A New York court has ordered NanoBit, accused of fraud, to pay over $5.5 million in restitution and penalties.
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The US CFTC has filed a lawsuit against cryptocurrency pool operator Trevor Vernon, alleging a $14.8 million investment fraud.
According to BlockBeats, on July 8th, the US CFTC filed a lawsuit against Trevor Vernon and his company, Argent Capital Management, on Tuesday. The lawsuit alleges that between March 2022 and February 2026, Vernon operated a commodity pool involving stock index futures, options, and crypto assets, raising approximately $14.8 million from at least 60 investors and falsely advertising investment performance, thus committing investment fraud. The CFTC claims that the transactions resulted in losses exceeding $8.6 million for investors. Vernon allegedly concealed these losses and misappropriated approximately $3 million to pay returns to investors, operating in a manner "similar to a Ponzi scheme," and misappropriated $136,000 for private jet travel. The regulator also points out that the transactions involved commodities such as Bitcoin and Ethereum, and is requesting the court to prohibit Vernon from continuing related trading and registration activities, recover illegal gains, impose civil penalties, and compensate investors.
The CFTC has charged a North Carolina man with a $14 million cryptocurrency and futures fraud.
According to Odaily Odaily, the U.S. CFTC has filed a lawsuit against Trevor Vernon, a North Carolina man, and his company, Argent Capital Management LLC, accusing them of defrauding approximately 60 investors of $14 million through a fake commodity Ponzi scheme. According to a complaint filed Tuesday in the U.S. District Court for the Western District of North Carolina, Vernon and his company operated commodity pools involved in trading across multiple asset classes, including stock index futures options, stock index futures contracts, and crypto assets. The CFTC stated that Vernon misled investors by claiming to be a "successful trader" through quarterly financial updates and monthly performance review emails, but in reality, he consistently incurred significant losses when using investor funds for trading. Regulators said Vernon had lost at least $8.6 million in futures, options, and crypto trading. The CFTC stated that its actual trading results were "consistent and catastrophic losses," significantly inconsistent with the profitability it presented to investors.
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BIG3 NFT buyers sue Ice Cube's basketball league for alleged fraud.
PANews reported on July 8th that, according to Decrypt, buyers of NFTs for the BIG3 basketball league, owned by American rapper Ice Cube, have filed a class-action lawsuit in California court, accusing the league of engaging in false and fraudulent marketing during its 2022 Ethereum NFT sales. The NFTs were divided into two tiers: Fire tier at $25,000 and Gold tier at $5,000. BIG3 promised holders ownership of the team, voting rights, season tickets, and a share of future team sales revenue, claiming these rights would be "permanent," but these promises were not fulfilled. In 2024, BIG3 sold four teams to external investors for approximately $40 million, and the lawsuit alleges that a portion of the proceeds should have gone to the NFT holders, who were among the league's earliest private investors.