Fun

News Feed - 2023-09-28 06:09:00

Derek Andersen2 hours agoFormer CEO of sham crypto miner IcomTech pleads guilty of wire fraud for Ponzi schemeFormer IcomTech head Marco Ochoa is the latest crypto fraudster to face charges, while the CFTC charged another company and its head.542 Total views7 Total sharesListen to article 0:00NewsJoin us on social networksMarco Ruiz Ochoa pleaded guilty to one count of conspiracy to commit wire fraud in the Southern District Court of New York on Sept. 27 in relation to Ponzi scheme perpetrated by the IcomTech company. Ochoa was CEO of IcomTech from its founding in 2018 to 2019.


According to a statement from the United States Justice Department, IcomTech promised investors daily returns on investment products offered by the company, which purported to be a crypto mining and trading company. Promoters “hosted lavish expos” and other community events around the world to attract customers. The company also issued its own token, called an Icom.


Related: Ponzi vs. pyramid schemes: What’s the difference?


The company allegedly did not mine crypto, however, and investors were unable to withdraw profits they saw accruing in their accounts. The company collapsed in late 2019. Charges were brought against Ochoa and other IcomTech executives in November. Ochoa faces a maximum sentence of 20 years in prison. U.S. Attorney Damian Williams said:“Today’s guilty plea sends a clear message that we are coming after all of those who seek to exploit cryptocurrency to commit fraud.”


Ochoa’s plea came a day after Pablo Rodriguez, co-founder of the AirBit Club Ponzi, was sentenced to 12 years in prison by a different judge of the Southern District Court of New York.CEO of cryptocurrency Ponzi scheme “IcomTech” pleads guiltyhttps://t.co/ov6BMTZ11K— US Attorney SDNY (@SDNYnews) September 27, 2023


Also on Sept. 27, the Commodity Futures Trading Commission (CFTC) announced charges against Mosaic Exchange Limited and its CEO Sean Michael. Mosaic Exchange allegedly lured investors to allow it to enter into “futures, swaps, and leveraged spot transactions in cryptocurrency” on their behalf. CFTC commissioner Kristin Johnson said in a statement on the charges:“Mosaic was able to trade digital asset derivatives on BitMEX and Binance, two platforms that the CFTC has previously charged with, among other things, failing to register as an FCM [futures commission merchant], SEF [swap execution facility], or DCM [designated contract market], and failing to implement anti-money laundering and know-your-customer procedures.”


“In accordance with our existing authority, the CFTC should begin introducing regulation to address gaps that may exist in these novel market structures,” she continued.


Magazine: Deposit risk: What do crypto exchanges really do with your money?# Cryptocurrencies# Ponzi Scheme# Fraud# Mining# CFTC# RegulationAdd reactionAdd reactionRead moreWhat are NFT royalties, and how do they work?Pay-to-use blockchains will never achieve mass adoptionVitalik Buterin’s Privacy Pool proposal is just the start

News Feed

State Street teams up with Galaxy, eyeing new ETFs beyond Bitcoin
Brayden Lindrea5 hours agoState Street teams up with Galaxy, eyeing new ETFs beyond BitcoinState Street believes the “next level of growth” will come from investment options offering more than “pure spot” Bitcoin
US Company Accepts Bitcoin Payments for Luxury Planes, as $40M Gulfstream Jet Goes on Sale
US Company Accepts Bitcoin Payments for Luxury Planes, as $40M Gulfstream Jet Goes on SaleAviatrade Inc., a New Jersey-based aircraft sales company, is now accepting bitcoin as a me
Bakkt’s ‘Moonshot’ Bitcoin Platform to Begin Testing Today
Bakkt’s long-delayed bitcoin futures platform is scheduled to begin testing today. The trading platform, aimed squarely at institutions, is widely expected to be a game-ch
EasyA announces 1 million devs in ecosystem
Vince Quill1 hour agoEasyA announces 1 million devs in ecosystemThe Web3 educational platform also announced a Polkadot education initiative to help onboard new developers to the blockchain network.153 Total viewsListen
Derek Andersen4 hours agoSwirlLend rugs on new Coinbase layer 2 Base as large number of scammers reportedThe SwirlLend scam is the second in as many days, and losses on the platform have already mounted into the millions
Bitcoin hits 2-year high as crypto fund inflow nears $600M
Nancy Lubale5 hours agoBitcoin hits 2-year high as crypto fund inflow nears $600MInflows to crypto investment products nearly topped $600 million and reflect traders’ growing interest in Bitcoin and altcoins.3114 Total
Price analysis 3/22: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TON
Rakesh Upadhyay5 hours agoPrice analysis 3/22: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TONBitcoin is struggling to sustain its recovery, signaling that higher levels are attracting sellers in BTC and altcoins.195
Facebook Owner Meta Sued for Publishing Scam Crypto Ads by Australian Regulator
Facebook Owner Meta Sued for Publishing Scam Crypto Ads by Australian Regulator The Australian Competition and Consumer Commission has filed a lawsuit against Meta, formerly Facebo
Helen Partz10 hours agoProShares announces launch of short Ether-linked ETFProShares’s new Short Ether Strategy ETF is set to start trading on the NYSE Arca under the ticker symbol SETH.1718 Total views11 Total sharesL
Whale Watch: 68 New Whales Join ETH Network, BTC Holds Lowest Concentration of Whales
Whale Watch: 68 New Whales Join ETH Network, BTC Holds Lowest Concentration of WhalesOnchain data shows that during the market carnage this past weekend the number of ethereum whale
US Senator Says Crypto Tax in Infrastructure Bill Is ‘Unworkable,’ Plans to Offer Amendment to Fix It
US Senator Says Crypto Tax in Infrastructure Bill Is "Unworkable," Plans to Offer Amendment to Fix It Several U.S. lawmakers have spoken up against the cryptocur
JPMorgan’s Onyx to industrialize blockchain PoCs from Project Guardian
Ana Paula Pereira9 hours agoJPMorgan’s Onyx to industrialize blockchain PoCs from Project GuardianTraditional firms like JPMorgan and WisdomTree are seeking to turn Project Guardian’s blockchain proofs-of-concept int