\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n
Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n The US Securities and Exchange Commission (SEC) announced<\/a> Thursday that it had filed a complaint against FTX\u2019s former CEO Sam Bankman-Fried \u2018SBF\u2019 for defrauding equity investors of up to $1.8 billion, and estimated $1.1 billion from about 90 US-based investors, all raised in the period before May 2019.<\/p>\n\n\n\n Notably, according to the regulator, SBF acted contrary to Section 17 of the Securities Act of 1933, Section 10 (b) of the Securities Act of 1934, and Rule 10b-5 thereunder. According to the report, SBF concealed the whereabouts of investors\u2019 funds, and the funds were put in risky assets without their consent.<\/p>\n\n\n\n \u2018\u2018In his representations to investors, (SBF) promoted FTX as a safe, responsible crypto asset trading platform, specifically marketing it\u2019s sophisticated, automated risk measures to protect customer assets. In reality, (he) concealed the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, the undisclosed special treatment afforded to Alameda on the FTX platform, including providing Alameda with a virtually unlimited line of credit, and the undisclosed risks from holding overvalued, illiquid assets (FTT).<\/em>\u2019\u2019 The statement read.<\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n For this reason, the agency demands that SBF be barred from issuing, purchasing, or offering any security besides his account for sale. Further SEC wants all the ill-gotten profits to be reclaimed from the disgraced executive, including a civil penalty prohibiting him from occupying any office in the capacity of a director.\u00a0\u00a0<\/p>\n\n\n\n FTX investors got a ray of hope after the new CEO John Ray said there was a possibility of reviving the collapsed exchange. His statement was quickly criticized by SBF, who is currently out on a $250 million recognizance bond secured by his parent's property.<\/p>\n\n\n\n See Related:<\/em><\/strong> Sam Bankman-Fried Released on a $250M Bail; Former FTX Executives Plead Guilty<\/a><\/p>\n\n\n\n Mainly, 55,273,469 shares in Robinhood worth about $526 million, allegedly bought by SBF with stolen funds, make up the bulk of the seized funds. The shares - acquired through Emergent Fidelity Technologies, a shell company created by SBF and his business partner Gary Wang \u2013 were recently at the centre of a tussle between Bankman-Fried, FTX Group, and BlockFi. <\/p>\n\n\n\n See Related: <\/em><\/strong>United States DOJ Seizes Over 55M Robinhood Shares And US$22M In Relation To SBF And FTX<\/a><\/p>\n\n\n\n Also in the document submitted by the US Attorney Damian Williams is $20.7 million held at ED&F Man Capital Markets and an estimated $50 million at Farmington State Bank. There is also an amount worth $5 million at Silvergate Bank under FTX Digital Markets. <\/p>\n\n\n\n The filing has also listed unspecified amounts in rival crypto exchange Binance and its subsidiary Binance US. Before the event leading to the FTX collapse, Binance had disclosed a rescue plan to help the bankrupt business, which never came through. <\/p>\n\n\n\n See Related: <\/strong><\/em>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n The government seized all the listed assets at the start of the month, and has not been classified as property in the bankruptcy estate. It means that the property is exempted from being frozen like the rest of FTX assets, which are pending liquidation, said sources privy to the matter.<\/p>\n","post_title":"US Prosecutors Seize $700M in Bank Accounts, Shares, And Cryptos Linked to Bankman-Fried","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-prosecutors-seize-700m-in-bank-accounts-shares-and-cryptos-linked-to-bankman-fried","to_ping":"","pinged":"","post_modified":"2023-01-22 01:40:30","post_modified_gmt":"2023-01-21 14:40:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9513","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9493,"post_author":"13","post_date":"2023-01-20 19:11:59","post_date_gmt":"2023-01-20 08:11:59","post_content":"\n
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Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
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Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
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Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
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Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
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Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n
The US Regulator Is Demanding Restrictions Against the Disgraced Entrepreneur<\/h2>\n\n\n\n
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Part Of The Assets Seized Are Cryptos Held With The Binance Exchange<\/h2>\n\n\n\n