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SEC Unveils a $300 Million Crypto Pyramid Scheme

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VOC, Voice of Crypto, Ponzi scheme

According to a filing with the U.S. District Court, the SEC alleges that the founders of the Forsage platform have used a “fraud pyramid and multi-level Ponzi scheme” to raise funds (over $300 million) from retail investors across the globe.

Forsage bills itself as a blockchain for retail investors to trade on Ethereum, Tron, and Binance. 

The SEC has charged the company with running an extensive Ponzi scheme for over two years. Their recruiter takes advantage of investors by recruiting more people and then taking money from them to pay off the initial group.

Carolyn Welshhans, chief of the SEC’s Crypto Assets and Cyber Unit, said:

“Scammers cannot circumvent federal securities laws by shadowing their schemes in smart contracts and blockchain.”

Four of the 11 individuals charged were the founders of Forsage, namely Vladimir Okhotnikov, Jane Doe aka Lola Ferrari, Mikhail Sergeev, and Sergey Maslakov. The SEC’s complaint also included seven promoters, three of which were in a U.S.-based promotional group called the “Crypto Crusaders.”

All 11 individuals are charged with violating “Unregistered Offers and Sales of Securities” under Section 5 A & C and “Fraud” under Section 17(a) (1 & 3) of the U.S. Securities Act. In addition, the defendants have also been charged with “Fraud” under Section 10 B-C of the U.S. Exchange Act.

 

 

 

Crypto Writer

Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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Billionaire Mark Cuban Unveils His Latest Low-Cap Altcoin Portfolio

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VOC, Voice of Crypto, Crypto Market

Billionaire Mark Cuban is an expert investor and entrepreneur who has invested in the crypto markets for years. He just released his latest altcoin picks as cryptocurrencies continue to show signs of life.

The investor told hosts of Altcoin Daily, Aaron, and Austin Arnold, about six low-cap crypto assets in his portfolio, including Bored Ape Yacht Club (BAYC) and offshoot ApeCoin (APE).

One of the coins on Cuban’s portfolio is Klima DAO (KLIMA)- an innovative project that allows you to invest in the carbon market through KLIMA tokens.

Another coin on his portfolio is Blocto which aims to simplify interaction with blockchain applications for developers and everyday users. The next altcoin on Cuban’s list is Injective (INJ). Injective is a decentralized exchange that offers margin trading, derivatives, and other services on an extensive cross-chain platform.

Cuban also has Alethea Artificial Liquid Intelligence Token (ALI) in his portfolio. The ALI project will bring science fiction visuals and concepts to the metaverse through its unique proposition of an intelligent NFT, referred to as iNFT. This NFT can be trained to upgrade its intelligence level over time so that they become more sophisticated and valuable than before.

The investor says another altcoin he has been tracking is the Ocean Protocol (OCEAN), which seeks to aggregate and monetize user data. This will allow for more accurate advertising and a better understanding of consumer habits across different industries with help from users who share their information freely on the platform.

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Why Did ED Freeze Wazirx Director’s Bank Account?

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VOC, Voice of Crypto, ED

The Enforcement Directorate (ED) in India conducted a series of searches at the premises of one of the directors from Zanmai Labs Private Limited, which owns and operates a cryptocurrency exchange platform WazirX. The ED has frozen bank assets worth Rs 64.67 crores as part of the investigation into money laundering activities in India involving digital currencies.

WazirX is a cryptocurrency exchange that allows traders in India to trade Bitcoin, Ethereum, and other major cryptocurrencies.

The Central Agency took action against the WazirX Director for assisting fraudsters by allowing them to use his company as an exchange platform for laundering money through virtual crypto assets.

The Times of India quotes the Enforcement Directorate as saying that loan app firms used cryptocurrency to take money out of the country after they started investigating them. Most transactions are done through Wazir-X, and funds are transferred to Hong Kong.

The Reserve Bank of India has launched an investigation against several Indian financial institutes and their fintech partners for lending practices that violate guidelines.

Crypto Writer

Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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SEC Continues to Keep a Close Tab on Binance

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VOC, Voice of Crypto, Crypto Law

The United States Securities and Exchange Commission (SEC) investigates Coinbase, the country’s largest exchange. It has also set its sights on global giant Binance, which could mean bad news for cryptocurrency investors in America and worldwide.

Coinbase and Binance have gone above and beyond to comply with all regulations. For example, Binance operates a separate division called “Binance US,” which only offers limited services for American customers to avoid violating any regulations. But it seems that’s still not enough for SEC to back off.

On the other end, crypto-friendly regulators, the Commodity Futures Trading Commission (CFTC), are more likely to adopt an approach that is not based on enforcement and lawsuits.

It has been reported that the SEC staff is currently investigating every US crypto exchange, according to a Forbes report; however, no further details were given, so it remains unclear what stage each business stands at or if they are even aware of these investigations happening in relation with them.

Cryptocurrencies Are Not Securities…Yet

The Securities and Exchange Commission operates outside its jurisdiction because crypto assets have not yet been legally classified as securities.

In an interview with Republican Sen. Tom Emmer, he said that the agency and its anti-crypto chair Gary Gensler are “hell-bent on expanding their jurisdiction using enforcement as a tool for it.” According to an anonymous official, the US Securities and Exchange Commission has called for a quick resolution to their dispute with the CFTC over cryptocurrency jurisdiction.

