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MN-Skeptic
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#376

Post by MN-Skeptic »

Phoenix520 wrote: Thu Mar 16, 2023 1:43 pm Did crypto play any role at all in the current SVB debacle?
No.
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#377

Post by Phoenix520 »

Thanks MN
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#378

Post by Gregg »

Not really, but it was a big part of Silvergate Capital, and that won't be the last.
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#379

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#380

Post by Danraft »

From a Maddow podcast that had Elizabeth Warren on and discussed this, two of the three banks (not SVB) had crypto issues and the crypto issues in general pair3d with the first bank failure made SVB vulnerable.

SVB would have been subject to Dodd Frank stress requirements and were doing higher risk choices once Trump (and our legislators)made it possible for them to do so.
Gregg wrote: Thu Mar 16, 2023 10:00 pm Not really, but it was a big part of Silvergate Capital, and that won't be the last.
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#381

Post by RTH10260 »

FBI Warns Users About Surge in Pig Butchering Crypto Scams

Identity Theft, Fraud, Scams
March 16, 2023


Threat Intelligence Management Series

Pig Butchering, a type of cryptocurrency investment scam, is sweeping across America and the world. According to the latest public service announcement, the FBI has revealed that this dangerous approach of cybercriminals has cost victims more than $2 billion in the U.S. last year. This marks an increase of 183% compared to the $907 million lost in 2021.

What does the alert say?

The alert highlights that the scam leverages social engineering lures to build the trust of victims.

The fraudsters approach victims via dating platforms, messaging apps, or social media platforms to introduce themselves.

Over the due course of time, once trust is established, the victims are introduced to the cryptocurrency investment scheme that promises them high returns. Instead, this ultimately leads to emptying their crypto wallets to scammers.

The FBI says that the most targeted victims are between 30 and 49 years old.

Following the success, there are newer iterations of the scheme called liquidity mining and play-to-earn to trick users.

Other trends around crypto scams

There has been a fivefold increase in the number of fake domains that were used for fake cryptocurrency scams.

Scammers had also impersonated big celebrities such as Michael J Saylor, Cathie Wood, Brad Garlinghouse, Vitalik Buterin, Elon Musk, and Nayib Bukele to entice users into fraud crypto investment scams.

Social media platforms such as YouTube were also exploited to launch massive crypto scams that manipulated users to join dodgy cryptocurrency investment scams.

Stay safe

The FBI has recommended some tips for users to defend themselves against cryptocurrency investment scams. This includes not sharing personal and financial details with strangers, confirming the validity of any opportunity before making any investment, and restraining from paying an additional fee to withdraw your money.




https://cyware.com/news/fbi-warns-users ... -ae798a85/
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#382

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https://davidgerard.co.uk/blockchain/20 ... ager/?nb=1
Crypto collapse: The Great Unbanking continues, Bitcoin pumps, FTX, Voyager, Tether
18th March 2023 - by David Gerard - 2 Comments.

By Amy Castor and David Gerard


“We’re still early to the party. The kind of early where most guests have left, all that’s left of the good alcohol is empty bottles all over the floor, there’s a hint of dawn and you hope if you keep drinking and pass out you’ll sleep through the hangover. That kind of early.” — Doctor Orrery

How things are going

The 2021 crypto bubble popped in May 2022, with the collapse of Terra-Luna. We started collaborating on a newsletter series about the ongoing collapse.

Everything that’s happened since then and is happening now — Celsius, Voyager, FTX, and their victims — followed directly from Terra-Luna. The collapse is still ongoing.

Binance is looking more and more like FTX did in the months before its collapse — “money” created out of nowhere, reserves largely made of their own internal token, worse and worse excuses, and the regulators sniffing around.

Bitcoin and its descendants failed hard as payment systems. There is no separate crypto economy. Crypto is a dollar derivative — you get into crypto because you want dollars. The only consistent ideologies are “number go up” and “don’t subject me to laws.”

Crypto’s biggest challenge now is that it’s increasingly being cut off from the precious dollars. US banking rails are disappearing as regulators finally do the things they should have been doing years ago.

If “Operation Chokepoint 2.0” is real, then it’s the best program US regulators have ever put forward for crypto.

