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FTX Estate Sues Layerzero Labs for $85M Over Alleged Fraudulent Deals and Asset Withdrawals Amidst Collapse
11.9.2023
The bankrupt estate of cryptocurrency exchange FTX is suing blockchain company Layerzero Labs in an attempt to claw back a $45 million deal and over $40 million in withdrawals made in the days before FTX filed for bankruptcy. The lawsuit alleges that Layerzero exploited FTX’s financial...
Hawaii Man Charged for Making False Security Fund Conversion to Crypto Claims
5.9.2023
The U.S. Securities and Exchange Commission has charged a Hawaiian resident for falsely claiming that his fraudulent security would become the “first publicly traded security fund to convert to a cryptocurrency.” According to the Commission, the man promoted the security to boost...
Economist Peter Schiff Warns Bidenomics Will Soon Be Exposed for Fraud
2.9.2023
Economist Peter Schiff has warned that Bidenomics “will soon be exposed for the fraud that it is, as inflation and unemployment heat up while the economy cools down.” He cautioned: “If Americans think the economy is bad now, just wait until they see what’s coming. Once...
SEC Charges Former US Correctional Officer With Fraudulent Crypto Token Sale
25.8.2023
The U.S. Securities and Exchange Commission said on Aug. 23 that it had charged a former New Jersey correctional officer “with fraudulently raising funds through the unregistered offering of the blazar token.” The Commission said the correctional officer’s scam was primarily...
Sam Bankman-Fried Claims He Relied on Legal Advice in FTX Scandal
24.8.2023
Lawyers for Sam Bankman-Fried claim the FTX founder, who has fallen from grace, based his business decisions on legal advice from company attorneys before the cryptocurrency exchange’s downfall. FTX Founder Bankman-Fried Claims Actions Were Based on Legal Advice, Denies Fraudulent Intent In...
Thailand threatens Facebook over crypto scams and other fraudulent ads
22.8.2023
Thailand’s digital minister said he would seek a court order to shut Facebook in the country unless it takes action on the alleged scams
Digital Currency Group Strikes Back: Motion to Dismiss Gemini’s Lawsuit Filed
11.8.2023
Digital Currency Group (DCG) has filed a motion to dismiss the lawsuit brought against them by Gemini Trust Company, LLC. The motion, filed in the Southern District of New York, argues that Gemini’s allegations of fraudulent misrepresentations related to the Gemini Earn program are without...
Paypal’s New Stablecoin Sparks Confusion: Wave of Counterfeit Tokens Flood Decentralized Exchanges
7.8.2023
Following the announcement by Paypal of the introduction of a novel stablecoin asset named PYUSD, a wave of counterfeit Paypal tokens has emerged on decentralized exchange (dex) platforms, including Uniswap. The absence of an official release of PYUSD’s token address by Paypal or Paxos...
UK Court Slaps Telecoin Crypto Scam Masterminds With 6-Year Jail Terms
31.7.2023
Two masterminds of the Telecoin cryptocurrency scam will each serve more than six years in jail after a court in the United Kingdom found them guilty of fraud. According to Lee Parish, the detective chief inspector, the duo used the allure of crypto investment to dupe prospective investors....
Celsius Founder Alex Mashinsky’s Bail Set at $40 Million, Travel Restricted Amid Fraud Charges
14.7.2023
Just before the now-defunct crypto lender Celsius was charged by three U.S. federal regulators — the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), and Federal Trade Commission (FTC) — its former CEO, Alexander Mashinsky, was arrested on fraud charges...
US Court Orders Operator of Digital Asset Trading Scam to Pay $54 Million
30.6.2023
According to the Commodity Futures Trading Commission (CFTC), Michael Ackerman, the operator of an alleged fraudulent digital asset trading scheme, has been issued with an injunction order which bars him from trading in any CFTC-regulated markets or registering with the CFTC. The injunction also...
Today in Crypto: Citadel & Fidelity-Backed EDX Launches Trading, Core Scientific Files Chapter 11 Bankruptcy Plan, Canadian Securities Administrators Warns About Fraudulent Crypto Companies
21.6.2023
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________...
Read More: Today in Crypto: Citadel & Fidelity-Backed EDX Launches Trading, Core Scientific Files Chapter 11 Bankruptcy Plan, Canadian...
Binance Takes Legal Action Against Fraudulent Nigerian Entity – What's Going On?
19.6.2023
Crypto giant Binance has issued a cease and desist notice against Binance Nigeria Limited, a “scam entity.” purporting to be associated with Binance.
On June 9, the Nigerian Securities and Exchange Commission (SEC) ordered Binance to halt its operations of the local entity in the African country. ...
TikTok Influencer Uses Bitcoin to Launder Fraudulent COVID Relief Funds - Here’s What Happened
2.6.2023
Denish Sahadevan, a 31-year-old social media influencer, has pleaded guilty to a series of criminal charges related to money laundering using cryptocurrency.
The US prosecutors have alleged that Sahadevan fraudulently obtained more than $1.2 million in government relief loans.
On May 31, the...
US Regulator Charges Five in a “Fraudulent Digital Assets Trading Scheme” After They Targeted Spanish-Speaking Communities
25.5.2023
A US regulator charges five people on Wednesday for allegedly “fraudulently soliciting” money from more than 170 people for a company called Icomtech to trade bitcoin and other assets for them.
The Commodity Futures Trading Commission filed a complaint in the US District Court for the Central...
Coin Cafe Ordered By New York AG to Pay Back $4.3M in Fraudulent Fees
18.5.2023
Brooklyn-based crypto trading platform Coin Cafe is paying back $4.3 million to defrauded investors, according to a Thursday statement from the New York Attorney General’s office, which accused the company of misleading customers about “exorbitant and undisclosed” fees
State Regulators Target Fraudulent Cryptos Posing as 'Elon Musk AI Tokens' and 'TruthGPT Coin' – Here's What Happened
4.5.2023
The influx of new crypto projects in the market, seeking to leverage the growing interest in artificial intelligence, has attracted US regulators.
Several US state regulators are initiating crackdown actions on AI-focused crypto projects touted as investments.
A May 3 press release revealed that...
State regulators crack down on fraudulent cryptos promoted as 'Elon Musk AI Tokens' and 'TruthGPT Coin'
3.5.2023
According to the cease and desist order, investors are being given the impression that Elon Musk endorses "TruthGPT Coin"
The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy
16.4.2023
Amid the banking chaos of the 21st century, some are looking back more than 600 years ago, to the Medici Bank — one of the most powerful banks of its time. It established its business and became one of the most respected banks in Europe during its prime, and the prominent Italian family of bankers...
US Justice Department Seizes Cryptocurrency Worth $112 Million in ‘Pig Butchering’ Crackdown
5.4.2023
The U.S. Department of Justice (DOJ) says it has seized cryptocurrency worth over $112 million linked to fraudulent investment schemes known as “pig butchering.” According to court documents, the seized crypto accounts were allegedly “used to launder proceeds of various...