George Stamboulidis

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NYS DFS Focuses on Cybersecurity Violations and Increasing Crypto Resources

Photo of George StamboulidisPhoto of Teresa Goody GuillénPhoto of Michelle TanneyPhoto of Jonathan A. FormanPhoto of Robert A. MusialaPhoto of Sydney ParkBy George Stamboulidis, Teresa Goody Guillén, Michelle Tanney, Jonathan A. Forman, Robert A. Musiala and Sydney Park on Posted in Alert
On May 1, 2023, the New York State Department of Financial Services (DFS or Department) issued a consent order (Consent Order), imposing a $1.2 million fine on bitFlyer USA, a cryptocurrency trading platform and custodial wallet service provider.  The Consent Order described various alleged failures by bitFlyer USA to establish and maintain an effective cybersecurity program, as … Continue Reading

Combatting Fraud and Corruption in the NFT Market

Photo of George StamboulidisPhoto of Christina GotsisPhoto of Jordan R. SilversmithPhoto of Robert A. MusialaBy George Stamboulidis, Christina Gotsis, Jordan R. Silversmith and Robert A. Musiala on Posted in NFT
On Oct. 6, 2021, the U.S. Department of Justice (DOJ) announced the creation of a National Cryptocurrency Enforcement Team to tackle investigations and prosecutions of criminal misuses of cryptocurrency. As the non-fungible token (NFT) market continues to expand, DOJ’s heightened focus on cryptocurrency has begun to encompass NFTs. Just as with any other market, a … Continue Reading

Top 5 Digital Asset Litigation and Investigation Trends of 2022

Photo of George StamboulidisPhoto of Christina GotsisBy George Stamboulidis and Christina Gotsis on Posted in Cryptocurrency
Digital assets have pushed courts to adapt traditional litigation procedures to provide relief to defrauded plaintiffs.  Government agencies have also ramped up enforcement efforts while increasing agency coordination, broadening investigative scopes and using special tools to root out digital asset fraud.  Cryptocurrency and digital assets have kept the courts and regulators busy as digital assets … Continue Reading

NFT Scandals Coincide with Increased Push for Crypto Regulation

Photo of George StamboulidisPhoto of Robert A. MusialaPhoto of Christina GotsisBy George Stamboulidis, Robert A. Musiala and Christina Gotsis on Posted in Cryptocurrency, Enforcement, NFTs, Securities & Exchange Commission, Uncategorized
Authorship credit: George A. Stamboulidis, Robert A. Musiala Jr., and Christina O. Gotsis Problems caused by the lack of regulation in NFT markets were clearly exposed just last month with the revelation of not one, but two NFT scandals involving the use of insider information to snag exclusive pieces and game the market. In early … Continue Reading
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