South Korea has been taking steps to suppress crypto scams. This latest one is the biggest ever though.
Fraud news
Crypto and DeFi fraud schemes have a lot in common with loan schemes and market manipulation in 1980 and the dot com era, AlixPartners’ David White observed.
The fraudsters stole $21.6 million from over 40,000 investors to fund their lavish lifestyle, which also reportedly included $100,000 spent on sex workers.
The US Treasury has tapped into AI machine learning to sift through data to detect and prevent billions of dollars in check fraud.
USI-Tech’s former CEO Horst Jicha was placed under home detention in New York on a $5 million bond guaranteed by his partner and children before fleeing.
A complex set of overlapping companies, individuals and alleged crimes were tackled by US federal authorities.
The drama around Mango Labs just never seems to stop. Its problems are with its own members, too.
The SEC alleged that Rimar’s executives overstated the company’s AI capabilities.