Reported by: Joshua Fineman 98-year old billionaire Charlie Munger, a long time critic of crypto, called digital currencies a combination of delusion and fraud in the wake of the blowup of exchange FTX. “You are seeing a lot of delusion,” Munger, vice chairman of Berkshire Hathaway (NYSE:BRK.B), said in a CNBC interview.“Partly fraud and partly delusion. That’s […]
Reported by: STEVE MOLLMAN The FTX downfall is not so much a Lehman moment as an Enron one. So says former Treasury Secretary Larry Summers about the once-heralded cryptocurrency exchange that todaydeclared bankruptcy and announced the resignation of founder and CEO Sam Bankman-Fried after a sudden and dramatic collapse this week. “A lot of people have […]
Reported by: Lydia Beyoud, Yueqi Yang, and Olga Kharif US regulators are investigating whether beleaguered crypto-exchange FTX.com mishandled customer funds, and they’re looking into the firm’s relationships with other parts of Sam Bankman-Fried’s crypto empire. The inquiries by the Securities and Exchange Commission and the Commodity Futures Trading Commission relate to the liquidity crisis that […]
Reported by: Tad Simons Technology Journalist/Thomson Reuters At the 21st Annual Anti-Money Laundering & Anti-Financial Crime Conference, held by the Association of Certified Anti-Money Laundering Specialists (ACAMS), Rebecca Kiethley, a Federal Bureau of Investigation (FBI) fraud specialist, explained that people over 70 years of age control 75% of the wealth in America, and over the […]
Reported by: DANIELLE LETENYEI As the holidays get closure, you may plan on buying gift cards for friends and family members, but beware! There is a gift card scam out there that fraudsters are using to dupe you out of money. In the gift card scam, the thieves print and place their own barcode over the […]
Reported by: Martin Young On Oct. 27, Solidus Labs announced the launch of a real-time on-chain Threat Intelligence tool. It has been touted as a first-of-its-kind approach to the retroactive methods of dealing with crypto scams. Additionally, the firm also released its findings on the growing number of crypto scams and rug pulls. The report […]
Reported by: Jonathan Stempel Bill Hwang, whose Archegos Capital Management LP collapsed suddenly in March 2021, on Tuesday urged a federal judge to dismiss a U.S. Securities and Exchange Commission civil lawsuit accusing him and his once-$36 billion private investment firm of fraud. In court filings, Hwang and Archegos said the SEC failed to show […]
Reported by: JOE PATRICE Dechert’s long-running Neil Gerrard headache continues. It all started when the firm’s former white collar practice chief Gerrard began working for the Eurasian Natural Resources Corporation (he began working for ENRC at DLA Piper, but brought the engagement with him when he lateraled to Dechert). ENRC hired Gerrard to conduct an […]
Reported by: Robert Anello , Richard Albertand Courtney Morphet Cryptocurrency has been touted as a more transparent form of investing, as the information needed to price digital assets is generally available to the public, and in theory no “inside” information is available to exploit before public releases of information, such as earnings announcements and SEC […]
Reported by: U.S. Securities and Exchange Commission The Securities and Exchange Commission today announced charges against The Hydrogen Technology Corporation, its former CEO, Michael Ross Kane, and Tyler Ostern, the CEO of Moonwalkers Trading Limited, a self-described “market making” firm, for their roles in effectuating the unregistered offers and sales of crypto asset securities called […]
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