The U.S. Securities and Exchange Commission (SEC) has intensified its crackdown on crypto fraud, focusing on Triten Financial Group and GCZ Global, led by Jonathan and Tanner Adam.
The SEC accuses the Adam brothers of misappropriating $61.5 million from investors under the pretense of a crypto lending scheme.
Promising substantial returns through fake lending pools, the Adams reportedly used the funds for personal luxuries, including a $30 million condo and other high-end purchases.
The SEC has taken swift action by freezing the assets of the implicated companies to prevent further financial losses and is seeking legal penalties against the Adams for breaching anti-fraud regulations.
In a related development, the SEC has reached a settlement with Abra, a crypto firm charged for operating without proper registration.
Abra’s Earn program, which managed nearly $600 million, was found to be in violation of SEC registration requirements. Abra has agreed to an injunction and will face civil penalties, pending court approval.
The Block reports that the Banana Gun team is currently investigating reports of a user wallet breach and has temporarily shut down the platform.
The U.S. Securities and Exchange Commission (SEC) has initiated legal action against Rari Capital, a decentralized finance platform, and its founders.
Alex Mashinsky, the former CEO of Celsius serving a 100-year prison sentence, is seeking the testimony of six ex-employees as part of his criminal case.
Since Bitcoin’s inception in 2009, it initially struggled to gain recognition as a groundbreaking technology, often being dismissed as a scam or fraud.