1 min read News

CFTC Fines Bitcoin Fraudster $3.4 Billion

CFTC Fines Bitcoin Fraudster $3.4 Billion
Photo by Rob / Unsplash

The US Commodity Futures Trading Commission (CFTC) has imposed a record fine of $3.4bn on Cornelius Johannes Steinberg.

Steinberg, head of Mirror Trading International Proprietary Limited (MTI), will pay two equal sums. $1.73bn as compensation to victims of the fraud and another $1.73bn as a civil money penalty.

It swindled bitcoins from investors allegedly to participate in an unregistered commodity pool (CPO). Between May 2018 and March 2021, the "businessman" received a minimum of 29,421 BTC.

You might also like...

Nov
07
Canada Orders Closure of TikTok Offices Amid National Security Concerns, Yet App Remains Accessible

Canada Orders Closure of TikTok Offices Amid National Security Concerns, Yet App Remains Accessible

The Canadian government has directed TikTok to shut down its offices across the country, citing national security risks tied to
2 min read
Nov
05
Meta Extends Ban on Political Ads Post-Election in the U.S.

Meta Extends Ban on Political Ads Post-Election in the U.S.

Meta has announced that new political ads will be restricted on Facebook and Instagram following Election Day in the United
1 min read
Oct
29
Ubisoft Does Not Plan to Add Ukrainian Localization to Future Games – Here’s Why

Ubisoft Does Not Plan to Add Ukrainian Localization to Future Games – Here’s Why

In a recent interview with Forbes Ukraine, Olga Senzuk, Managing Director of Ubisoft’s Ukrainian branch, clarified that the company
1 min read
Oct
22
Meta Suspends Accounts Tracking Celebrity Private Jets Due to Privacy Risks

Meta Suspends Accounts Tracking Celebrity Private Jets Due to Privacy Risks

Meta, one of the world's largest tech companies, has suspended several Instagram and Threads accounts that tracked the movements of
4 min read
Oct
17
Uber Eyes Potential $20 Billion Acquisition of Expedia: The Biggest Deal in Company History

Uber Eyes Potential $20 Billion Acquisition of Expedia: The Biggest Deal in Company History

In a bold move that could reshape the travel and tech industries, Uber is reportedly exploring the possibility of acquiring
3 min read
GrowthNowGeek © 2024