Truth Talks are apart of the TruthGroup which also owns the fast growing censor social media platform, Truthbook.social

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Cryptocurrency

Two Cryptocurrency Companies Collapse Owing $160 Million

Two Cryptocurrency Companies Collapse Owing $160 Million

By AAP

Two Australian cryptocurrency companies have collapsed into liquidation owing hundreds of investors more than $160 million (US$104 million).

The Australian Security and Investments Commission (ASIC) has launched civil proceedings against NGS companies—NGS Crypto Pty Ltd, NGS Digital Pty Ltd and NGS Group Ltd—and the directors of these schemes—Brett Mendham, Ryan Brown, and Mark Ten Caten.

NGS companies are blockchain cryptocurrency mining companies.

The companies allegedly targeted Australian investors to establish self-regulated superannuation funds, convert the money to cryptocurrency and invest it in blockchain mining packages with fixed-rate returns.

The financial watchdog believes about 450 investors funded $62 million (US$40 million) through the companies.

It is also alleged that NGS companies provided these financial services without an Australian licence.

The Federal Court ordered on April 10 liquidators Anthony Connelly, Kathy Sozou, and Jamie Harris of McGrathNicol would be responsible for the digital currency assets of NGS companies and its directors.

ASIC launched the request for this order over concerns the digital assets invested in blockchain mining products were at risk of being dissipated.

Mr. Mendham has also been blocked from leaving Australia.

The watchdog is also seeking to stop NGS companies providing financial services in Australia without a licence.

ASIC chair Joe Longo warned Australians of the risks of investing their self-managed super funds into cryptocurrency investments.

“These proceedings should also send a message to the crypto industry that products will continue to be scrutinised by ASIC to ensure they comply with regulatory obligations in order to protect consumers,” Mr. Longo said in a statement.

Separately, fellow Australian cryptocurrency funds—DCA Capital, Digital Commodity Assets Pty Ltd and the Digital Commodity Assets Fund—have been thrust into liquidation with federal court proceedings also pursued against the companies’ director Ashod Balanian.

It comes after concerns from investors that the funds had not been properly managed, did not hold the appropriate licences and may have been operating in breach of managed investment scheme requirements.

KordaMentha’s liquidators Scott Langdon, Jennifer Nettleton and John Mouawad have been appointed to wind up the companies and the digital assets.

KordaMentha said examination of the the funds has so far revealed $100 million (US$65 million) owed to 100 investors.

The Federal Court on April 10 froze Mr. Balanian’s assets—to the amount of $55 million (US$36 million)—and he was ordered to hand in his passport.

Mr. Langdon said Mr. Balanian has not responded to KordaMentha’s request for information, requests for a meeting or in assisting in the liquidation proceedings.

Original source: https://www.theepochtimes.com/world/two-cryptocurrency-companies-collapse-owing-160-million-5627731

Categories
Cryptocurrency

Australian Monochrome Spot Bitcoin ETF Expected to Launch Within 2 Months, Says CEO

Australian Monochrome Spot Bitcoin ETF Expected to Launch Within 2 Months, Says CEO

By PRASHANT JHA

Although Australia already has a couple of ETPs exposed to Bitcoin, Monochrome’s spot BTC ETF will be the first to hold physical Bitcoin in its ETF, similar to the United States-based products.

Australian asset manager Monochrome plans to launch its flagship spot Bitcoin exchange-traded fund (ETF) on the global listing exchange Cboe Australia. Monochrome filed for the spot Bitcoin ETF in July 2023.

The Monochrome Bitcoin ETF, if approved, will become Australia’s first spot Bitcoin ETF to permit direct Bitcoin BTC tickers down $70,684  holding.

Australian regulators have already greenlighted two exchange-traded products (ETPs) that give exposure to spot crypto assets on Cboe Australia, but these ETPs do not directly hold Bitcoin; instead, they invest in investment products with exposure to spot Bitcoin ETF.

To list their spot Bitcoin ETF in Australia, asset managers must first get approval from the securities regulator and then apply for an exchange listing.

