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Project Overview
Conviction is a ZetaChain-based decentralized prediction market platform where users can trade their share of the results of buying and selling real events.
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U.S. Federal Appeals Court Upholds SBF's Fraud Conviction
a U.S. federal appeals court on Friday upheld the fraud conviction against former cryptocurrency mogul SBF, handed down in 2023. This ruling came just days after Sam Bankman-Fried filed a request for a presidential pardon.A panel of judges from the Second Circuit Court of Appeals in Manhattan rejected the defense's argument that the platform was over-collateralized and that all customers had been fully compensated. Sam Bankman-Fried was sentenced to 25 years in prison for conspiracy and fraud charges. Although he hoped to receive a presidential pardon after serving his sentence, the U.S. President stated in January that there were no plans to pardon the FTX founder. (justthenews)
Hong Kong’s First Criminal Conviction under CRS; CRS 2.0 to Mandate Reporting of Crypto Assets
Caixin reported that a private banking client was sentenced to six months’ immediate imprisonment and fined HK$500,000 for deliberately providing false information in a CRS declaration—the first criminal conviction in Hong Kong for violating CRS rules. CRS 2.0 refers collectively to the revised OECD Common Reporting Standard (CRS) and the Crypto-Asset Reporting Framework (CARF); its framework entered into force on 1 January 2026. On 27 March 2026, the Hong Kong government published the Inland Revenue (Amendment) (Automatic Exchange of Financial Account Information) Bill 2026 in the Gazette; the bill underwent its first reading in the Legislative Council on 1 April 2026 and is expected to take effect on 1 January 2027—marking Hong Kong’s accelerated domestic legislative implementation of CRS 2.0. CRS 2.0 explicitly brings cryptocurrencies within the mandatory reporting scope, including stablecoins, crypto derivatives, certain NFTs, central bank digital currencies (CBDCs), and specific electronic money products. Cryptocurrency exchanges, custodians, and related funds must fulfill KYC obligations and report information to tax authorities—systematically closing off avenues for concealing wealth using crypto assets.