Vermont issued the investor alert after a 74-year-old man lost his life savings of over $340,000 in a crypto fraud orchestrated over Instagram and Telegram. The Vermont Department of Financial Regulation (DFR), a United States state agency, warned citizens against rising crypto investment frauds perpetrated over popular social media sites. On June 25, 74-year-old Naum…
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Crypto lender Nexo is having issues with state authorities from California, New York, Washington, Kentucky, Vermont, South Carolina, and Maryland. The enforcement actions from multiple state securities regulators detail that Nexo’s Earn Interest Product (EIP) may be in violation of securities laws.
Nexo Targeted by Several Securities Regulators Over the Crypto Lender’s Earn Interest Product…
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According to the regulator, Celsius “lacked sufficient assets to repay its obligations” despite suggesting it had enough funds in its reserves to mitigate the risk of insolvency. The Vermont Department of Financial Regulation, or DFR, alleged crypto lending platform Celsius Network and CEO Alex Mashinsky misled state regulators about the firm’s financial health and its…
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Analytical data reveals that DeFi’s total value locked registered a minor dip from the past week, falling to a value of $56.45 billion. Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week. This past week, the…
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The state financial regulator alleged that Celsius violated state security laws by offering high crypto interest rate accounts to customers and unethically using clients’ funds to invest in illiquid products. Vermont’s Department of Financial Regulation (DFR) issued a warning against troubled crypto lending firm Celsius on Tuesday, reminding users that the crypto lending firm is…
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