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The U.S. Securities and Exchange Commission (SEC) has frozen the assets of Jonathan and Tanner Adam, alleging they ran a $60 million Ponzi scheme under the guise of a crypto trading bot. Over 80 investors were defrauded by promises of high returns, while the funds were allegedly used for personal luxuries. The SEC seeks injunctions, … Read more
Thailand has extradited Malaysian businessman Tedy Teow, also known as Zhang Yufa, to China over a massive cryptocurrency scam amounting to more than 100 billion yuan (US$14 billion). This marks the first extradition under the Thailand-China treaty since 1999. Teow, the founder of MBI Group, is accused of running a pyramid scheme that defrauded over … Read more
Yang Bin, a 61-year-old Dutch national, was sentenced by a Singapore court to six years in prison and fined S$16,000 Singapore dollars for orchestrating a cryptocurrency Ponzi scheme. Yang’s company, A&A Blockchain Innovation, falsely claimed to own 300,000 cryptocurrency mining machines, promising investors a daily return of 0.5%. In reality, the company had no such … Read more
Pavel Durov, founder and CEO of Telegram, has reportedly been arrested at Le Bourget airport in France under a search warrant issued by the French judicial police. The arrest follows accusations that Telegram facilitates crimes like drug trafficking and fraud due to its anonymity features. Durov faces serious charges, including terrorism and narcotics trafficking. Telegram … Read more
Authorities in North Carolina have seized nearly $5 million in cryptocurrency linked to an investment fraud scheme. The scheme, known as “pig butchering,” involved criminals creating fake romantic relationships to deceive victims into investing in fraudulent cryptocurrency platforms. Victims lost their life savings, with one losing an entire retirement account. $5 Million in Cryptocurrency Seized … Read more
The New Hampshire Bureau of Securities Regulation has issued a cease and desist order against Finstate Investment LLC, accusing it of defrauding investors via a fraudulent cryptocurrency investment website. Finstate allegedly misrepresented account activity and offered illegal guarantees against losses. A retired New Hampshire resident, persuaded via Facebook to invest $3,526 in cryptocurrency with Finstate, … Read more
Dennis Kelleher, CEO of Better Markets, says the U.S. Securities and Exchange Commission (SEC) has a 90% chance of winning an appeal in the Ripple lawsuit over XRP. He criticized the court ruling as flawed, arguing that the judge in the Ripple case misapplied the law. Better Markets CEO on SEC Appeal Against Ripple Dennis … Read more
The U.S. Securities and Exchange Commission (SEC) has charged the masterminds behind Novatech with running a fraudulent $650 million crypto scheme. Novatech allegedly operated as a multi-level marketing and crypto asset investment program, where most investor funds were misappropriated to pay existing investors and promoters. SEC Charges Novatech Ltd. in $650 Million Crypto Fraud Case … Read more
Novatech claimed funds were stolen via a cyberattack in May 2023 and reassured customers the company was working to recover the assets. Go to Source
The U.S. Securities and Exchange Commission (SEC) has charged Ideanomics Inc. and three of its senior executives with fraud for misleading financial disclosures from 2017 to 2019. Former Chairman and CEO Zheng (Bruno) Wu, current CEO Alfred Poor, and former CFO Federico Tovar were implicated in overstating the company’s financial performance and failing to disclose … Read more