Daily Archives: January 3, 2023, 5:25 pm

SEC Charges Former SPAC CFO for Orchestrating $5 Million Fraud Scheme

The SEC’s complaint alleges that, from June 2021 through July 2022, Morgenthau embezzled money from African Gold and stole funds from another SPAC series called Strategic Metals Acquisition Corp. I and II to pay for his personal expenses and to trade in crypto assets and other securities. According to the SEC’s complaint, Morgenthau concealed unauthorized withdrawals by falsifying African Gold’s…

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Bitcoin Turns 14 But After Being Declared ‘Dead’ 467 Times — Here’s Tracking Its Journey – Benzinga

Today marks the 14th anniversary of Bitcoin  – the world’s largest and most popular cryptocurrency. Since its mysterious creator Satoshi Nakamoto released a whitepaper outlining its potential back in 2009, there has been much debate and skepticism about its potential. Bitcoin has been declared “dead” a staggering 467 times since then. Bitcoin’s “death” can be tracked at Bitcoin Obituary, a…

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Auditors Spurn Crypto After FTX, Misleading Reserve Estimates

In the rush to reassure customers and the markets, crypto exchanges like Kraken and Binance Holdings Ltd. in 2022 touted auditor-provided tests of their reserves testing to show customer deposits were safe. But those reports—point-in time snapshots of reserves that don’t reflect fund volatility or outstanding obligations—failed to reassure jittery customers and regulators, including Securities and Exchange Commission Chair Gary…

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Crypto Hack Lawsuits Rise as Theft Victims Try Untested Claims

Lawsuits against cryptocurrency exchanges, digital wallet providers, and mobile service companies following cyberattacks reached a new high in 2022, as hacking victims increasingly test unproven legal claims to recoup their crypto losses. At least 50 individual lawsuits and proposed class actions have been brought since 2017 by victims—and occasionally companies—against entities they blame for failing to protect their crypto assets…

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Who is Caroline Ellison, the trader at the center of FTX’s collapse? – The Washington Post

Alameda borrowed huge amounts of money from other crypto lenders to fund Bankman-Fried’s investments and donations, but as the price of crypto assets plummeted through 2022, those lenders demanded their money back. Ellison and her colleagues paid it back with customer money, she said, something the platform’s users weren’t aware was happening. And when investors asked questions, she, Bankman-Fried and…

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Rule 10b5-1 Amendments: The Clock is Running! : TheCorporateCounsel.net Blog

The adopting release for the SEC’s recent Rule 10b5-1 amendments provides that the new rules will go into effect 60 days after the release’s publication in the Federal Register.  Well, the clock is officially running, because the release was published in the Federal Register on Thursday, December 29, 2022.  That means the changes to Rule 10b5-1 will become effective on…

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