Bank

DeFi

Digitex

Planet

<div class="intro-text">
 Digitex Games, a decentralized casino and Layer 3 blockchain project, has shut down its website following Adam Todd, its lead developer, pleading guilty to the charges brought against him by The U.S. Attorney’s Office for the Southern District of Florida. 
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According to its statement, the website was shut down “due to legal issues.”&nbsp;
Todd, who was the founder and former CEO of Digitex Futures Exchange, was accused by the U.S. authorities of operating an unregistered futures platform catering to U.S. customers between 2018 and 2022 and failing to establish a robust Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols during his time at the exchange. The authorities <a style="color: #0000ff;" href="https://www.justice.gov/usao-sdfl/pr/cryptocurrency-futures-market-ceo-charged-violating-bank-secrecy-act" rel="noopener noreferrer nofollow">filed the charges on February 12, 2024</a> and on May 7, they released a <a style="color: #0000ff;" href="https://www.justice.gov/usao-sdfl/pr/cryptocurrency-futures-market-ceo-pleads-guilty-violating-bank-secrecy-act" rel="noopener noreferrer nofollow">statement confirming Todd’s guilty plea</a>.&nbsp;
Notably, Todd <a style="color: #0000ff;" href="https://cointelegraph.com/news/crypto-exchange-digitex-removes-kyc-to-protect-user-data" rel="noopener noreferrer nofollow">announced</a> that Digitex will stop implementing KYC identity verification requirements following a data breach in 2020, where sensitive information from users was compromised. Despite claims blocking U.S. IPs and asking users to confirm their non-U.S. residency, the exchange faced legal action from the <a style="color: #0000ff;" href="https://www.cftc.gov/PressRoom/PressReleases/8748-23" rel="noopener noreferrer nofollow">U.S. Commodity Futures Trading Commission (CFTC)</a>, resulting in a court order for $16 million in disgorgement and <a href="https://www.whistleblower.gov/notices/2023-016" rel="noopener noreferrer nofollow">penalties in 2023.</a>
Todd voluntarily resigned as CEO of Digitex in October 2022 to pursue other endeavours. According to his <a href="https://www.linkedin.com/in/adam-todd-blockster" rel="noopener noreferrer nofollow">LinkedIn profile</a>, he is the lead developer at Digitex Games, a position he has held since February 2023.
Todd is now facing a maximum sentence of five years behind bars and a formidable fine of $250,000. However, the date for his sentencing hearing is yet to be fixed.
According to Digitex Games’ statement, an European entity has taken over the project, acquired the technology and intellectual property, and is rebranding it as Rogue Chain.
<figure id="attachment_14237" aria-describedby="caption-attachment-14237" style="width: 100%" class="wp-caption aligncenter"><img fetchpriority="high" decoding="async" class="wp-image-14237 size-full" src="https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-08-at-17.04.04.png" alt="Digitex Games Shuts Down Website As Adam Todd Pleads Guilty to Violating Bank Secrecy Act" width="1524" height="918" srcset="https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-08-at-17.04.04.png 1524w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-08-at-17.04.04-300x181.png 300w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-08-at-17.04.04-1024x617.png 1024w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-08-at-17.04.04-768x463.png 768w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-08-at-17.04.04-1320x795.png 1320w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-08-at-17.04.04-600x361.png 600w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-08-at-17.04.04-750x452.png 750w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-08-at-17.04.04-1140x687.png 1140w" sizes="(max-width: 1524px) 100vw, 1524px">
 <figcaption id="caption-attachment-14237" class="wp-caption-text">
 source:<a style="color: #0000ff;" href="https://digitex.games/" rel="noopener noreferrer nofollow"> digitex.games</a>
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The Digitex team thanked the community for its unwavering support and loyalty over the years and expressed excitement about Rogue Chain’s prospects.&nbsp;
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The post <a href="https://defi-planet.com/2024/05/digitex-games-shuts-down-website-as-adam-todd-pleads-guilty-to-violating-bank-secrecy-act/" rel="noopener noreferrer nofollow">Digitex Games Shuts Down Website As Adam Todd Pleads Guilty to Violating Bank Secrecy Act</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Digitex Games Shuts Down Website As Adam Todd Pleads Guilty to Violating Bank Secrecy Act

DeFi Planet

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