The recent introduction of two bills to give the CFTC more jurisdiction over cryptocurrencies has sparked optimism among traders. However, the officials are still not expecting either bill to be passed this year. The Lummis-Gillibrand bill was submitted on June 7, and the Digital Commodities Consumer Protection Act was also announced.

SEC Warpath

If the United States is serious about cracking down on cryptocurrency exchanges, it’s only a matter of time before they receive Wells Notices from the SEC. When a company is about to be penalized for breaking the law, they receive this letter. It has been reported that these instances are separate from standard SEC procedures.
The exchange Binance.US delisted AMP this week after SEC deemed its security.

Crypto regulation in America continues to be a hot topic with little sign of conclusion. This only prolongs the uncertainty for companies trying to comply, which ultimately serves no one’s interest.

 

 

 

 

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Why Did CryptoDickbutts Ethereum NFTs Surge by Almost 690% Today?

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VOC, Voice of Crypto, NFT CryptoDickbutts

CryptoDickButts, the Ethereum-based NFT, is doing very well on OpenSeaThe daily trading volume has increased by 690% to 290 ETH (roughly $495,000), catapulting Dickbutts into the No.6 ranking for the day above-established projects like Goblintown and Cool Cats, with a 135% increase in weekly trade volumes too.

Dickbutts was created by K.C. Green in 2006 and became an instantly recognizable part of internet culture, as it was shared for years in countless memes on social media platforms like Reddit. The first set of 161 NFTs on Ethereum, later named the OG collection, launched in March 2021. It was followed up with another series 3 in August 2021, which contained 5200 new tokens.

CryptoDickbutts are trending right now. The cheapest from Series 3 costs $5,100. That’s up 31% within the past 24 hours and 163% compared to last month alone. It is still just the No. 34 NFT project in terms of a floor price, according to NFT Price Floor. The recent rise in interest can be attributed to meme culture and an underlying enthusiasm backing this community.

Crypto Dick buttocks is a project with no set road map governed by the CryptoD but includes notable names like Steve Aoki, Blondish as well ProbCause.

CoinShare’s Chief Strategy Officer, Meltem Demirors, hosted an “emergency” Twitter space on Sunday to talk up ‘the prophecy and epic bang.’ She is a prominent Bitcoiner with over 250,000 followers who seems likely responsible for starting today’s price pump.

In the Twitter Spaces, Demirors declared, “The Dickbutt community has always been about one thing and one thing only, and that is the universal truth of one D equals one B… I also think that commenting on prices defeats the overall objective here. Dickbutts are not about investing. Dickbutts are a culture.”

 

 

 

Crypto Writer

Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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Cardano Trades above $0.50, Is ADA Ready for a Breakout?

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VOC, Voice of Crypto, Cardano, ADA

The price of Cardano is currently trading slightly above $0.50, but it’s been consolidating for the past few days. The ADA coin has been struggling below the resistance level. It attempted to flash a break-out several times but met bear actions each time.

Cardano Price Analysis

The Cardano price is trading sideways, meaning there’s no telling when the cryptocurrency will break out. As the buying strength recovered on ADA’s chart, the technical outlook has also turned positive. It has been a tough week for Cardano prices as they lost 2% of their value over the last seven days. The current support levels are around $0.50 to $0.45, respectively.

Still, there’s no telling if this will hold since it depends on how much more negative sentiment comes about from people who bought ADA at higher rates than what it is currently trading. Technical indicators show that this cryptocurrency’s price could resume its previous momentum if a more positive technical outlook continues.

Buying strength remains crucial for ADA at the moment. A slip below its current trading level will push ADA to $0.45.

Cardano Whales Action

According to data from Santiment, whale addresses holding between 10,000 and 10,000,000 ADA tokens have increased their accumulation over the past few days. Since July 27, whales have added a total of 0.46% of ADA’s existing supply to their portfolios, pushing the cumulative value of ADA to over $138 million in just 10 days.

Although the accumulation of whales has increased over the past 10 days, trading activity during that period is still declining. At the time of writing, ADA trading activity has also dropped 47% since a high of $1.1 billion on July 27.

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

 

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Ethereum Outperforms Bitcoin, but Can It Continue to Chart Gains?

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VOC, Voice of Crypto, Bitcoin, Ethereum,

The Ethereum price has been largely stagnant over the last 24 hours with just a 0.18% gain. But it still retains its $1,600 level from earlier this month. This clearly indicates that investors are confident in the token, and the bulls are in control. The world’s 2nd biggest cryptocurrency has been trying to break through $1700, a major resistance for the token. Investors should not expect a trend reversal until $1700 is broken and turned into support for Ether tokens.

Ethereum price analysis

The Ethereum token has a huge chance of reclaiming $2,000 if the price region between $1,700 and $1,800 is broken. However, there’s also an equal possibility that it could test $1,500 again instead.

In the last 24 hours, trading volume for this coin has decreased 6%, and the market cap is up 0.02%. This token’s volume and market capitalization is very low (0.0755), while its overall dominance increased by 18.60%.

Ethereum Price Analysis

Investors should brace themselves for lower prices since the RSI indicator readings fall below 61. MACD Line Signals that a Bearish Divergence is confirmed with the MACD line breaking below the signal line as confirmation.

With Ethereum’s price action situated in the upper end of Bollinger Bands, it hints that buyers are currently in control.

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)

 

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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