Samourai Wallet’s Legal Team Accuses U.S. Prosecutors of Withholding Crucial FinCEN Guidance Before Filing Charges

By: defi-planet|2025/05/06 21:00:02
0
Share
copy
Lawyers representing the co-founders of Samourai Wallet are accusing federal prosecutors of deliberately concealing key guidance from the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) that could undermine the criminal case against their clients.In a letter submitted to the Manhattan federal court, attorneys for Keonne Rodriguez and William Hill, CEO and CTO of the crypto mixing platform, respectively, allege that the Department of Justice withheld exculpatory information that surfaced months before the duo was charged with operating an unlicensed money transmitting business and engaging in money laundering.According to the letter, FinCEN informed prosecutors in late 2023 that Samourai Wallet did not fall under the “Money Services Business” (MSB) category, which would have required the firm to register for a license. Rodriguez and Hill were arrested in April 2024 following unsealed charges brought against them in February. The U.S. government alleges that its crypto-mixing service processed over $2 billion in unlawful transactions, including more than $100 million tied to online black markets and fraudulent schemes. Both executives have pleaded not guilty. The defence claims that prosecutors should have disclosed their FinCEN conversations no later than May 8, 2024 — two weeks after the charges were unsealed — but only revealed the details on April 1, 2025. This information suggested the service was not a money services business (MSB). The defence is seeking a court hearing on the late disclosure and plans to renew their motion to dismiss the charges, claiming the executives believed they were operating legally.The push for dismissal comes amid broader shifts in the Justice Department’s stance on crypto enforcement. In April, the DOJ and Samourai requested more time to evaluate the case after Deputy Attorney General Todd Blanche issued a memo stating the department would no longer pursue mixers for unintentional violations of financial regulations. If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”The post Samourai Wallet’s Legal Team Accuses U.S. Prosecutors of Withholding Crucial FinCEN Guidance Before Filing Charges appeared first on DeFi Planet.

You may also like

AI within artillery range

“The cloud” is a metaphor, but the data center isn’t.

March 4th Market Key Intelligence, How Much Did You Miss?

1. On-chain Flows: $39.6M USD inflow to Hyperliquid today; $29.7M USD outflow from Base 2. Largest Price Swings: $EDGE, $POWER 3. Top News: Altman defends Pentagon deal at all-hands, calls backlash "really painful"; OpenAI also seeking NATO contracts

Taking Stock of Crypto's Washington Power Players: Who is Advocating for US Crypto Regulation?

These institutions have jointly defined the industry's underlying values, marking the U.S. crypto industry's shift to a "professionalized, ecological, and refined" era of policy gamesmanship.

DDC Enterprise Limited Announces 2025 Unaudited Preliminary Financial Performance: Record Revenue Achieved, Bitcoin Treasury Grows to 2183 Coins

On March 4, 2026, DDC Enterprise Limited (NYSE American: DDC) today announced preliminary, unaudited full-year financial performance for the year ended December 31, 2025. The company expects to achieve record revenue and record positive adjusted EBITDA, primarily driven by continued growth in its core consumer food business and overall margin improvement. The final audited financial report is expected to be released in mid-April 2026.


2025 Full-Year Financial Highlights


Revenue: Expected to be between $39 million and $41 million, reaching a new company high.


Organic Growth: Excluding the impact of the company's strategic contraction of its U.S. operations, core revenue is expected to grow 11% to 17% year over year.


Gross Profit Margin: Expected to be between 28% and 30%, reflecting continued operational efficiency improvements.


Adjusted EBITDA: The company expects to achieve a positive full-year result in 2025, a significant improvement from a $3.5 million loss in 2024, mainly due to rigorous cost controls and a higher-margin sales mix.


Core Consumer Food Business Performance


In 2025, DDC's core consumer food business maintained strong operational performance.


The company also disclosed Core Consumer Food Business Adjusted EBITDA, a metric that further excludes costs related to its Bitcoin reserve strategy and non-cash fair value adjustments related to its Bitcoin holdings from adjusted EBITDA to more accurately reflect the core business performance.


In 2025, Core Consumer Food Business Adjusted EBITDA is expected to be between $5.5 million and $6 million.


Bitcoin Reserve Update


In the first half of 2025, DDC initiated a long-term Bitcoin accumulation strategy, holding Bitcoin as its primary reserve asset.


As of December 31, 2025: The company holds 1,183 BTC.


As of February 28, 2026: Holdings increased to 2,118 BTC


Today's additional purchase of 65 BTC brings the company's total holdings to 2,183 BTC


DDC Founder, Chairman, and CEO Norma Chu stated, "We are proud to have closed 2025 with record revenue and positive adjusted EBITDA, demonstrating the steady growth of the company's consumer food business and the ongoing improvement in profitability. We are building a disciplined, growth-oriented food platform and strategically allocating capital to Bitcoin assets with a long-term view, aligning with our core beliefs. We believe that this dual-track model of 'Steady Consumer Business + Strategic Bitcoin Reserve' will help DDC create lasting long-term value for shareholders."


Adjusted EBITDA Definition
For the full year 2025, the company defines "Adjusted EBITDA" (a non-GAAP financial measure) as: Net income / (loss) excluding the following items:· Interest expense· Taxes· Foreign exchange gains/losses· Long-lived asset impairment· Depreciation and amortization· Non-cash fair value changes related to financial instruments (including Bitcoin holdings)· Stock-based compensation


About DDC Enterprise Limited


DDC Enterprise Limited (NYSE: DDC) is actively implementing its corporate Bitcoin Treasury strategy while continuing to strengthen its position as a leading global Asian food platform.


The company has established Bitcoin as a core reserve asset and is executing a prudent, long-oriented accumulation strategy. While expanding its portfolio of food brands, DDC is gradually becoming one of the public company pioneers in integrating Bitcoin into its corporate financial architecture.


Uncovering YZi Labs 229 Investment: Over 18% of the portfolio is already inactive, with an average project transparency score of 78

In terms of strategic direction, YZi Labs has begun to extend into areas such as AI and stablecoins, but overall it is still in the layout and validation stage.

The business of crypto VC is becoming promising

Homogenized industries are ultimately fragile; only when different species can emerge does the market truly come alive.

Popular coins

Latest Crypto News

Read more