BlockFi cuts 20% of workforce citing market downturn
BlockFi founders Zac Prince and Flori Marquez said that "market conditions that have had a negative impact on our growth rate," driving their decision to make the job cuts.
Search Results for: cartel
Suspects behind $54M AI-based digital currency scam in Japan arrested
Oz Project claimed to guarantee users that they would get 100% of the principal they put in as well as “2.5 returns on their investment in four months,” according to local media reports.
Announcing the seizure via a press release, the Department revealed that the digital currencies were tied to Marcos Antonio Fagundes. Fagundes is facing charges that include fraudulent management of a financial institution, securities laws violations, misappropriation and money laundering and operating a financial institution without legal authorization.
The DoJ made the seizure following a request from the Brazilian government under “the Treaty between the United States of America and the Federative Republic of Brazil on Mutual Legal Assistance in Criminal Matters.”
Fagundes, together with other co-conspirators, allegedly lured tens of thousands of investors from August 2017 to May 2019 to invest in a purported digital currency product. They used the Internet to target their victims, combining it with telephone calls and other marketing means. Brazilian authorities said Fagundes and his team received the investment in Brazilian reals and digital currencies, promising to invest in “an innovative investment opportunity.”
Following investigations, Brazilian authorities discovered that only a very small amount of the funds was invested in digital currencies. The fraudsters made false and inconsistent promises to investors about how they were investing the funds and exaggerated the rates of return.
In pursuing Fagundes and his gang, Brazilian authorities had traced some of the stolen funds to an unnamed digital currency firm based in the United States. The District Court of Columbia issued a seizure order for the funds, and the digital currency firm holding the funds cooperated with authorities in executing the order.
As CoinGeek reported, Brazilian authorities cracked down on the scam in May 2019. The scammers had promised a guaranteed 15% return for their investors, attracting over 55,000 people. Under Operation Egypto, the Brazilian Federal Police and the Federal Revenue Agency managed to dismantle the crime cartel, executing 10 arrest warrants and 25 search and seizure orders in eight cities.
See also: CoinGeek Live panel on The Future of Exchanges & Trading in a Tokenized World
https://www.youtube.com/watch?v=KakgZT3EJPg&feature=youtu.be
" title="DoJ seizes $24M in digital currency from alleged Brazilian scammer" />DoJ seizes $24M in digital currency from alleged Brazilian scammer
Federal authorities said the digital currencies were tied to Marcos Antonio Fagundes, who is facing charges in connection with the scam that defrauded $200 million from investors.
Europol includes privacy-enhancing crypto services as ‘top threats’
Privacy-enhanced wallet services using coinjoin concepts have emerged as a top threat besides well-established centralized mixers, according to the IOCTA report.
MoneyGram faces class action over false statements on XRP
The action centers on claims that MoneyGram did not confirm the status of XRP as a security, which constitutes a breach of the rules around issuing and selling securities.
Mt. Gox trustee invites creditors to vote on rehabilitation plan
In a “Notice of Release of Online Voting Function,” the court-appointed trustee Nobuaki Kobayashi has invited creditors to consider and vote for the plan, should it meet their approval.
OneCoin update: Ruja Ignatova and associate default on $4B fraud suit
OneCoin’s fugitive founder Ruja Ignatova and financier Gilbert Armenta were found by a judge to be in default of the case, after failing to respond to official requests.
BaFin rejects Binance pleas as stock token delisting deadline looms: report
The German securities regulator has rejected an appeal from cryptocurrency exchange Binance to remove its warnings about the firm’s stock tokens.
Montana regulator issues cease and desist order against Forsage scam
Headed by Lado Okhotnikov, the Philippines-based Forsage allegedly targeted unsuspecting victims who were lured with promises of zero-risk investment, authorities said.
US regulator intervenes in ongoing alleged digital asset fraud
Shawn Cutting is accused of raising millions of dollars off the back of false claims about his licensing status, and through misrepresenting investment returns and misappropriating investor money.
Digital currency ATMS ‘increasingly used for money laundering’ in US drug market: DEA
In a new report, the law enforcement agency said drug traffickers were turning to digital currency ATMs as a way of illegally transferring money to avoid detection.
Investors cry foul over ‘trickery’ in Status Research case
The Swiss blockchain technology company is being sued under U.S. securities laws, with investors arguing that the U.S. rules should still apply to the firm’s unregistered digital tokens.