Stefan He Qin was the founder of two hedge funds in New York that claimed to be highly profitable, who was accused of embezzling tens of millions of clients’ funds.
The deputy head of the Hong Kong securities watchdog has proposed more stringent regulations for the digital currency trading sector to prevent huge losses.
In its warning note, the SEC said that investors should understand the full extent of the risks involved and look out for signs that could point to fraudulent schemes.
The securities regulator has levied a new action against BitConnect founder Satish Kumbhani and the lead U.S. promoter after they allegedly defrauded 325,000 BTC from investors.
The retired soccer star was identified as one of eight suspects involved in a money laundering operation thought to have handled some R$35 million in illicit funds through digital currency.
The fact that billions in fresh capital allegedly continue to pour into Tether’s coffers despite the looming threat of more legal action will only fuel skepticism surrounding the existence of the fiscal reserves backing USDT.
Spagni has not been convicted of anything yet, but he stands accused of defrauding his former employer, Cape Cookies, out of R1.4 million, or just shy of US$100,000, over the course of two years.
Moscow police arrested Kirill Doronin on charges of allegedly defrauding $100 million from his investors, although some reports purport the figure could be over $1 billion.
Justin Cheng, who is charged with defrauding the U.S. government with over $7 million in a well-orchestrated COVID relief scam, has been sentenced to seven years in prison by a federal court.
The FBI is reported to be teaming up with liquidators managing the assets of Mirror Trading International, acting on behalf of U.S.-based investors who have been left short in the collapse of the exchange.
Riccardo Paolo Spagni, better known as Fluffypony, is alleged to have committed corporate fraud while working for a South African tech company back in 2009.