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Crypto Ponzi Scheme Founders Convicted Of Wire Fraud In New York Court

A New York District Court jury found David Brend and Gustavo Rodriguez guilty of wire fraud conspiracy for their involvement in IcomTech, a company exposed as a Ponzi scheme. The company, founded by David Carmona, claimed to specialize in cryptocurrency mining and trading but instead used funds from

Chris Dannen profile image
by Chris Dannen
Crypto Ponzi Scheme Founders Convicted Of Wire Fraud In New York Court

A New York District Court jury found David Brend and Gustavo Rodriguez guilty of wire fraud conspiracy for their involvement in IcomTech, a company exposed as a Ponzi scheme. The company, founded by David Carmona, claimed to specialize in cryptocurrency mining and trading but instead used funds from new investors to pay earlier ones. Rodriguez set up fraudulent investment packages and manipulated daily returns, while Brend and others diverted investor funds for personal use. The scheme collapsed in 2019, defrauding tens of thousands of people out of tens of millions of dollars.

Bitfinex has warned that the upcoming Bitcoin halving could lead to a concentration of mining power in the hands of publicly traded miners, potentially posing risks such as censorship of transactions and increased vulnerability to attacks or regulatory pressures. However, Coinbase believes that the current price move is only the beginning of a longer bull run, attributing the shift in market dynamics to spot Bitcoin ETFs establishing a new demand anchor for BTC.

London is preparing for an influx of crypto exchange-traded products (ETPs), with major providers eager to list their offerings on the London Stock Exchange (LSE). The Financial Conduct Authority (FCA) has relaxed its regulations but still bars retail investors from accessing crypto ETPs on the LSE.

Solana (SOL) experienced a 10% price increase following the resolution of transaction delays on Coinbase, despite recent congestion on the Solana network. The cryptocurrency outpaced Ethereum and other EVM-based Layer-2 solutions in 24-hour transaction volume.

Binance CEO Richard Teng predicts that Bitcoin's value will surpass $80,000 due to increasing investments in crypto-backed ETFs, while industry leaders generally share a positive outlook for Bitcoin's future growth.

Chris Dannen profile image
by Chris Dannen

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