Contact

Click here for a confidential contact or call:

1-347-417-2192

Cryptocurrency

This archive displays posts tagged as relevant to cryptocurrency, including Bitcoin and others. You may also be interested in the following pages:

Page 1 of 10

UPDATE: DOJ Continues Cryptocurrency Fraud Case Despite Memo Signaling Change in Enforcement Priorities – Case Ends with Conviction

Posted  05/28/25
Blockchain
By the Constantine Cannon Whistleblower Team Guity Verdict for Former CEO of Crypto and Blockchain Company SafeMoon In an earlier article, we wrote about how federal prosecutors in the Eastern District of New York reaffirmed their intent to pursue criminal fraud charges against Braden John Karony, the former CEO of the cryptocurrency and blockchain company SafeMoon.  As we previously analyzed, the decision to...

Tagged in: Cryptocurrency, Money Laundering, SEC Whistleblower Reward Program, Securities Fraud,

Read More

SEC Charges Founder of Crypto Asset and Foreign Exchange Trading Company with $198 Million Fraud Scheme

Posted  05/12/25
crypto
By the Constantine Cannon Whistleblower Team On April 22, 2025, the Securities and Exchange Commission charged Ramil Palafox, the founder of PGI Global, with orchestrating a $198 million fraud scheme that preyed upon international investors. He also allegedly misappropriated over $57 million of investor funds to purchase luxury items, including Lamborghinis. As in a classic Ponzi scheme, the remaining funds were...

Tagged in: Cryptocurrency, SEC Whistleblower Reward Program, Securities Fraud,

Read More

Not OK! Cryptocurrency Exchange Platform OKX Violated U.S. Anti-Money Laundering Laws and Will Pay $504M+ in Penalties

Posted  02/27/25
cryptocurrency
OKX, the largest international cryptocurrency exchange platform, hosts transactions totaling billions of dollars each day where users can place orders for spot trades in over three hundred cryptocurrencies like Bitcoin and Ethereum, in addition to ordering derivative products tied to cryptocurrencies’ value. On February 24, the government announced that the Seychelles-based company, Aux Cayes Fintech Co. Ltd,...

Tagged in: Cryptocurrency, Money Laundering,

Read More

More Cybercriminals Pay Steep Price for Running Crypto Scams and Laundering Cash

Posted  01/21/25
Cryptocurrencies
The government has already ramped up its efforts in 2025 to tackle cryptocurrency fraud and associated money laundering schemes with several recent enforcement actions. Cybercriminals exploit digital currency investment hopefuls. Their scams come in myriad forms such as ransomware attacks and virtual currency thefts, and the criminals use complex tactics to conceal their crimes to fuel their stolen profits. As...

Tagged in: Cryptocurrency, Money Laundering,

Read More

A $1B+ Fraud Conspiracy: Yvette Wang Sentenced To 10 Years in Prison

Posted  01/14/25
Hanging Hundred Dollar Bills on Clothes Line
Federal prosecutors continue the crack down on fraudsters that prey on innocent investors. On January 6, Daniel M. Gitner, Chief, Criminal Division, in the United States Attorney’s Office for the Southern District of New York, announced that Yvette Wang a/k/a “Yanping” was sentenced to 10 years in prison for conspiracy to commit wire fraud and conspiracy to commit money laundering. In addition to Wang’s prison...

Tagged in: Cryptocurrency, Money Laundering,

Read More

What a sham(e)! Two Defendants Sentenced to Prison for Cryptocurrency Ponzi Scheme “IcomTech”

Posted  12/9/24
Cryptocurrency
United States Attorney for the Southern District of New York, Damian Williams, announced that defendants David Brend (50, of Tampa, Florida) and Gustavo Rodriguez (48, of North Hollywood, California) were sentenced to prison for 10 years and 8 years, respectively, for their involvement in a cryptocurrency Ponzi scheme named IcomTech. The sentences were given by the Honorable Jennifer L. Rochon after a two-week trial...

Tagged in: Cryptocurrency, Ponzi Schemes,

Read More

CFTC Says Beware of Romance Scams

Posted  02/13/24
Three Red Heart Balloons Floating
With Valentine's Day upon us, the Commodity Futures Trading Commission (CFTC) last week (February 8) issued an Advisory Alert warning for those seeking romance to tread carefully on dating apps and social media.  Especially when it comes to strangers asking for financial support or giving investment advice. The CFTC urged particular caution with promotions for cryptocurrency investments because of the growing risk...

Tagged in: Cryptocurrency, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets,

Read More

Top Ten SEC and CFTC Recoveries of 2023

Posted  01/24/24
Foreign Exchange Graph
It was an active year for fraud enforcement at the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC).  Though by no means was it a record year for either regulator in terms of big-ticket wins.  Aside from the CFTC's $1.7 billion recovery from South African crypto company Mirror Trading for foul play with foreign currency transactions, the balance of the Top-10 recoveries was...

Tagged in: Bribery and Bid-Rigging, Cryptocurrency, FCPA, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Misrepresentations, Securities Fraud, Top 10,

Read More

September 7, 2023

In the highest civil monetary penalty ever ordered in a CFTC case, South Africa-based Mirror Trading International Proprietary Limited (MTI) and its founder and CEO, Cornelius Johannes Steynberg, have been ordered to pay $1.7 billion for defrauding over 23,000 U.S.-based retail foreign currency (forex) investors and failing to comply with commodity pool operator regulations.  MTI and Steynberg solicited Bitcoin from U.S. as well as foreign investors, purportedly trading off-exchange retail forex through an unregistered commodity pool, when in fact they were enriching themselves through a multilevel marketing scheme.  CFTC

Tagged in: Cryptocurrency, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets,

August 28, 2023

Impact Theory, LLC will pay more than $6.1 million in disgorgement, prejudgment interest, and a civil penalty, for offering and selling crypto asset securities to the public in an unregistered offering. Impact Theory sold three tiers of non-fungible tokens (NFTs)--"Legendary," "Heroic," and "Relentless," which were ostensibly an investment into their business in which Impact was "trying to build the next Disney" which would provide "tremendous value" to investors. In addition to the $6.1 million, the order establishes a Fair Fund to return monies paid by injured investors, and Impact Theory will destroy all Founder's Keys in its possession or control and will eliminate any royalty Impact might otherwise receive from secondary market transactions. SEC

Tagged in: Cryptocurrency, Financial and Investment Fraud, Regulatory Violations, Securities Fraud,

1 2 3 … 10

Newsletter

Subscribe to receive email updates from the Constantine Cannon blogs

Sign up for: