Monthly Archives: February 2023

340M Ponzi Scheme Alleged: Forsage Founders Indicted

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• Forsage, a popular DeFi platform, came under the radar of a federal grand jury for running a Ponzi scheme worth over $340 million.
• The Department of Justice (DOJ) charged the founders with fraud, conspiracy, and money laundering.
• The defendants falsely presented Forsage as a legal environment where investors can gain huge profits with low risk.

Forsage Accused Of Running Ponzi Scheme

The Department of Justice (DOJ) recently accused the founders of Forsage, a popular decentralized finance (DeFi) platform, of running an illegal Ponzi scheme worth over $340 million. A federal grand jury in the District of Oregon has been investigating Forsage for several months and revealed this information in a recent post.

Charges Against Founders

The DOJ charged Olena Oblamska, Vladimir Okhotnikov, Sergey Maslakov, and Mikhail Sergeev with multiple counts of fraud, conspiracy, and money laundering. It is alleged that the platform was a “pyramid scheme” relying on recruiting new members to pay returns to early investors.

False Promises Used To Lure Investors

The defendants used false and misleading statements to lure investors into the scheme by presenting it as a legal environment where they can gain huge profits with low risk. They also used several social media platforms and its website to promote Forsage promising investors smooth operations.

Secret Codes Used To Collect Funds Illegally

To carry out their fraudulent activities undetected, the defendants developed secret codes in one of the platform’s accounts on Ethereum blockchain which fraudulently collected funds from the network and transferred them into digital currency accounts under their own control. This move was contrary to their initial agreement with investors regarding handling funds received from investing in Forsage network.

Most Investors Received Less Than Invested

Blockchain analytics claims more than 80% of Forsage investors received less Ether than they had invested while over 50% got nothing in return after their investments.

South Korea Follows SEC Lead, Announces Crypto Staking Regulations

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• South Korean financial authorities have announced plans to examine cryptocurrency staking services in the region.
• The move follows the SEC’s recent crackdown on U.S. exchange Kraken for offering unregistered securities.
• Paxos, issuer of Binance-branded stablecoin BUSD, has been issued a Wells Notice by the SEC for selling and listing unregistered security.

Regulatory Scrutiny Intensifying

The crypto industry has expressed concerns as regulatory scrutiny continues to intensify. In today’s news, South Korean financial authorities have disclosed plans to examine cryptocurrency staking services in the region.

SEC Crackdown On Kraken

This regulation implementation comes shortly after the crypto exchange Kraken’s case with the U.S. Securities Exchange Commission (SEC), whereby the U.S. regulator cracked down on the company’s staking program accusing the exchange of violating securities law.

South Korea Follows Suit With SEC Crypto Staking Regulations

Unlike the SEC, which targeted a specific cryptocurrency exchange that issued the staking services, the Korean regulator is more focused on examining national staking services without giving further details on timeline and methods yet. This move is said to affect some legislative decisions regarding digital assets in South Korea.

SEC Crackdown Over The Past Week

Over the past week, the SEC has been rampaging against big digital asset industry players like Paxos — BUSD issuer— issuing them Wells Notices for selling and listing unregistered security such as BUSD and other assets fit with this concept resulting in halting distribution of BUSD temporarily this Monday morning .

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• The Securities and Exchange Commission (SEC) is in charge of regulating the US securities markets, including cryptocurrency.
• The SEC has released its yearly assessment goals regarding how it will keep watch of developing risks, including the management of crypto assets.
• Brokers and advisors dealing with cryptocurrency must adhere to standards of care for investors and routinely review their risk management systems.

SEC Regulates US Crypto Markets

The Securities and Exchange Commission (SEC) is in charge of regulating the United States’ securities markets, including cryptocurrencies. In order to protect investors from potential risks, the SEC has released its annual assessment goals outlining how it will monitor developments in the industry.

Crypto Classified as Securities

The regulator has taken a cautious approach to regulation by classifying the majority of cryptocurrencies as securities and subjecting them to federal rules. Brokers and advisers dealing with cryptocurrency must ensure they are adhering to ‘standards of care’ for investors, as well as regularly updating their risk management systems.

Investment Advisers Act

The Investment Advisers Act of 1940 stipulates that investment counseling entities must be qualified to offer custody services to clients and conform with custodial precautions. The SEC’s examinations unit will evaluate brokers-dealers and investment advisers that utilise innovative financial technology such as cryptocurrency in order to ensure they are meeting these requirements.

Chairman Gary Gensler

SEC Chairman Gary Gensler has long held that most cryptocurrencies should be classified as securities, making them subject to examination and regulation by the agency. This commitment shows that the regulator takes investor protection seriously when it comes to digital assets such as cryptocurrencies.

Conclusion

Overall, this article shows that the SEC is taking an active role in monitoring cryptocurrency markets for potential risks in order to safeguard investors from harm. By classifying most coins as securities, brokers and advisors involved with crypto must adhere strictly to regulations outlined by the Investment Advisers Act in order secure customer funds properly.

Der Performance-Vergleich eines Bitcoin ETFs

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Bitcoin ist eine der am schnellsten wachsenden und am meisten diskutierten Technologien der Welt. Viele Investoren erkennen, dass der Kauf und Verkauf von Bitcoin ein vielversprechendes Investment ist. Doch es gibt auch eine andere Möglichkeit, an Bitcoin zu partizipieren – und zwar über den Kauf eines Bitcoin Exchange Traded Funds (ETF). Ein Bitcoin ETF ist ein Investmentfonds, der Bitcoin als Vermögenswert hält. Es bietet Investoren die Möglichkeit, an der Wertentwicklung von Bitcoin zu partizipieren, ohne dass sie den Vermögenswert direkt kaufen müssen.

