New York City Mayor Eric Adams announced the formation of a Digital Advisory Council aimed at steering policy, attracting investment, and building a sustainable crypto ecosystem.

Crypto Is Not a Trend, It’s the Future

At the NYC Crypto Summit on May 20, Adams emphasized that the initiative goes beyond fleeting trends. “This is not about chasing memes,” he said, “but about using the technology of tomorrow to improve lives today.”

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The advisory group will focus on integrating blockchain technologies into city operations, including sensitive data management like birth and death certificates. The mayor underscored the value of data security and accessibility for New Yorkers.

Exploring Crypto Payments for City Services

Adams also revealed that the city is exploring the possibility of allowing taxes and public services to be paid with cryptocurrencies such as Bitcoin and Ethereum. Strategic partnerships with financial firms like Figure, Traction, and Scale have already been established.

Meanwhile, New York State lawmakers are considering bills that would allow agencies to accept crypto payments and establish broader crypto oversight. One such proposal—the Blockchain Study Act—would create a dedicated task force to assess the local crypto ecosystem.

Adams’ Crypto Legacy and Vision

Since taking office in January 2022, Adams has championed digital assets, even receiving his first three paychecks in Bitcoin. Although he faced legal scrutiny over alleged foreign donations, the case was dismissed in April.

Now, Adams is doubling down on his vision to turn New York into a global leader in crypto innovation—a move watched closely by policymakers and tech investors alike.

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The post New York Takes First Step Toward Becoming Global Crypto Capital appeared first on Coin Engineer.

Attorney General James revealed that scammers lured New York residents with “well-paying, flexible jobs” through text messages, leading them into a crypto scam. Victims were encouraged to open cryptocurrency accounts, deposit funds, and review products on fake websites.

A Trap Set with False Promises

Victims were told to maintain a crypto balance equivalent to or exceeding the value of the products they reviewed. Scammers claimed that the funds were only required to “legitimize” transactions and assured victims they were not actually purchasing the products. They also promised full reimbursement plus commissions. However, no payments were ever made.

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In a statement, Attorney General James said:

“Deceiving New Yorkers looking for remote work to support their families by tricking them into buying cryptocurrency and stealing it is cruel and unacceptable.”

With assistance from the U.S. Secret Service, some of the stolen cryptocurrency has been frozen. The Attorney General’s office warned residents to remain vigilant against text messages from unknown senders claiming to offer jobs or opportunities.

FBI’s Warning on Remote Work Scams

This case highlights a warning issued by the FBI in June 2024 about a rise in remote work scams. According to the FBI, scammers contacted potential victims through unsolicited messages, offering simple tasks like “rating restaurants” or “optimizing services.”

Victims were then instructed to make cryptocurrency payments to unlock additional work opportunities, but these payments went straight into the scammers’ accounts.

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The post New York Attorney General Files Lawsuit Over $2.2M Crypto Scam appeared first on Coin Engineer.

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The detailed plan includes a distribution of over $3 billion in cryptocurrency and fiat to Celsius’ creditors. Specifically, as part of the plan, a Bitcoin mining company owned by Celsius’ creditors, Ionic Digital, Inc., was formed and its operations will be managed by Hut 8 Corp. (Nasdaq | TSX: HUT).

After the plan’s approval, Celsius decided to move to a “Mining Transaction” in collaboration with the Securities and Exchange Commission (SEC) and the Official Committee of Unsecured Creditors (UCC). Additionally, the company increased the amount of cryptocurrency to be distributed to creditors by nearly $250 million by converting altcoins to BTC or ETH and resolving prior agreements. The Bankruptcy Court approved the Mining Transaction on December 27, 2023.

Celsius has begun distributing over $3 billion

As part of the Mining Transaction, Celsius has begun distributing over $3 billion in liquid cryptocurrency and fiat to creditors. The newly formed Bitcoin mining company, Ionic Digital, is expected to go public once it obtains the necessary approvals. Celsius’ creditors will own shares in Ionic Digital in the form of common stock.

Plan Administrator and former Celsius executive Chris Ferraro highlighted the commitment to maximizing value and speed for creditors, saying, “Today, 18 months after Celsius halted withdrawals, we began distributing $3 billion in cryptocurrency, fiat, and shares in Ionic Digital.”

Members of Celsius’ Board of Directors Special Committee, David Barse and Alan Carr, expressed pride in overcoming the challenges they faced during the Chapter 11 process. Celsius’ accomplishments include securing cryptocurrency assets, reaching an agreement with preferred shareholders, forming a litigation trust, and providing resolutions with regulatory bodies.

To ensure compliant distributions, Celsius worked closely with the UCC and various federal and state regulatory agencies throughout the restructuring process. Matt Prusak, Chief Commercial Officer of Hut 8, has been appointed CEO of Ionic Digital and will oversee Bitcoin mining operations under a four-year management agreement.

Celsius will now focus on orderly winding down its operations and will begin the process of shutting down its mobile and web applications.

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