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SEC charges crypto firm NovaTech with fraud
The U.S. Securities and Exchange Commission (SEC) is suing a crypto startup, NovaTech, for allegedly fraudulently raising more than $650 million from over 200,000 investors, many in the Haitian-American community. The SEC frames NovaTech, founded in 2019 by husband-and-wife duo Cynthia and Eddy Petion, as a multi-level marketing (MLM) scheme -- one that lured investors by claiming to invest in profitable crypto and foreign exchange markets. In truth, NovaTech reserved only a fraction of investor funds for trading, devoting the bulk to its payments to existing investors and commissions for promoters, according to the SEC.
What I Learned About Crypto’s Future From Basecamp and FWBFest
Binji Pande, who works on partnerships at Optimism Unlimited and is contributor to The Optimism Collective, visits two summer retreats and returns with insights about how crypto can get greater user adoption.
What I Learned About Crypto’s Future From Basecamp and FWBFest
Binji Pande, who works on partnerships at Optimism Unlimited and is contributor to The Optimism Collective, visits two summer retreats and returns with insights about how cryp...
How Krypton Mining is seeking to empower small scale crypto miners
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VCs Show 'Flight to Quality' in Q2 Funding Report
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SEC Files Fraud Charges Against Promoters of NovaTech, Alleged $650M Crypto Pyramid Scheme
The SEC alleges that the scheme raised money from over 200,000 investors worldwide, many of them Haitian-Americans, following a similar suit filed in June by the New York Atto...
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