Search Results for: commingled assets

SEC Files Emergency Action Against Bkcoin in $100 Million Crypto Fraud Scheme

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The U.S. Securities and Exchange Commission (SEC) has filed an emergency action against Miami-based investment adviser Bkcoin and one of its principals, Kevin Kang. “The defendants disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million…

FTX Debtors Report $8.9B Shortfall in Customer Funds and ‘Highly Commingled’ Assets in Latest Presentation

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On March 2, 2023, FTX debtors released their second stakeholder presentation, which contains a preliminary analysis of the now-defunct cryptocurrency exchange’s shortfalls. The latest presentation reveals a significant shortfall, as approximately $2.2 billion of the company’s total assets were found in…

Gemini’s Cameron Winklevoss Insists Digital Currency Group Needs to Resolve Liquidity Issues in Open Letter to CEO Barry Silbert

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Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, published an open letter to Digital Currency Group (DCG) CEO Barry Silbert on Jan. 2, 2022, stating that it had been 47 days since withdrawals from Genesis had been halted. In the letter,…

Kevin O’Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed

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Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has shared how he and Sam Bankman-Fried (SBF) almost raised $8 billion from institutional investors to save crypto exchange FTX before it collapsed. However, when reports emerged of FTX being investigated by several…