Crypto assets worth more than $4.2 billion have been seized by Chinese police during the massive PlusToken Ponzi scheme crackdown, according to a new court ruling. From a report: In a November 19 judgment made public on Thursday, the Jiangsu Yancheng Intermediate People’s Court has detailed the breakdown for the first time of all the crypto assets seized by Chinese police…
Tag: ponzi
Crypto Exchange Quadriga Was a Fraud and Founder Was Running Ponzi Scheme, Regulator Says
The Quadriga cryptocurrency exchange that saw millions of dollars disappear just as its founder died was a “fraud” and Ponzi scheme, according to the Ontario Securities Commission. CBC.ca reports: The regulator said Thursday that Vancouver-based Quadriga’s late founder Gerald Cotten committed fraud by opening accounts under aliases and crediting himself with fictitious currency and crypto asset balances, which he traded with…
Behind Tech Layoffs Lay Systemic Cash Flow Negative Companies
An anonymous reader shares an analysis: Since the pandemic started, there’s been approximately 61,260 tech layoffs. Close to 30% of the layoffs came from public tech companies, 85% of those companies are unprofitable. No deep insights here, just the simple fact that the once growth hyper focused startups grew to be publicly traded companies without ever sorting their unit economics, and…