Poor risk management, insufficient revenue and the overuse of leverage are the core reasons why DeFi is crumbling.
China’s BSN chair calls Bitcoin Ponzi, stablecoins ‘fine if regulated’
Stablecoins like USDT and USDC would be doing just fine if properly regulated, while Bitcoin is a “Ponzi scheme” in any case, China’s BSN chair told Cointelegraph.
Swan Bitcoin CEO against crypto lenders: Users are way under-compensated for the risk
The CEO of Swan Bitcoin, Cory Klippsten, criticizes Celsius Network and other centralized crypto lending platforms, warning of possible market contagion.
Binance’s CZ says he is ‘skeptical’ about the Terra relaunch
Binance CEO CZ voices skepticism around the relaunch of the Terra blockchain and its new LUNA token following the latest fiasco.
Terrible crypto trader gets 42 months for fraud, claiming he was a total gun
Jeremy Spence aka “Coin Signals” scammed around $5 million from 170 investors who were unaware their crypto was used to fund a Ponzi scheme.
SEC unable to locate BitConnect founder convicted in $2.4B fraud case
BitConnect founder is being sued for illegally raising funds and defrauding American investors of over $2 billion.
DOJ indicts BitConnect’s Indian founder for $2.4B crypto Ponzi scheme
A San Diego-based federal grand jury charged Kumbhani for orchestrating an alleged Ponzi scheme via BitConnect’s “Lending Program” among other allegations.
Battle of the bots: WTF token launch drains 58 ETH
The WTF token airdrop got off to a wild launch. Users reportedly lost thousands of dollars, while one bot disappeared with 58 ETH.
Beware of sophisticated scams and rug pulls, as thugs target crypto users
The year 2021 has seen an increase in “rug pulls,” a new scam capable of luring both early adopters and new crypto investors.
Bitconnect promoter pleads guilty over Ponzi scheme, as platform faces new SEC charges
Former BitConnect promoter Glenn Arcaro has pled guilty to his role in the saga, but the whereabouts of the firm’s founder Satish Kumbhani is unknown.
FBI joins Mirror Trading probe in Africa to help recover US investor funds
The Federal Bureau of Investigation is joining the investigation into one of the largest alleged crypto scams of 2020.
South African asset manager denies stealing billions from users, claims $5M was lost in hack
AfriCrypt’s founders deny running off with billions in customers funds, asserting they went into hiding after receiving death threats from “dangerous people.”
$3.6B in Bitcoin vanishes in ‘hack’ along with owners of South African crypto platform
Billions worth of Bitcoin has reportedly vanished along with the operators of South African crypto firm AfriCrypt. Is it a scam or a hack?
With US regulators handing out $2.5B in fines since 2014, crypto is not the ‘wild west’ of finance
A new report from Elliptic has found that unregistered securities offerings account for more than half of all crypto-related fines handed out by U.S. regulators.
Alleged $3.6B crypto Ponzi’s ‘victims’ still believe the exchange is legit
Some of those caught up in an alleged $3.6 billion crypto Ponzi scheme are refusing to aid police investigations as they still expect to triple their investments.
Florida man escapes paying a $4.5M SEC penalty over a crypto Ponzi scheme
The founder of the Argyle Coin Ponzi scheme has escaped paying a $4.5 million penalty to the SEC for operating a “web of fraudulent companies.”
Spanish Police Arrest Head of Billion-Dollar Crypto Arbitrage Platform on Fraud Allegations
Arbistar 2.0 operator Santiago Fuentes was arrested Wednesday and faces criminal fraud and money laundering charges in Spain.
Spanish Police Arrest Head of Billion-Dollar Crypto Arbitrage Platform on Fraud Allegations
Arbistar 2.0 operator Santiago Fuentes was arrested Wednesday and faces criminal fraud and money laundering charges in Spain.
OneCoin Founder’s Brother Faces 90-Year Jail Term After Plea Deal
The brother of OneCoin’s infamous “Cryptoqueen,” Konstantin Ignatov has reached a plea deal with U.S. authorities.
CFTC Takes Action Against Crypto Options ‘Ponzi Scheme’
Purported crypto and forex investment firm Circle Society is accused by the CFTC of operating like a Ponzi scheme.