Tag: CEO

Former Voyager CEO Slammed with Lawsuit from Each of CFTC and FTC Over Fraud

The FTC lawsuit accuses the former Voyager CEO of fraud and misleading users, while the CFTC said the firm and CEO took reckless risks. The Federal Trade Commission (FTC) and the United States Commodity Futures Trading Commission (CFTC) have both filed lawsuits against the former CEO of lending platform Voyager. Each lawsuit claims that Steve Ehrlich conducted fraudulent activities and was insincere about government customer protection. The FTC Lawsuit Against Voyager In a Thursday press release, the FTC said it is suing Ehrlich for “falsely claiming that customers’ accounts were insured…

CFTC Files Lawsuit Against Voyager Digital And Former CEO For Fraud

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The US Commodity Futures Trading Commission (CFTC) has taken legal action against Voyager Digital and its former CEO, Stephen Ehrlich.  The CFTC filed a complaint in the US District Court for the Southern District of New York, alleging fraud and registration failures related to the operation of the Voyager digital asset platform and an unregistered commodity pool. Voyager Faces Legal Action For ‘Misleading Customers’ According to the CFTC, Ehrlich falsely marketed the Voyager platform as a safe haven for high-yield returns, deceiving customers to purchase and store digital assets.  Per…

CEO admits to manipulating crypto futures in cherry-picking scandal

Former CEO of Systematic Alpha Management LLC Peter Kambolin has pleaded guilty to a “cherry-picking” scheme involving cryptocurrency futures contracts, marking a first-of-its-kind case. In an unprecedented case, Peter Kambolin, ex-CEO of Systematic Alpha Management LLC (SAM), has admitted guilt in a “cherry-picking” scheme involving cryptocurrency futures contracts. This practice, known as “cherry-picking”, involves investment managers purposefully allocating lucrative or unprofitable trades to select accounts, allowing them to garner significant profits. The U.S. Department of Justice (DOJ) revealed that Kambolin manipulated the allocation of profits and losses from these futures…

CFTC announces lawsuit against Voyager Digital and former CEO

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The United States Commodity Futures Trading Commission (CFTC) has filed a complaint against Stephen Ehrlich, the former CEO of crypto lending firm Voyager Digital. In an Oct. 12 announcement, the CFTC said it had filed a lawsuit in the U.S. District Court for the Southern District of New York against Ehrlich and Voyager for alleged fraud and “registration failures” connected to the platform and its “unregistered commodity pool.” The commission said it planned to seek restitution, disgorgement, civil monetary penalties, and permanent trading and registration bans. “Ehrlich and Voyager falsely…

Former Alameda Research CEO Caroline Ellison Says Sam Bankman-Fried Conspired to Keep Bitcoin Price Below $20K Using Customers’ Funds

Ellison told the New York court that SBF ordered her to lie about the state of financial statements for Alameda Research to secure more loans against customers’ deposits at FTX. Details of how former crypto empire FTX and Alameda Research have emerged through the testimony from Caroline Ellison, former Sam Bankman-Fried’s (SBF) girlfriend. Ellison led the Alameda Research team but used funds from FTX customers to make risky crypto bets without traditional risk management practices. As a result, the duo was entangled in a web of lies that deceived other…

Crypto CEO Delivers Bad News For The Altcoin

Amidst the debate on the XRP price future trajectory, the CEO of Evai Crypto Ratings, Matthew Dixon, has provided insights into the token’s direction using the Elliot Wave Theory. However, his analysis doesn’t provide any relief to XRP holders as he projects a further decline for the token and its ecosystem. How XRP Price Is Looking On The Charts In a tweet shared on his X (formerly Twitter) platform, Dixon shared a price chart of XRP dating back to July, when Judge Analisa Torres ruled in favor of Ripple against…

Ellison Was CEO But SBF Was Still Boss at Alameda, Her Testimony Suggests

The answer is quite a lot. In the first day of what’s sure to be a lengthy testimony, Caroline gave the jury a methodical tour of the crypto loans that felled Alameda, FTX and the exchange’s customers, investors and lenders. By her account, it was all about appearances. She discussed the highly illiquid “Sam coins” that made Alameda’s balance sheet look robust to major lenders, including Genesis (a subsidiary of CoinDesk owner Digital Currency Group), which subsequently loaned the hedge fund billions of dollars secured by soon-to-be-toxic collateral: FTX’s own…

Bitstamp’s departure from Canada is ‘timing issue,’ says CEO

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Cryptocurrency exchange Bitstamp hopes to return to Canada after halting operations early next year, according to Bitstamp U.S. CEO and global chief commercial officer Bobby Zagotta. Bitstamp will officially discontinue its services to customers in Canada starting from Jan. 8, 2024, the exchange confirmed in a statement to Cointelegraph. As a result of the service termination, all Canada accounts on Bitstamp will be closed and customers will no longer have access to their accounts. Bitstamp has strongly recommended its Canadian customers withdraw their funds by January 2024, also urging the…

Former Alameda Research CEO Says SBF Asked Her to Falsify Figures and Commit Money Laundering Crimes

Ellison, who led Alameda Research, said SBF asked her to commit money laundering and fraud by faking figures submitted to investors. The former CEO of Alameda Research Caroline Ellison has testified against former FTX CEO Sam Bankman-Fried (SBF) in the ongoing trial. While testifying as the fifth witness for the prosecution, Ellison said that SBF directly asked her to commit money laundering and fraud. Ellison’s testimony includes accusatory information, including stating that she invested in other projects by taking billions of dollars of customer funds. In addition, Ellison said debts…

Brazil’s Congress puts Binance CEO CZ in crosshairs for indictment

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A Brazilian congressional committee has recommended local law enforcement move to indict Binance CEO Changpeng “CZ” and three other Binance executives following a probe into financial pyramid schemes in Brazil. On Oct. 10 the committee released a 500-page final report accusing Zhao and local Binance executives Daniel Mangabeira, Guilherme Haddad Nazar and Thiago Carvalho of fraudulent management practices, operating without sufficient authorization and offering securities trading without authorization. In the report, the committee — led by deputy Ricardo Silva — claimed that Binance, Zhao and others “set up an opaque…