The bitcoin price is going up again! At press time, it was $27,020. Someone is pumping it hard. A major factor is BUSD holders who can’t pass KYC at Paxos and need to dump their pseudo-dollars, so they buy BTC with them — most bitcoin trade happens at Binance, and it’s where price discovery happens. The Tether printer is also going nuts again.

There isn’t evidence of any fresh retail dollars coming into crypto. The general public still seems pretty sure this is all scammy nonsense.

What we expect to see going forward:

Crypto companies trying to go through every dodgy community bank in the US.
More claims of government and regulatory conspiracy.
More hopefulness, wishful thinking and just made-up claims about crypto.
More hopium in the crypto press, because the actual news is bad.
Floods of stablecoin printing to pump the price.
No evidence of new retail interest — and, in fact, evidence against it, such as Coinbase’s SEC filings.

This is, of course, good news for bitcoin.
This is the most important sentence out of all that
Binance is looking more and more like FTX did in the months before its collapse — “money” created out of nowhere, reserves largely made of their own internal token, worse and worse excuses, and the regulators sniffing around.
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#383

Post by Sam the Centipede »

Sounds like now is the time to trade those crypto nuggets for Iraqi dinars and Zimbabwean dollars. ;)
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#384

Post by Suranis »

Don't forget that precious Vietnamese Dong!
Hic sunt dracones
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#385

Post by Sam the Centipede »

Suranis wrote: Fri Mar 24, 2023 7:34 pm Don't forget that precious Vietnamese Dong!
You enjoyed a holiday in Hanoi a little too much?? :biggrin:
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#386

Post by RTH10260 »

SEC charges celebrities including Lindsay Lohan over cryptocurrency endorsements
Jake Paul and Ne-Yo among stars accused in case as most agree to pay settlement without admission or denial

Maya Yang
Thu 23 Mar 2023 01.48 GMT

The Securities and Exchange Commission has filed charges against a handful of celebrities including Lindsay Lohan, Jake Paul and Ne-Yo for violating laws in touting cryptocurrencies.

On Wednesday, the SEC filed the charges against the celebrities as part of its broader charges filed against the crypto entrepreneur Justin Sun and three of his companies: Tron Foundation Ltd, BitTorrent Foundation Ltd, and Rainberry Inc (formerly BitTorrent) for the unregistered offer and sale of the crypto asset securities Tronix (TRX) and BitTorrent (BTT).

The SEC charged eight celebrities, who also included the rappers Soulja Boy and Lil Yachty, the singers Austin Mahone and Akon, and the adult film star Kendra Lust for “illegally touting TRX and/or BTT without disclosing that they were compensated for doing so and the amount of their compensation”.

According to the SEC, Sun and his companies offered and sold the crypto asset securities as investments through various unregistered “bounty programs”, which directed “interested parties to promote the tokens on social media, join and recruit others to Tron-affiliated Telegram and Discord channels, and create BitTorrent accounts in exchange for TRX and BTT distributions”.

“This case demonstrates again the high risk investors face when crypto asset securities are offered and sold without proper disclosure,” the SEC chair, Gary Gensler, said in a statement.

All mentioned celebrities except for Soulja Boy and Austin Mahone agreed to pay a total of over $400,000 in disgorgement, interest and penalties to settle the charges, without admitting or denying the SEC’s findings.




https://www.theguardian.com/technology/ ... lohan-tron
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#387

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UK government drops plans for NFT made by Royal Mint
Labour criticises Rishi Sunak ‘vanity project’ announced weeks before collapse in value of cryptocurrencies

Alex Hern
Tue 28 Mar 2023 12.22 BST

The UK government has dropped its plans to produce a non-fungible token for sale through the Royal Mint, just under a year after it first announced the project.

In response to a question from the Conservative MP Harriett Baldwin, the Treasury’s economic secretary, Andrew Griffith, confirmed the abandonment, saying: “In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at this time but will keep this proposal under review.”

Tulip Siddiq, the shadow City minister, welcomed the decision. “I’m glad that the Royal Mint has finally made the Conservatives see sense, but we’ve been calling on the chancellor to drop this crypto gimmick for months,” she said.

“This out-of-touch government should be focused on the cost of living crisis, not wasting time and taxpayers’ money on an NFT vanity project and promoting dodgy stablecoins.”

In April 2022, the Treasury had asked the Mint to create the token. At the time, it said it “shows the forward-looking approach we are determined to take towards crypto assets in the UK”.