Monochrome has already received approval from the Australian Securities regulator ASIC and expects Cboe Australia to clear its application by June.

The asset manager was earlier slated to launch its spot Bitcoin ETF via Cboe rival ASX; however, Jeff Yew, Monochrome Asset Management CEO, told Cointelegraph that the selection of Cboe Australia as the listing venue for the Monochrome Bitcoin ETF aligns more “closely with our strategic vision, market reach and time frame.” Yew added:

“We anticipate a decision from Cboe Australia about the Monochrome Bitcoin ETF before the middle of 2024. The Monochrome Bitcoin ETF stands to be the first Bitcoin ETF in Australia authorized to hold Bitcoin directly.”

Yew explained that the key difference between existing ETPs and the Monochrome spot Bitcoin ETF is it provides investors with a straightforward, transparent pathway to exposure. It is identical to “how spot Bitcoin ETFs are structured in the United States.”

Spot Bitcoin ETFs have become a focus of major governments worldwide ever since the U.S. Securities and Exchange Commission approved 11 spot BTC ETFs on Jan. 11.

The successful launch of spot BTC ETFs in the U.S. has prompted other countries to consider the possibility of introducing similar products in their own markets.

Original source: https://cointelegraph.com/news/monochrome-spot-bitcoin-etf-launch-2-months

Categories
Cryptocurrency

Bitcoin Surges, Briefly Touching $64,000 for the First Time Since November 2021

Bitcoin Surges, Briefly Touching $64,000 for the First Time Since November 2021

By Tanaya Macheel

Bitcoin continued its surge on Wednesday, shooting above $63,000 for the first time since November 2021.

The price of the flagship cryptocurrency was last higher by nearly 6% at $60,356.75, according to Coin Metrics. Earlier, it briefly touched $64,000 before turning lower. It’s just below its all-time high of $68,982.20.

Both bulls and bears have been getting whipsawed by the sharp price movements. Over the past 24 hours, $176 million in short liquidations and $86.1 million in long liquidations occurred across centralized exchanges, according to CoinGlass.

When traders use leverage to short bitcoin and the cryptocurrency’s price rises, they buy bitcoin back from the market to close their positions, which pushes the price up and causes more positions to be liquidated. By contrast, traders betting on a price increase must sell their assets to cover their losses.

With the record in clear sight, the market has been even more motivated to see that level retested. Bitcoin has soared nearly 20% this week alone, after a week-long pause of this year’s rally. It’s now up more than 40% for 2024.

Antoni Trenchev, cofounder of crypto exchange Nexo, said to expect some resistance as bitcoin nears $69,000 but that breaking through $60,000 should whet the appetite of investors who have sat this year’s rally out – particularly retail investors. According to JPMorgan, their interest in crypto has rebounded this month after a pause in January.

Investors are expecting bitcoin to set a new record this year after the launch of ETFs made the asset class more accessible to institutional investors, and with the network’s upcoming halving event, which historically has set the stage for a major rally in the months that follow.

“Bitcoin demand is colliding with increasingly tight supply,” said Zach Pandl, head of research at Grayscale Investments. “The new U.S. spot bitcoin ETFs have pulled in an average of $195 million per calendar day in February, whereas the Bitcoin network currently produces [about] 900 coins per day — or about $54 million worth of bitcoin, assuming a price of $60,000.”

“Given the approaching Bitcoin halving in April, issuance will fall by half … There is simply not enough bitcoin to accommodate all the new demand, and so natural supply/demand dynamics are driving prices higher.”

The halving, an event mandated in the Bitcoin code, reduces the bitcoin mining reward by half in order to limit the supply. The next halving is expected to take place in April.

Bitcoin’s big surge initially gave a lift to bitcoin-related equities, which gave back some gains after the cryptocurrency pulled back. Bitcoin proxy Microstrategy jumped 10.5% and the miner Marathon Digital rose 2.4%. Block, which operates a bitcoin trading service and holds the cryptocurrency on its balance sheet, gained nearly 1%.

