SEC charges 11 individuals over $300M crypto ‘pyramid scheme’
SEC has filed a lawsuit in the U.S. District Court against the founders and promoters of Forsage who allegedly fueled a $300 million “textbook pyramid and Ponzi scheme” The Securities and Exchange Commission (SEC) has charged 11 individuals for their alleged role in the creation of a "fraudulent crypto pyramid scheme" platform Forsage. The charges were laid in a United States District Court in Illinois on August 1, with the SEC alleging that the founders and promoters of the platform used the “fraudulent crypto pyramid and Ponzi scheme” to raise more than $300 million from “millions of....
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Both plaintiffs claim that Coinbase made fraudulent and deceptive representations regarding the company’s business. The Coinbase drama, which started at the end of July, continues with new developments. Last week, former Coinbase Global product manager Ishan Wahi pleaded not guilty to two counts of wire fraud conspiracy and two counts of wire fraud in a Manhattan federal court. Wahi was arrested during his attempt to board a flight from the United States to India in May and accused of insider trading. While the Wahis are central to two separate court cases, another two lawsuits appeared....
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....
Three people are facing trial in Germany for their roles in one of the crypto world’s most infamous scams, Onecoin. The defendants are accused of fraud, among other crimes, allegedly committed as they assisted the pyramid scheme’s mastermind, ‘Cryptoqueen’ Ruja Ignatova, who is still on the run. Lawyer and Couple Face Criminal Allegations in Germany Over Roles in Onecoin Scam A husband and wife as well as an attorney from Munich are now among the first people in Europe to face criminal charges over their participation in the Onecoin crypto scam. On Tuesday, they appeared in a German....
The U.S. Securities and Exchange Commission (SEC) has charged four founders and seven promoters of Forsage, which it described as “a fraudulent crypto pyramid and Ponzi scheme.” The scheme allegedly raised more than $300 million from millions of retail investors worldwide, including in the U.S. SEC Takes Action Against Forsage Crypto Scheme The U.S. Securities and Exchange Commission (SEC) announced Monday that it has “charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme.” The securities....
The cryptocurrency industry is currently digesting the rise and fall of Singapore-based Terraform Labs’ network token Terra (LUNA) and stablecoin TerraUSD (UST). Following the unexpected collapse of almost $45 billion in market value over the course of a week, much has been made about the project’s architecture, namely its supposedly defective algorithm, which was led […]