SEC charges 11 people in alleged $300 million crypto Ponzi scheme - CNBC

Quick Read

Securities and Exchange Commission headquarters in Washington, D.
On Monday, the Securities and Exchange Commission said it charged 11 people for their roles in creating and promoting an allegedly fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from investors.
Cease-and-desist actions were brought against Forsage first in September of 2020 by the Securities and Exchange Commission of the Philippines, and later, in March 2021, by the Montana commissioner of securities and insurance.
Four of the eleven individuals charged by the SEC are founders of Forsage.
The SEC has also charged three U.

SEC charges 11 people in alleged $300 million crypto Ponzi scheme - CNBC

A flag outside the U.S. Securities and Exchange Commission headquarters in Washington, D.C., U.S., on Wednesday, Feb. 23, 2022. On Monday, the Securities and Exchange Commission said it charged 11 people for their roles in creating and promoting an allegedly fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from investors. The scheme, called Forsage, claimed to be a decentralized smart contract platform, and it allowed millions of retail investors to enter into transactions via smart contracts that operated on the ethereum, tron and binance blockchains. But under the hood, the SEC alleges that for more than two years, the setup functioned like a standard pyramid scheme, in which investors earned profits by recruiting others into the operation. In a statement, the SEC added that Forsage operated a typical Ponzi structure, wherein it allegedly used assets from new investors to pay earlier ones. "As the complaint alleges, Forsage is a fraudulent pyramid scheme launched on a massive scale and aggressively marketed to investors," wrote Carolyn Welshhans, acting chief of the SEC's Crypto Assets and Cyber Unit. "Fraudsters cannot circumvent the federal securities laws by focusing their schemes on smart contracts and blockchains." Forsage, through its support platform, declined to offer a method for contacting the company and did not offer comment. Four of the eleven individuals charged by the SEC are founders of Forsage. Their current whereabouts are unknown, but they were last known to be living in Russia, the Republic of Georgia and Indonesia. The SEC has also charged three U.S.-based promoters who endorsed Forsage on their social media platforms. They were not named in the commission's release. Forsage was launched in January 2020, and regulators around the world had tried a couple of different times to shut it down since then. Cease-and-desist actions were brought against Forsage first in September of 2020 by the Securities and Exchange Commission of the Philippines, and later, in March 2021, by the Montana commissioner of securities and insurance. Despite this, the defendants allegedly continued to promote the scheme while denying the claims in several YouTube videos and by other means. Two of the defendants, both of whom did not admit or deny the allegations, agreed to settle the charges, subject to court approval.
The Original Article can be found on CNBC

Ethereum Builds A Base In Enterprise: What The Ethereum Merge Will Do For Businesses - Investor's Business Daily

The Ethereum merge hype is all about energy. But still waters run deep and in the still world of enterprise blockchains, Ethereum has been building a base of support. X The merge …

Read more here
Ethereum Builds A Base In Enterprise: What The Ethereum Merge Will Do For Businesses - Investor's Business Daily

Nasdaq needs clear regulations before launching crypto exchange, says VP - Cointelegraph

Nasdaq, the United States stock exchange, has no immediate plans to launch a crypto exchange until there’s better regulatory clarity from policymakers, said Tal Cohen, the company’ …

Read more here
Nasdaq needs clear regulations before launching crypto exchange, says VP - Cointelegraph

Everything You Need To Know About Blockchain Technology - Spiceworks News and Insights

Blockchain is defined as cutting-edge database technology that drives transparent data-sharing over a network. Blockchain databases retain chronological consistency, preventing dat …

Read more here
Everything You Need To Know About Blockchain Technology - Spiceworks News and Insights

No Plans to Launch Crypto Platform Yet: Nasdaq - Blockchain.News

Nasdaq plans to wait for further clarity in terms of crypto adoption globally, the company's executive vice president and head of North American markets said. Tal Cohen said that …

Read more here
No Plans to Launch Crypto Platform Yet: Nasdaq - Blockchain.News

Celsius Co-Founder Daniel Leon Calls it Quits - Blockchain.News

The embattled crypto lender Celsius Network Ltd. has lost another top member as co-founder Daniel Leon resigned this week. The crypto lender that filed for bankruptcy early this y …

Read more here
Celsius Co-Founder Daniel Leon Calls it Quits - Blockchain.News