Crypto Bill Targets Rug Pulls Theft

New York Bill Targets Crypto Fraud with Severe Penalties

• The New York State Assembly introduced a bill targeting crypto fraud, proposing fines up to $25 million.
• The bill criminalizes rug pulls and unauthorized access to private keys.
• Developers selling over 10% of a token’s supply within five years could face prosecution.
• Exceptions apply for NFT projects with less than 100 tokens or valued under $20,000.
• Penalties include fines up to $5 million and prison terms up to 20 years for individuals.

The proposed legislation aims to curb deceptive practices in the crypto industry by imposing severe penalties on fraudulent activities, including rug pulls and unauthorized private key access.