• August 12, 2024

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.

  • August 12, 2024

Crypto Startups Raised More VC Money During Market Slowdown

(Bloomberg) -- Crypto startups raised more money but closed fewer deals in the most recent quarter, mirroring the broader slowdown seen in the digital-asset world. Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureHow Chicago’s Gigantic Merchandise Mart Is Still Thriving as Office SpaceLos Angeles Sees Remote Work Helping ‘No Car’ 2028 Olympic GamesIn DNC, Chicago’s Embattled Transit System Faces a High-Profile TestNYC Subway Riders See ‘Exceptionally High’