SEC charges Novatech, company founders, promoters with Fraud
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
Fraud
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SEC Cracks Down on Ideanomics for Fraud in Misleading Crypto and Revenue Disclosures
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
SEC and Ideanomics settle in fraudulent $40M crypto revenue reporting
The Ideanomics case exemplifies the potential consequences of misleading financial practices and reinforces the need for rigorous compliance with federal securities laws. Go to Source
US Court Orders FTX and Alameda to Pay Fraud Victims $12.7 Billion in Historic CFTC Recovery
A U.S. district court has ordered FTX and Alameda Research to pay $12.7 billion to fraud victims due to their misuse of customer funds and fraudulent practices. Ian McGinley, Director of the Commodity Futures Trading Commission’s Division of Enforcement, emphasized that this multibillion-dollar recovery is the largest recovery in CFTC history. FTX and Alameda Ordered … Read more
Coinbase to expand use of Vaults for secure crypto custody — Executive
Coinbase currently holds approximately $270 million in customer assets. Go to Source
Blockchain gets down and dirty fighting fraud at California’s DMV
It’s not the world’s first chain-based property transfer protocol, but it could be one of the most impactful, given its scale and prominence. Go to Source
Crypto coalition calls for ‘clear rules of the road’ from Biden, Harris
Some of the CMIC members in support of the letter include Robinhood, BitGo, OKX, Gemini, Chainalysis, Elliptic, TRM, Kaiko and Matrixport. Go to Source
Homeland Security leads to man charged over crypto recovery scam
At least 175 people claim they engaged Coin Dispute Network to help them recover funds but never saw a single cent returned. Go to Source
China’s crypto ban fails to stop scams as Shaanxi police arrest 4 suspects
Mainland China quickly and effectively addresses crypto fraud incidents despite banning crypto transactions a few years ago. Go to Source
Washington Regulator Warns of Miami Equity Fund 005 Crypto Fraud
The Washington State Department of Financial Institutions (DFI), Securities Division, has warned about crypto investment fraud following a complaint from a resident regarding their investment in the Miami Foundation Equity Fund 005 (or Miami Equity Fund Institute 005). The investor had deposited funds on the now-inaccessible Vims.one platform through a Whatsapp group led by “Mark” … Read more