Crypto exchange Coinbase gave back some of its earlier gains after its users reported zero balance errors in their accounts and issues buying and selling. It closed higher by 0.8%.

Original source: https://www.cnbc.com/2024/02/28/bitcoin-jumps-above-60000-for-the-first-time-since-november-2021.html

Categories
Cryptocurrency

Australian Sam Lee Charged With Conspiracy to Commit Fraud in US for Role in $1.89bn ‘Ponzi Scheme’

Australian Sam Lee Charged With Conspiracy to Commit Fraud in US for Role in $1.89bn ‘Ponzi Scheme’

By Sarah Martin

HyperVerse crypto schemes, subject of a Guardian Australia investigation, alleged to have defrauded investors of almost A$3bn

The Australian blockchain entrepreneur Sam Lee has been charged with conspiracy to commit fraud in the US for his alleged role in operating the HyperVerse crypto investment schemes, described in court documents as a “pyramid and Ponzi scheme” alleged to have defrauded investors of US$1.89bn (A$2.86bn).

The US attorney for the district of Maryland, Erek L Barron said the Department of Justice would “hold perpetrators accountable for these and other fraud schemes”, with Lee facing up to five years in jail if convicted.

“The level of alleged fraud here is staggering,” Barron said.

The criminal complaint lodged in the district court of Maryland charges Lee with conspiracy to commit securities and wire fraud, while a separate civil complaint brought by the US Securities Exchange Commission charges Lee with fraud and with the unregistered sale of securities in breach of the US Securities Act.

The charges against Lee, once dubbed the “crown prince of bitcoin” in Australia, come alongside the charge and arrest of another US promoter of the HyperVerse and HyperFund crypto schemes, Brenda Chunga, who has pleaded guilty to conspiracy to commit securities and wire fraud for her role.

The criminal complaint alleges that Lee and his co-conspirators operated the Hyper schemes to “unjustly enrich themselves” by inducing investors into the scheme.

“It was further part of the conspiracy that Lee and his co conspirators knowingly devised and intended to devise a scheme and artifice to defraud and to obtain money and property by means of false and fraudulent pretences, representations and promises,” the complaint alleges.

It orders that if found guilty, Lee is to “disgorge all ill-gotten gains” received directly or indirectly as a result of the schemes.

The court documents refer to crypto schemes run by the HyperTech group collectively as HyperFund but the funds operated under various names, including HyperCapital, HyperFund, HyperVerse and HyperNation.

Lee was chairman of the HyperTech group, which was co-founded with his business partner, Ryan Xu. Xu is not named in the court documents.

The charges come after a Guardian Australia investigation revealed details of the scheme’s operation, including widespread investor losses, the use of a fake chief executive officer for the launch of the HyperVerse scheme and HyperVerse’s links to the collapsed Australian crypto company Blockchain Global, of which Lee was a director.

The SEC complaint, which is lodged against both Lee and Chunga, alleges that its case “involves a global, crypto asset-related, multi-level marketing pyramid and Ponzi scheme that raised over $1.7 billion from victims worldwide, including millions from U.S. investors”.

The criminal complaint estimates that the losses were higher, alleging that HyperFund was a “global securities fraud and wire fraud scheme that obtained approximately US$1.89 billion from victim-investors world-wide”.

The SEC’s division of enforcement director, Gurbir S Grewal, alleges that Lee and Chunga attracted investors with the allure of profits from crypto asset mining – “but the only thing that HyperFund mined was its investors’ pockets”.

“This case illustrates yet again how noncompliance in the crypto space facilitates schemes where promoters capitalize on the promise of easy money, without providing the detailed investor protection disclosures required by the registration provisions of the federal securities laws.”

The SEC complaint outlines Lee’s alleged role in operating the HyperFund schemes, claiming that he was “centrally involved with HyperFund throughout its lifecycle”.

“On information and belief, Lee was not only a co-founder of HyperFund, but he maintained control over HyperFund throughout its existence,” the SEC alleges.

