...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.
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Debiex, however, only resembled a cryptocurrency trading platform. In reality, the website merely mimicked a trading platform, and the funds supposedly deposited there for trading purposes were taken by Debiex.
The CFTC identified five victims who were allegedly defrauded of a combined $2.3 million.
Regalado posted a video to his supporters explaining that he had been sued by the Colorado state securities regulator. "So the charges are that Kaitlyn and I pocketed $1.3 million, and I just want to come out and say that those uh charges are true," said Regalado in the video, presumably causing a cold chill to run down the spine of his defense attorney in the middle of whatever he was doing.
According to Regalado, God told them to first invest in a separate coin, which turned out to be a scam. Then, says Regalado, God told him to make his own currency, which Regalado called INDXcoin, "but also give them a 10x". Who knew God was a degen! Regalado had told investors that the funds would be going to "widows and orphans", but spent most of it on himself and his wife.
In an announcement posted on Rubiales' Twitter account, the South Korean Moon Labs wrote: "Yes, we agree that Mr. Luis Rubiales made a small mistake in women world cup." The statement went on to condemn "extremism and radical feminism", and downplay Rubiales' actions as not "really" sexual assault. "Yes, Luis did small mistake but probably the biggest mistake was losing Luis Rubiales in football part [sic]."
Now, another $2.7 million is gone after an apparent thief was able to exploit a smart contract that was intended to distribute payouts to Hector's token holders. They then swapped the tokens from the USDC stablecoin to ETH.
Investors in the project are furious, especially because various parties had warned Hector Network about apparently insecure practices. Hector Network's team, meanwhile, have not acknowledged the theft, although a law firm involved in the project liquidation promised a statement would be forthcoming.
Adding to those is the fact that TrueUSD recently paused its real-time reserves attestations, due to systems reporting liabilities that exceeded assets, though TrueUSD (obviously) claimed this was just an error.
A little over 700 victims were affected, and the highest loss from a single wallet was around $657,000. 121 wallets lost assets priced at more than $10,000.
On January 23, the protocol announced they had recovered 1,032 ETH (~$2.23 million) of the stolen funds.
Evidently the platform has still been running since then, though it rarely enjoys much mention alongside its many competitors.
Now, rolling out the classic "regulatory uncertainty" line, GameStop has announced it will be shutting down the marketplace. After shutting down a crypto wallet project in November, the company seems to have fully exited the crypto world.
The bug was fixed about a week later. There has been a dispute since then between Harmony employees and a consultant who was involved in identifying the bug, and the consultant has been accused of delaying action to profit from the excess tokens. The consultant also balked at destroying some of the tokens he mistakenly received.
The consultant claims that he didn't profit from the bug, and objected to a Harmony employee coming after him to destroy the excess tokens when he'd done little towards others who profited from the error. He did, however, say later that he had destroyed the tokens.
According to the consultant, a Harmony employee claimed that he had filed reports to the FBI and IRS about the consultant's behavior, and had the consultant banned from the annual ETH Denver event.
The failures included poor anti-money laundering programs, deficiencies around filing suspicious activity reports, and poor cybersecurity.
The NYDFS action is only one of Genesis' many worries these days, as it undergoes bankruptcy proceedings and is facing various other legal woes.
With the malfunctioning hardware wallet and no recovery key, Bentley has lost access to assets including 1.2 million EUL tokens — over 4% of the total EUL token supply. These tokens are priced at about $3.8 million today, though at other times the tokens would have been worth up to about $15 million.
"I've now lost a substantial percentage of the crypto assets I held in cold storage, accumulated over more than seven years, including the majority of the EUL allocated to me for participating in Euler governance," said Bentley.
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