Two Masterminds in Last Ditch Effort to Stall Liquidation of MTI
In a last-ditch attempt to stall the sale of Mirror Trading International (MTI) assets, two masterminds of the collapsed bitcoin Ponzi scheme have warned investors that liquidating the investment company will likely result in them being asked to return all withdrawn bitcoins. Opposition to Attempts at Declaring MTI a Ponzi Scheme In a court filing that opposes attempts to declare MTI “an illegal business,” Clynton and Cheri Marks insist that such a step will in fact cause investors to “forfeit everything to the state.” As the Mybroadband report reveals, the....
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A Chinese court has confirmed the sentencing of the masterminds behind the 7.7 billion yuan Chinese Ponzi scheme Wotoken, which had over 715,000 investors. Wotoken Scammers Sentenced to Prison The Intermediate People’s Court of Yancheng city, Jiangsu province, denied an appeal by four convicts involved in the billion-dollar Ponzi scheme Wotoken on Tuesday, several local media reported. The court upheld the original sentences for Gao Yudong, Li Qibing, Wang Xiaoying, and Tian Bo who were dissatisfied with their original sentencing and filed an appeal. They believe they had minor roles....
Seven executives of the collapsed South Korean scam cryptocurrency exchange, V Global, were recently handed lengthy jail sentences as punishment for their role in running one of the country’s biggest crypto frauds. Verdict Sets New Benchmark Seven former masterminds of the now-defunct scam crypto exchange, V Global, were recently given jail sentences for their part in misappropriating nearly $1.9 billion in investors’ funds. Lee Byung-gul, who was the CEO of the entity when the funds went missing, was handed a 22-year jail term while his accomplices were given jail sentences....
A group of investors are seeking to stop the defunct Japan-based bitcoin exchange Mt. Gox from being liquidated following its failed bankruptcy bid. A final decision will be made by 9th May by a court-appointed administrator as to whether or not Sunlot Holdings - which represents the investor group - is granted permission to buy out the exchange. Mt. Gox was placed into liquidation on 16th April, with Japanese courts citing the difficulty in resurrecting the exchange as well as the dwindling likelihood of this possibility as key reasons for recommending the move. However, it's exactly this....
Chinese authorities in Rong County recently said they have prosecuted eight individuals accused of being the masterminds behind the Magic Data Chain (MDC) pyramid scheme. The pyramid is thought to have handled transactions with a total value of over $147 million.
Virtual Currency Pyramid Scheme
Authorities in China’s Rong County, Zigong City, recently prosecuted eight people accused of orchestrating the MDC virtual currency pyramid scheme, a local report has said. According to the report, the prosecution of the case was handled by the Rong County People’s....
PRESS RELEASE. Based on the Anti-liquidation protocol, Shaktiio develops a liquidation protection programme for CeFi lending platforms. The anti-liquidation protocol aids the stability of the bitcoin market by preventing it from being overextended. The expansion of the loan market and the extensive usage of trading instruments, including the use of leverage, has resulted in the imposition of massive amounts of collateral on banks and other financial institutions. In the event of a dramatic market decline, mass liquidations will rise and harm the market unless a method is developed and....