There is little to show for almost 12 months of work. The Mint did not produce a visualisation of what the proposed non-fungible token would look like, or any technical explanation of how it would work, what it would offer users, and what blockchain infrastructure it would be built on.

The announcement of an NFT, from the then chancellor, Rishi Sunak, came just weeks before the bubble popped, and within a month, the Treasury was having to defend its plans in the face of a collapse in value of all cryptocurrencies after the failure of the Terra/UST “algorithmic stablecoin”.




https://www.theguardian.com/technology/ ... currencies
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#388

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From Hamas warnings to VIP perks and criminal clients: the US regulator’s claims against Binance
Just months after the FTX collapse, a US watchdog is suing Changpeng Zhao’s firm, the world’s biggest digital-asset market, over a slew of allegations that make jaw-dropping reading

Dan Milmo Global technology editor
Sat 1 Apr 2023 16.00 BST

Binance is the world’s largest cryptocurrency exchange and a cornerstone of the $1tn digital asset market. It has 128 million customers, handles $65bn in daily trades and its commercial partners include Cristiano Ronaldo, Italy’s Lazio football team and TikTok megastar Khaby Lame. So when a US regulator announced last week it was suing Binance for “wilful evasion of US law”, it was a significant moment for a sector still reeling from the collapse of FTX.

The Commodity Futures Trading Commission (CFTC) filed the civil enforcement action in a federal court in Chicago, seeking punishments including fines and permanent trading bans. It is suing Binance’s Canadian founder and chief executive, Changpeng Zhao, and three entities that operate the Binance global trading platform over numerous alleged violations of its regulations and of the Commodity Exchange Act. Binance’s former chief compliance officer, Samuel Lim, is also being sued.

The CFTC alleges that Binance traded in crypto-related derivatives with US-based customers despite not having regulatory permission and despite having said in 2019 that it would no longer serve US customers. Binance said the complaint was “unexpected and disappointing” as it had already invested an additional $80m ensuring it complies with regulators around the world.



https://www.theguardian.com/business/20 ... st-binance
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#389

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#390

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FWIW
“The Right to Own Bitcoin Shall Be Inviolable” – RFKJr delivers historic keynote at #Bitcoin2023

BY MARK E. JEFTOVIC
May 19, 2023 ₿lockheight: 790,502


“I became a Bitcoiner when I saw what Canada did to the truckers”

Robert F Kennedy Jr, who is seeking the Democratic nomination to run for President of the United States of America, just came out as an unabashed Bitcoiner in a historic keynote delivered at the seminal #Bitcoin2023 Conference in Miami, FL.

In front of the standing-room-only crowd in the Satoshi Nakamoto hall, the presidential contender said he saw the necessity for Bitcoin last year during the #FreedomConvoy protests when the Trudeau government invoked the Emergency Act (basically declaring martial law) and began seizing the bank accounts of ordinary citizens.

RFK stated unequivocally “The trucker demonstration was peaceful”, and that freedom of money was as paramount as freedom of speech.

“Guess what? The government always has a good excuse to take away your rights”, as he began to rattle off now familiar iterations of “the latest thing” that was supposed to be a larger, collective cause that was more important than our individual civil and human rights:

Terrorism, Covid, pandemics, climate the list goes on, “Utopia will come when the government can exercise total control over the population”.

Funny thing is, utopia never quite arrives, and it’s always just around the corner, as soon as the govenrment takes away just a few more of your rights and whatever’s left of your privacy.

“Bitcoin is a bulwark against tyranny”

The Democrat hopeful then listed a number of policies that demonstrated far more knowledge of Bitcoin and profound understanding of crypto and the monetary policies they represent,

RFK declared “As president, your right to own Bitcoin shall be inviolable” – as will self-custody and running your own nodes. “The government has no right to be inside your wallet”.

While encouraging Bitcoin miners to continue optimizing for renewable, clean energy (something the Bitcoin industry is actually way ahead of than most of the green-washed Wall St darlings of corporate America), he also came down hard on climate alarmists saying that as an environmentalist himself, energy usage and environmental concerns should never be used a a pretext to suppress Bitcoin.

He called our present era “an Age of Turnkey Totalitarianism” and went further, saying that Bitcoiners today embody the same ethos and impulses as the original framers of the US Constitution.

