Fraud

Jabara Igbara, commonly known as “Jay Mazini,” who boasted of being a crypto millionaire on Instagram, has been sentenced to seven years in prison by U.S. District Judge Frederic Block. The sentence on wire fraud and money laundering charges also mandates Igbara to forfeit $10 million. Jay Mazini Labelled a “Crypto Con Man” According to the United States Attorney’s Office, Igbara, 28, carried out multiple fraud schemes and scammed investors of at least $8 million. He pleaded guilty to the…

Mango Markets Exploiter Avraham Avi Eisenberg has been convicted of fraud and manipulation charges related to the Mango Markets exploit by a federal court in Manhattan.  Mango Markets fell victim to a hack in October 2022 after the price of the platform’s native MNGO token was manipulated, leading to the loss of $110 million.  Mango Markets Hacker Convicted  Prosecutors stated that Avraham Eisenberg, a crypto trader, operated under a false identity and allegedly engaged in market manipulation to drive up…

Arbitrum, the largest Ethereum layer-2 scaling solution by total value locked (TVL), is taking steps towards decentralization. In an update on April 16, Offchain Labs–Arbitrum developers–said they have deployed the permissionless version of their fraud proofs, dubbed Bounded Liquidity Delay (BOLD), to testnet. Ethereum Layer-2s Are Popular, But There Is A Big Problem Ethereum layer-2 solutions have been gaining prominence over the years. According to L2Beat data on April 17, these platforms control over $37 billion of assets. Protocol developers…

Sam Bankman-Fried, founder of FTX, has filed an appeal against his conviction and sentence for fraud and conspiracy charges hours before the the deadline to do so. Bankman-Fried’s move comes amidst the recent surge in FTT, FTX’s native token, which increased by 15%. Appeals and Market Reaction SBF’s legal battle began last November when he was convicted on seven counts, including defrauding FTX customers and investors in Alameda Research. Following a month-long trial, the conviction highlighted the collapse of his…

The post Sam Bankman-Fried Fights Back: Appeals 25-Year Fraud Sentence appeared first on Coinpedia Fintech News After a year-long odyssey of legal trials and appeals and finally being sentenced, Sam Bankman-Fried, the former crypto mogul and co-founder of the FTX cryptocurrency exchange, has lodged an appeal against his conviction and 25-year prison sentence.  Let’s dive deeper into the details –  Sam Bankman-Fried Appeals Against Conviction The face of the defendant party, Sam Bankman-Fried’s defense lawyer, Marc Mukasey, has filed and…

A jury in a New York court has found Do Kwon liable for defrauding investors through the $40 billion crypto disaster orchestrated by Terraform Labs through LUNA and UST cryptos. Terraform Labs said it’s disappointed with the ruling and vowed to fight back, claiming that the SEC has no authority against the company or its founders. Do Kwon and his company Terraform Labs (TFL) are liable for defrauding investors through the $40 billion crypto catastrophe that was LUNA and UST.…

American tech giant Google recently filed a lawsuit against two developers for uploading almost 90 fraudulent crypto investment applications on its online store, Google Play, which they used to defraud unsuspecting victims. Despite the company’s previous attempts to take down fraudulent apps from its Play Store, the alleged scammers found a way to upload more of such bogus apps, with Google stating that their fraud scheme affected around 100,000 users. Victims Promised ‘Illusory’ Gains From Crypto Investment Google, in its…

The post SEC WINS – NY Jury Holds Terraform Labs and Founder Do Kwon Liable in Civil Fraud  appeared first on Coinpedia Fintech News A New York jury in Manhattan Federal Court has found the Singapore-based Terraform Labs and its founder Do Kwon, liable for civil fraud charges. The verdict was passed after just two weeks of trial, which held the U.S. Securities and Exchange Commission’s allegations of misleading investors in 2022 as true and made the prosecutors declared as…

The post Terra vs SEC : Terraform Labs Presents Closing Arguments in Civil Fraud Trial Amidst Allegations of Investor Deception appeared first on Coinpedia Fintech News The trial procedures on civil fraud against Terraform Labs and its founder Do Kwon are coming to an end as attorneys are gearing up to deliver their closing arguments.  The trial initiated and proceeded by the U.S. Securities and Exchange Commission focuses on accusations of wire fraud and scamming investors with TerraUSD, a stablecoin…