It alleges that from approximately June 2020 to approximately November 2022, Lee and Chunga sold memberships in HyperFund and “made materially false and misleading statements about the investments and knowingly or recklessly engaged in a scheme to defraud investors – bilking the investors out of over $1.7 billion – by enticing them with the false promise of guaranteed, high returns from investments in securities.

“Defendants knew, or were reckless in not knowing, that their statements about HyperFund’s returns and profits were materially false and misleading. Defendants further knew, or were reckless in not knowing, that they were operating a scheme to defraud investors in HyperFund’s securities.”

The SEC further alleges that Lee played an “integral role in the distribution of the HyperFund memberships”, with his business background and links to Australian companies used to attract investors to the scheme.

“Lee’s appearance and speech during the launch of HyperVerse was an offer of securities. Lee’s reputation and public-facing crypto asset persona deceived investors into believing that HyperFund was not a scam because it was backed by a known crypto asset entrepreneur.

Lee on stage in an image posted to Facebook by Blockchain Global

“Those details were used to add legitimacy and credibility to the scheme, and to convince investors that their money was not only safe, but that the money they expected to make was coming from purportedly legitimate sources.”

The court documents allege that HyperFund operated as a Ponzi scheme, with funds from later investors used to pay off early investors.

“HyperFund had no real source of revenue other than funds received from investors, and Defendants had no basis for the promised returns,” the documents claim.

“Lee, as one of the Founders of HyperFund, knew, or was reckless in not knowing, that HyperFund did not generate revenue sufficient to be able to reasonably expect to meet its payment obligations to investors, other than income generated from the sales of new HyperFund memberships, and therefore was a Ponzi scheme.”

The HyperFund rewards system, which was used to bring in new investors, was “nothing but a pyramid scheme recruiting tool”, the court documents allege.

Investors into HyperFund and its subsequent iterations bought “membership” packages with the promise of daily rewards of 0.5% and a 300% return over 600 days. The SEC complaint alleges that investors were told that these “exorbitant passive returns” were derived from HyperFund’s crypto asset mining operations, “however these representations were false”.

Lee, who launched HyperFund in mid 2020 and appeared in the 2021 launch presentation of HyperVerse, is alleged to have allowed this false representation to continue “despite knowing that the HyperFund promoters’ representations about large scale-crypto asset mining were false”.

The court documents also refer to HyperFund’s claims not to be offering an investment product through its sale of membership, applying the so-called Howey test which finds that an investment contract exists where there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.

The case file shows that Lee, who has lived in Dubai since 2021, is yet to appoint a defence attorney. Guardian Australia has contacted Lee for comment. He has previously denied HyperVerse was a scam, and has claimed he was only involved in the funds management and technology side of the business.

The charges against Lee and Chunga are the result of a joint investigation conducted by the Department of Homeland Security’s New York-based El Dorado taskforce and the Internal Revenue Service’s criminal investigation unit.

The El Dorado taskforce is the oldest anti money-laundering taskforce in the US, with more than 200 members targeting sophisticated financial crimes, including those in the cyber and cryptocurrency space.

Despite Lee being an Australian citizen and Australian companies being central to the promotion of the Hyper group of investor schemes, they have escaped the scrutiny of Australia’s corporate watchdog, the Australian Securities and Investments Commission.

Since Guardian Australia’s investigation into the HyperVerse schemes, Asic has said it will assess the liquidator’s report into Blockchain Global, which collapsed in 2021 owing creditors A$58m.

Original source: https://apple.news/ACVxH3IzLQMq_cwr0kOcIRQ

Categories
Cryptocurrency

Preparations for Truthcoin to List on Another Exchange in Coming Months are Being Finalised With Extensive Marketing Campaigns Planned

Preparations for Truthcoin to List on Another Exchange in the Coming Months are Being Finalised With Extensive Marketing Campaigns Planned

By TruthGroup

Preparations for Truthcoin to list on another exchange in the coming months are being finalised with extensive marketing campaigns planned.

