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Officials with the Commodity Futures Trading Commission (CFTC) allege Sam Ikkurty (also known as Sreenivas I Rao), of Portland, Ore., and Ravishankar Avadhanam of Aurora, Ill., as well as several corporate entities controlled by the defendants, worked together to convince their victims to invest in a “so-called income fund invested
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Officials from the U.S., U.K., Canada, Australia, and the Netherlands have shared data and identified more than 50 crypto-related criminal leads, including one case that could be a $1 billion Ponzi scheme. Officials Share Data on Global Crypto Crime The heads of tax enforcement from the Joint Chiefs of Global Tax Enforcement
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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cryptox in one link.Top Stories This WeekBreaking: Terra blockchain officially halted following LUNA
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The central banker compared crypto market dynamics to the 2008 financial crisis and called for extra regulation and taxes. Original Source
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The scheme ran from April 2014 to December 2019, when three of the BitClub leaders were arrested and charged with fraud and the sale of unregistered securities. BitClub purported to sell shares of nonexistent crypto mining pools to gullible investors, only to pay them back with money from newer investors,
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Losing money to a Ponzi scam is not the ideal introduction to the crypto ecosystem. Thankfully, Mark Dave Manansala gave crypto and blockchain a second chance and discovered a new passion.It all started when Manansala was invited by an acquaintance to join a very popular crypto project in 2017. The
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Before giving up on Ecoinplus, however, the CFTC alleges that Golden and Patel found a new business partner in Aggeson, a New York entrepreneur, and an unnamed accomplice. Modeling the new site on Ecoinplus (and taking steps to distance themselves from the Ecoinplus scheme), they created JetCoin, according to the
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The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States. “If convicted of all counts, he faces a maximum total penalty of 70 years in prison,” said the U.S. Department of Justice. Bitconnect’s Founder Could Go to Prison for 70 Years The U.S. Department
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The founder of the infamous crypto exchange BitConnect, Satish Kumbhani, has been charged for allegedly misleading investors globally and defrauding them of $2.4 billion in the process.According to the Department of Justice (DOJ), a San Diego-based federal grand jury specifically charged Kumbhani for orchestrating the alleged Ponzi scheme via BitConnect’s
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The leader of the Nigerian blockchain association, Senator Ihenyen, has implored the country’s lawmakers — currently pushing for the securities law to be revamped — to consider crafting laws that regulate the crypto industry. Proposed Law Does Not Expressly Mention Cryptocurrencies As Nigerian lawmakers debate a bill that proposes a ten-year
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