Features Crypto News by Thebittimes.Com

A former compliance officer at Crypto.com — registered in Malta as Foris Dax MT limited — has been charged with extortion and money laundering after he allegedly threatened to expose sensitive information while demanding compensation from the company.  Thirty-three-year-old Jose Luis Alonso Melchor was arraigned by magistrate Nadia Vella in a Malta court on Thursday following his arrest and termination from the Singapore-based crypto exchange.  According to Malta Today, Melchor was fired after Crypto.com discovered he had broken an attachment order. Melchor then allegedly obtained sensitive information from the firm through his compliance officer role and threatened to publish it. He allegedly told his employer that he wanted €44,000 ($47,666) in compensation for his job loss. Melchor faces nine charges, including money laundering , extortion in his capacity as a public servant, extorting money by threatening to defame a third party, unauthorized use of his employe...

Polkadot has been accused of ‘lighting money on fire’ after it spent $36.7 million on advertisers, influencers, and conferences at a rate that has reportedly left it with just two years worth of funds remaining. Polkadot shared a June 28 treasury report revealing it has $245 million worth of assets left and spent $87 million in the first half of 2024. According to the report, over 42% of this year’s spending was on ‘outreach.’  This spending includes $4.8 million on Influencer s, $10 million on sponsorships, $4 million on digital ads, and $4.4 million on conferences.  The report also noted its treasury revenue dropped from 414,291 DOT to 171,696 DOT during the second half of 2023 and the first half of 2024.  According to Polkadot’s report, over 42% of this year’s spending was on outreach (via Polkadot). Its author, head ambassador Tommi Enenkel, said, “At the current rate of spending, the Treasury has about two years of runway left, although the vola...