protected. The outcome of this case could redefine privacy protections for crypto users and potentially impact other industries.

Source: Decrypt

Key Takeaway: Elon Musk’s X is advocating for stronger privacy protections against broad government data requests targeting crypto exchanges.

North Korea’s Crypto Heists Fund Regime

The Wall Street Journal reveals that North Korean hackers have stolen over $6 billion in cryptocurrency to support Kim Jong Un’s regime. A notable incident occurred on July 18, when hackers infiltrated a major exchange and stole $200 million within an hour. These funds are believed to be funneled into North Korea's nuclear program.

The sophistication of these cyber operations underscores the regime's reliance on illicit activities to sustain itself. This revelation raises significant concerns about the security of cryptocurrency exchanges and the geopolitical implications of such thefts.

Source: WSJ

Key Takeaway: North Korean hackers have stolen billions in cryptocurrency, with funds allegedly supporting the country's nuclear ambitions.

Mysterious $90 Million Bitcoin Transfer

U.Today reports a significant Bitcoin transaction involving 1,050 BTC, worth over $90 million, from Binance to an unknown wallet. The transfer, detected by Whale Alert, has sparked speculation about its purpose. Analysts suggest it could indicate a whale investor or institution moving assets to a cold wallet for long-term holding.

Such large outflows from exchanges often reduce selling pressure, potentially driving up Bitcoin prices. The transaction aligns with bullish market trends, as Bitcoin recently hit an intraday high of $87,892 on April 2.

Source: U.Today

Key Takeaway: A $90 million Bitcoin transfer from Binance to an unknown wallet suggests bullish market sentiment and reduced selling pressure.

Backpack Opens Claims for Former FTX EU Users

Cointelegraph reports that Backpack, a crypto exchange, has initiated the claims process for former FTX EU users. Users must create an account, complete KYC verification, and link it to their FTX EU claim account. The process follows Backpack's acquisition of FTX EU in January 2025, aimed at offering crypto derivatives across Europe.

While no deadline has been set for claims, users face a withdrawal fee of €5 for amounts under €2,000 and 0.25% for larger sums. The acquisition has caused confusion among FTX EU customers regarding fund distribution, with some unsure whether Backpack, Kraken, or BitGo will handle their claims.

Source: Cointelegraph

Key Takeaway: Backpack begins processing claims for FTX EU users, but confusion persists over fund distribution responsibilities.

Kraken Secures Restricted Dealer Status in Canada

Yahoo Finance reports that Kraken has registered as a restricted dealer in Canada, allowing it to continue offering crypto trading services under the country's evolving regulations. The exchange worked closely with Canadian regulators to meet higher standards for investor protection and governance.

Kraken has also introduced free Interac e-Transfer deposits for Canadian users and doubled its team and user base in the country over the past two years. The exchange now manages over $2 billion CAD in client assets, signaling its commitment to the Canadian market.

Source: Yahoo Finance

Key Takeaway: Kraken's registration as a restricted dealer in Canada marks a significant step in its expansion, with enhanced compliance and investor protections.

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