It was, as noted – an historic speech.



https://bombthrower.com/the-right-to-ow ... tcoin2023/
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#391

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what an idiot.
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#392

Post by Gregg »

Does that finally mean this Bitcoin nonsense is getting ready to crash and burn?
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#393

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It’s a massive ask’: is Binance capable of being regulated?
Crypto exchange says it will do everything possible to change UK watchdog’s mind but opacity remains an issue for US as well

Dan Milmo Global technology editor
Sat 27 May 2023 06.00 BST

In 2021, the Financial Conduct Authority was adamant: Binance is not capable of being regulated in the UK.

Executives at the world’s largest cryptocurrency exchange are not taking no for an answer. This month, Binance vowed to do “everything” it possibly could to change the City regulator’s mind, against a backdrop of deepening scepticism about digital assets.

The collapse last year of one of Binance’s biggest rivals, FTX, and the criminal proceedings that have followed, tarnished the sector. Those concerns were underlined by parliament’s cross-party Treasury committeethis month, which said UK authorities should regulate cryptocurrency trading as a form of gambling – adding that digital assets such as bitcoin have “no intrinsic value”. The global markets watchdog, the International Organization of Securities Commissions (Iosco), called for a different approach this week and said cryptocurrencies should be regulated in the same way as traditional assets such as stocks and bonds.

There is also evidence elsewhere that tech firms face a scrupulous regulatory environment in the UK. Reports suggest Revolut, Britain’s most valuable fintech firm, could have its application for a banking licence rejected by the Bank of England after the company’s auditor, BDO, raised concerns about the balance sheet.

Binance, which handles $65bn (£53bn) in daily trades and has no global headquarters, has been accepted by some oversight regimes but has been rejected by others. In the case of the US, the business is firmly in the sights of the authorities.

On 10 May, the company’s chief strategy officer, Patrick Hillman, bemoaned a crackdown in the US that he said had made it “very difficult” to do business in a key market. Recruited to the company in 2021, Hillman is familiar with the regulatory environment in Europe. He was formerly a senior figure at public relations firm Edelman where his specialisms included crisis management, and before that held a consultant role for the European Commission. He said Binance was going to do everything it could to be regulated in the UK, and described the EU’s recently agreed crypto-asset regulation, Mica, as a “huge step forward”.

As part of any UK process, Binance will need to register with the FCA, which requires crypto-exchanges to prove they have systems in place to prevent money laundering and terrorism financing.




https://www.theguardian.com/technology/ ... xchange-uk
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#394

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#395

Post by Suranis »

They have been quietly laying off people while claiming they are hiring.

https://web3isgoinggreat.com/?id=binanc ... ns-layoffs
May 31, 2023

Binance reportedly begins layoffs

Crypto giant Binance has reportedly begun layoffs, according to independent crypto reporter Colin Wu, who cited several anonymous sources. The layoffs will amount to around 20% of Binance's 8,000-person workforce, said Wu.

Binance issued a statement that the firings were related to poor performance and "cultural fit", an unlikely explanation for such a substantial cut.

In January 2023, Binance CEO Changpeng Zhao had stated that Binance planned to grow its employee count by 15–30% in 2023, even after more than doubling its employees in 2022. In March, responding to rumors of layoffs, Binance stated that they were "not planning any layoffs" and that in fact they planned to hire more than 500 employees by mid-year.
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#396

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#397

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Suranis wrote: Mon Jun 05, 2023 2:44 pm They have been quietly laying off people while claiming they are hiring.

https://web3isgoinggreat.com/?id=binanc ... ns-layoffs
:snippity:
The legal department may be the ones hiring ;)
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#398

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Sophisticated 'Impulse Project' Crypto Scam Sprawls With 1,000 Affiliate Sites
Ready-to-defraud turnkey services from Russia's Impulse Team are offered on the cyber underground and have built a campaign that has operated undetected dating back to 2016.

Becky Bracken Editor, Dark Reading
June 08, 2023

Researchers have unraveled a web of more than a thousand scam websites that lead back to Russian-language group Impulse Team, which has been running one the largest crypto scam affiliate campaigns of its kind to date.

The fraudulent websites shared similar content intended to trick targets into opening crypto accounts and paying an upfront fee to claim a cryptocurrency prize that would never materialize, according to a report this week from Trend Micro.