Truthgroup also launches new products including secure cloud services

Truthcoin.social
TruthGroup.social

Truthbook.social

Original source: https://t.me/bitcoin2XBTC2/5858

Categories
Cryptocurrency

For Those Who Aren’t Aware You Can Purchase real Estate With Truthcoin

For Those Who Aren’t Aware, You Can Purchase Real Estate With Truthcoin

By TruthGroup

For those who aren’t aware, you can purchase real estate with Truthcoin

Less than 100 cryptocurrencies have enough intrinsic value to be accepted to acquire real estate.

Truthcoin has real value as you can acquire real assets with it and many are.

In fact, someone recently purchased a Penthouse with Truthcoin.

Turning crypto into a cashflow asset.
Truthcoin.social

To learn more about what properties developers accept for Truthcoin or other cryptos, access a Free Report and info at: https://property.21cuniversity.com/optin16922526250445

Click Here To Play the Video

 

Original source: https://t.me/bitcoin2XBTC2/5855

Categories
Cryptocurrency

TruthGroup.social, A Free Speech Platform Fintech Company, and Supporter of the Freedom Movement, Announces It Plans to List Truthcoin on an Additional Crypto Exchange Shortly

TruthGroup.social, A Free Speech Platform Fintech Company, and Supporter of the Freedom Movement, Announces It Plans to List Truthcoin on an Additional Crypto Exchange Shortly

TruthGroup.social, a free speech platform fintech, announced it plans to list Truthcoin on an additional exchange shortly in a recent press release.

TruthGroup which assumed control recently of Truthcoin, has big ambitions for its digital currency. It’s following a similar path that Elon Musk has for X formerly Twitter, in making its social media platforms a planned one-stop shop for fin services.

Twitter reportedly is wanting to launch its own cryptocurrency, to be used as a payment currency across its platform. Elon Musk, who was a Co-Founder of PayPal, has had long-held ambitions to do so, and before buying Twitter was reportedly going to start his own social media platform, until he decided to buy Twitter. This enabled him to gain 300 million users, although many say he paid too much for Twitter, which he himself agreed.

Although Truthbook.social, TruthGroups social media platform alternative to Facebook is small in comparison, the opportunity to grow free speech platforms into profitable niches, is high, especially as TruthGroup is planning to launch an array of privacy tools and products for its growing user bases.
This is why TruthGroup took control of Truthcoin, to have its own payment currency for its planned ecosystem of products currently being built, and some already soft launched.

Adding Truthcoin to more exchanges is part of its plan to grow its user bases and utilize its payment system across more platforms and external partner products to boost volume in its small-cap crypto.

Truthcoin.social

 

Categories
Cryptocurrency

TruthCoin a Growing Cryptocurrency Secures Property Projects That will Accept up to 100% in Truthcoin to Purchase

TruthCoin a Growing Cryptocurrency Secures Property Projects That will Accept up to 100% in Truthcoin to Purchase

By TruthGroup

TruthCoin.social which was listed on exchanges last July 2022, and is being acquired by the TruthGroup, a free speech AI, and FinTech Group, secures property projects that will accept up to 100% in Truthcoin to purchase.

This will enable holders to convert their coins to equity, in cashflow-positive real estate.

One of the first projects that up to 100% can be used towards purchasing is located in the booming Bali Property Market.

Some of the apartments start from only $119,000 for Truthcoin Holders, discounted from $149,000

Current negotiations have set a fair price of $0.5 cents for such transactions, which can change over time. Truthcoin is listed at $0.20 cents and has traded as high as $1.03 cents and as low as $0.004 cents. It’s currently trading around $0.10 cents.

It also enables traders of the coin to purchase truthcoin at times, at low prices, as little as 10% of the $0.05 cent negotiated price, when the price is down, being 10% of the $0.05 cent value, meaning just $11,900 of Truthcoin at that price could be then used to purchase a $119,000 property.