Was ist ein Bitcoin ETF?

Ein Bitcoin ETF ist ein Exchange Traded Fund (ETF), der an einer Börse gehandelt wird. Es ist ein Investmentfonds, der Bitcoin als Vermögenswert hält. Mit einem Bitcoin ETF können Investoren an der Wertentwicklung von Bitcoin partizipieren, ohne dass sie den Vermögenswert direkt kaufen müssen. Der ETF wird von professionellen Vermögensverwaltern verwaltet, die den Bitcoin-Preis überwachen und die Investitionen entsprechend ausrichten.

Wie kann man einen Bitcoin ETF kaufen?

Investoren können einen Bitcoin ETF an einer Börse kaufen. Es gibt verschiedene Anbieter von Bitcoin ETFs, darunter Grayscale, VanEck und First Trust. Investoren können auch Plattformen wie Profit Secret nutzen, um einen Bitcoin ETF zu kaufen.

Warum ein Bitcoin ETF?

Ein Bitcoin ETF bietet Investoren einige Vorteile. Erstens ist es einfacher, einen Bitcoin ETF zu kaufen als Bitcoin selbst. Investoren müssen sich nicht mit der technischen Infrastruktur, dem Mining-Prozess und anderen Aspekten des Bitcoin-Netzwerks befassen. Zweitens können Investoren mit einem ETF auf den Preis von Bitcoin wetten, ohne dass sie den Vermögenswert direkt kaufen müssen. Drittens sind Bitcoin ETFs transparenter als das direkte Investment in Bitcoin, da sie regelmäßig überwacht werden.

Zusammenfassung der Bitcoin ETF Performance

Die Performance eines Bitcoin ETFs ist in der Regel sehr gut. Die Performance eines Bitcoin ETFs ist in der Regel höher als der Preis des Bitcoin selbst. Einige Bitcoin ETFs haben in der Vergangenheit eine beeindruckende Performance gezeigt. Zum Beispiel hat der Bitcoin ETF des Anbieters Grayscale eine Performance von über 300 % erzielt.

Wie funktioniert der Handel eines Bitcoin ETFs?

Der Handel eines Bitcoin ETFs ist ähnlich wie der Handel eines anderen ETFs. Investoren können Aktien des ETFs an einer Börse kaufen oder verkaufen. Da der ETF an einer Börse gehandelt wird, können Investoren auch den aktuellen Preis und die Performance des ETFs verfolgen.

Welche Gebühren fallen an?

Wie bei jeder anderen Investition fallen auch beim Kauf eines Bitcoin ETFs Gebühren an. Dazu gehören Gebühren für den Kauf und Verkauf des ETFs, Gebühren für die Verwaltung des ETFs und eventuell weitere Gebühren. Investoren sollten sich vor dem Kauf eines Bitcoin ETFs über die zu zahlenden Gebühren informieren.

Was sind die Risiken eines Bitcoin ETFs?

Wie bei jeder Investition sollten auch Investoren, die in einen Bitcoin ETF investieren, die möglichen Risiken berücksichtigen. Eines der größten Risiken ist die Volatilität des Bitcoin-Preises. Da der Preis von Bitcoin sehr volatil ist, können Investoren in einem Bitcoin ETF erhebliche Verluste erleiden.

Fazit

Der Kauf eines Bitcoin ETFs ist eine gute Möglichkeit, an der Wertentwicklung von Bitcoin zu partizipieren, ohne dass man dazu den Vermögenswert direkt kaufen muss. Ein Bitcoin ETF bietet Investoren viele Vorteile, darunter einfachere Kauf- und Verkaufsprozesse, Transparenz und die Möglichkeit, auf den Preis von Bitcoin zu wetten. Allerdings sollten Investoren auch die Risiken berücksichtigen, die mit einem Bitcoin ETF verbunden sind. Bevor Sie einen Bitcoin ETF kaufen, sollten Sie sich über die zu zahlenden Gebühren informieren und prüfen, ob der Bitcoin ETF die richtige Investition für Sie ist.

Crypto Exchange Founder Sam Bankman-Fried Accused of Stalling Bankruptcy Proceedings

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• The U.S. Justice Department has accused FTX founder Sam Bankman-Fried of attempting to stall bankruptcy proceedings by appealing to foreign regulators.
• FTX denies these allegations, but experts are calling for increased regulation and accountability in the crypto industry.
• The accusations against SBF have caused outrage in the financial community, leading some to call for him to be held accountable and for the exchange to be shut down.

Accusations Against FTX Founder

The U.S. Justice Department has accused FTX founder Sam Bankman-Fried (SBF) of attempting to stall bankruptcy proceedings through leniency from foreign regulators, according to a Wall Street Journal report. The idea was to transfer crypto assets from his exchange platform to international regulators.

FTX Denies Allegations

FTX has denied these allegations, stating that the company is committed to following all applicable laws and regulations in every jurisdiction in which it operates. The company has also stressed that it has a strong track record of compliance and has never been found to have violated any laws or regulations.

Consequences For Crypto Industry

Despite FTX’s denial, the accusations against SBF and the company continue to attract widespread attention and criticism. Some industry experts predict this could have significant consequences for the cryptocurrency industry, including increased regulation and inspection.

Outrage In Financial Community

The accusations against SBF have caused outrage in the financial community. Many call for stricter regulations and increased accountability for cryptocurrency exchanges and their founders. Some have even called for SBF to be held accountable for his actions and for the FTX exchange to be closed down.

Need For Increased Security

Despite the success of the crypto space, it has been subject to criticism, particularly around the recent accusations of the FTX founder, SBF As the sector continues to grow, many call for more regulations on projects, exchanges, platforms and other related entities in order ensure higher security within this space