With some sites dating back to 2016, analysts at the firm reported that the crypto scam affiliate program, called "Impulse Project" was a mature, professional operation that grows by offering would-be fraudsters with all the tools necessary to start up a franchise of their very own.

"We have been able to uncover a massive cryptocurrency scam involving more than a thousand websites handled by different affiliates," all linked to Impulse Project, the researchers said.

Calling All Crypto-Fraud Affiliates

Trend Micro found Impulse Project advertising for affiliates on a few Russian-speaking cybercriminal forums. Interested parties were asked to "subscribe" to the service for an undisclosed amount.

"We couldn’t find information regarding the rates applied by the threat actor, but joining these types of programs typically requires a fee," according to the post.

"Furthermore, a percentage of every fraudulent transaction goes to the masterminds."

Affiliates are asked to set up their own domain names and then hand them over to the Impulse Team, which configures them with scripts used for CloudFlare services.

"Affiliates get one database for their websites," the researchers explained. "This means that if a victim creates an account on one website, the credentials also work for all the other websites used by the affiliate. This provides additional evidence that the affiliates run their own operation separately from each other."

One of the Largest Crypto Scams Ever Seen

While Trend Micro's report doesn't pinpoint a specific dollar amount the Impulse Project crypto scam has pulled in over the years, it estimates victims were in the thousands, "making it perhaps one of the largest-ever crypto scam campaigns."



https://www.darkreading.com/attacks-bre ... iate-sites
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#399

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Another one bites the dust

Former Celsius CEO arrested, company agrees to pay $4.7 billion settlement

PUBLISHED THU, JUL 13 202310:01 AM EDTUPDATED FRI, JUL 14 202312:28 PM EDT
Rohan Goswami

KEY POINTS
  • Federal prosecutors unveiled seven charges against former Celsius CEO Alex Mashinsky and a key executive, Roni Cohen-Pavon, alleging fraud and securities manipulation.
    The SEC announced concurrent charges against Mashinsky and the bankrupt crypto exchange.
    The FTC also announced a $4.7 billion settlement against the exchange, which will not be paid until creditors and investors have been repaid in bankruptcy proceedings.
Former Celsius CEO Alex Mashinsky was arrested Thursday on federal securities fraud charges, as the bankrupt crypto exchange agreed to $4.7 billion settlement with the Federal Trade Commission.

Celsius and Mashinsky were also sued by the Securities and Exchange Commission and the Commodity Futures Trading Commission in complaints accusing them of scheming to defraud investors out of billions.

Mashinsky pleaded not guilty in Manhattan federal court, where he is charged with securities, commodities, and wire fraud, as well as various securities manipulation and fraud charges. If convicted, Mashinsky and a co-defendant, Roni Cohen-Pavon, face decades in prison.

Celsius’ settlement is one of the largest in the FTC’s history, close to the record $5 billion fine levied against Meta in 2019, and highlights what the FTC described as repeated deceptions by Celsius and Mashinsky.

The settlement, announced by the FTC, will not be paid until the company is able to return what remains of customer assets in bankruptcy proceedings.

The office of U.S. Attorney Damian Williams said in a charging document that “Mashinsky misrepresented, among other things, the safety of Celsius’s yield-generating activities, Celsius’s profitability, the long-term sustainability of Celsius’ high rewards rates, and the risks associated with depositing crypto assets with Celsius.”



https://www.cnbc.com/2023/07/13/former- ... ement.html
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#400

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Ex-Celsius CEO Alex Mashinsky Charged With Crypto Fraud

By Ava Benny-Morrison, and Allyson Versprille
July 13, 2023 at 8:35 AM EDT Updated on July 13, 2023 at 3:27 PM EDT
  • Three regulatory agencies also sued Mashinsky in New York
    Mashinsky pleads not guilty to all charges at hearing
Former Celsius Network Ltd Chief Executive Officer Alex Mashinsky was accused by US prosecutors of pumping up the price of his firm’s cryptocurrency to entice customers to the platform — all so he could line his pockets to the tune of $42 million.

Mashinsky, who was arrested and charged with wire fraud and other crimes, waged a yearslong scheme to mislead customers before Celsius collapsed last year with more than $1 billion in debt, according to prosecutors. He pleaded not guilty at a hearing Thursday in New York.

paywall https://www.bloomberg.com/news/articles ... #xj4y7vzkg
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