CFTC Fines Mirror Trading Int'l $1.7B for Massive Bitcoin Ponzi Scheme

The CFTC fined Mirror Trading International $1.7 billion for defrauding thousands through a Bitcoin Ponzi scheme.
The company collected over 29,000 BTC worth $1.7 billion from investors.
Founder Cornelius Johannes Steynberg is permanently banned from CFTC markets and must pay over $1.7 billion.
From 2018 to 2021, the firm ran an international fraudulent multi-level marketing scheme.
The CFTC says this is the highest penalty ever in a CFTC case.

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9/7/2023

CFTC Goes After Opyn, Other DeFi Operations in Enforcement Sweep

The Commodity Futures Trading Commission (CFTC) has charged Opyn, ZeroEx, and Deridex with illegally offering derivatives trading through decentralized finance (DeFi) operations, requiring them to pay penalties of $250,000, $200,000, and $100,000 respectively. The companies are accused of using blockchain-based protocols and smart contracts to function as trading platforms in violation of regulations.

9/8/2023

CFTC Fines Mirror Trading $1.7B for Bitcoin Forex Fraud Scheme

The United States District Court has ordered Mirror Trading International (MTI) to pay $1.7 billion in restitution for operating a fraudulent scheme involving digital assets and forex.

9/8/2023

CFTC Cracks Down on Major DeFi Firms for Unregistered Trading and Identity Violations

The Commodity Futures Trading Commission (CFTC) has issued charges and fines against three major DeFi firms in the US, signaling a potential crackdown and more stringent regulation in the decentralized finance sector.

10/9/2023

Big Banks Fined $53 Million for Failing to Report Derivatives Data

JP Morgan Chase, Bank of America, and Goldman Sachs have been fined by the Commodity Futures Trading Commission (CFTC) for failing to properly report millions of transactions in the swaps market, with Goldman Sachs receiving the biggest penalty of $30 million due to "unprecedented failures" in swap data reporting.

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Posted 9/9/2023, 6:46:09 PM

CFTC Fines Mirror Trading Int'l $1.7B for Massive Bitcoin Ponzi Scheme

The CFTC fined Mirror Trading International $1.7 billion for defrauding thousands through a Bitcoin Ponzi scheme.
The company collected over 29,000 BTC worth $1.7 billion from investors.
Founder Cornelius Johannes Steynberg is permanently banned from CFTC markets and must pay over $1.7 billion.
From 2018 to 2021, the firm ran an international fraudulent multi-level marketing scheme.
The CFTC says this is the highest penalty ever in a CFTC case.

dailyhodl.com

Relevant topic timeline:

9/7/2023

CFTC Goes After Opyn, Other DeFi Operations in Enforcement Sweep

9/8/2023

CFTC Fines Mirror Trading $1.7B for Bitcoin Forex Fraud Scheme

The United States District Court has ordered Mirror Trading International (MTI) to pay $1.7 billion in restitution for operating a fraudulent scheme involving digital assets and forex.

9/8/2023

CFTC Cracks Down on Major DeFi Firms for Unregistered Trading and Identity Violations

10/9/2023

Big Banks Fined $53 Million for Failing to Report Derivatives Data