The below link showcases the first property project in which up to 100% of Truthcoin can be used to purchase real estate.

https://baliapartmentresort.com/seminyak-apartment/

More are expected to be added in the coming months, a spokesperson said, and further updates will be released.
Truthcoin.social

Original source: https://t.me/bitcoin2XBTC2/5837

Categories
Cryptocurrency

BRICSTether Launches on Azbit Exchange as an Alternative to USDT and the USD, Pegged to 7 Chinese Yuan ($1 USD) & Offering 10% PA

BRICSTether Launches on Azbit Exchange as an Alternative to USDT and the USD, Pegged to 7 Chinese Yuan ($1 USD) & Offering 10% PA

By CRYPTO PROMOTER

Introducing BRICST: A stablecoin to be an alternative to the USD and USDT, and pegged to the Chinese Yuan, offering 10% per annum returns.

What is BRICST?
BRICST is a cryptocurrency that aims to provide a stable and secure platform for transactions and investments in the BRICS region and beyond. BRICST is designed to solve the problems of volatility and instability that have plagued the cryptocurrency market since its inception.

1 BRICST = 7 Chinese Yuan.

BRICSTether Custodian, agrees to buy back any BRICSTether at 100% of its pegged price of 7 Chinese Yuan (approximately $1 USD currently)

It lists shortly on Azbit.com Exchange before launching on further exchanges afterwards, and you can purchase with crypto on Azbit.It’s paired with Bitcoin BTC.

Earn By Staking.
With our innovative staking program, you can earn interest on your coins simply by holding them. That’s right, you can earn up to 5% interest for staking your coins for just 90 days or earn a whopping 10% for 12 months! And this is just the beginning – we’re always looking for ways to reward our loyal holders and provide even more benefits.

BRICST INVESTS IN ASSETS!
At BRICST, we invest in a range of assets to create a stable and profitable portfolio. Our investment strategy includes the following:

Liquid assets.
Stocks
Gold and Silver commodities.
Crypto assets.
Real Estate.
BRICS Plus nations’ investment opportunities.
With this diversified approach, we aim to deliver strong returns and maximize growth potential.

*The % held in each asset allocation will vary subject to investment management decisions deemed appropriate for the best asset protection and liquidity requirements of the currency*

HOW TO BUY BRICST.
Buying BRICST is easy and straightforward. Here are the steps:

Step 1: Create a digital wallet that supports BRICST (preferably BRICSTX). You can use any of the popular wallets like MyEtherWallet, MetaMask, Trust Wallet, or BRICSTX. We recommend you use BRICSTX.

Step 2: Purchase Ethereum (ETH), Bitcoin (BTC), USDT, or USDC from any exchange that supports your local currency.

Step 3: Send your ETH or BTC to your digital wallet and exchange it for BRICST.

Step 4: Once you have purchased BRICST, you can store it in your digital wallet or use it for transactions and investments.

For the best experience, visit BRICSTX exchange and buy BRICST hassle-free with crypto or fiat currency.

Here’s what others had to say:

OYUN ZAMANI
Such a good feeling about this project

Muhammed Ataş
This project is really good

İbrahim Süleymanov
Great coin.

Original source: https://youtu.be/0vrZPoPx07k

Categories
Cryptocurrency

SBF is a Criminal Who Installed a Backdoor on his Cryptocurrency Exchange to Fraudulently Move Billions of Dollars of his Customer’s Money to his Personal Trading Account

SBF is a Criminal Who Installed a Backdoor on his Cryptocurrency Exchange to Fraudulently Move Billions of Dollars of his Customer’s Money to his Personal Trading Account

SBF is a criminal who installed a backdoor on his cryptocurrency exchange to fraudulently move billions of dollars of his customer’s money to his personal trading account.

Tens of millions of cryptocurrency investors are getting red-pilled right now as they watch the corporate media and U.S. politicians bend over backwards to protect a con man.

Resources:
https://t.me/KanekoaTheGreat/6032
https://twitter.com/RepMaxineWaters/status/1598693811252875264?s=20

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