CFTC sues Voyager for fraud - Every exchange is fraud

Crypto is the biggest farce I’ve ever seen

Who was that guy saying Voyager was safer than I-Bonds? Rocket31 I think

I think that’s right, I think Voyager was being touted by some guy who was saying it’s risk free and then had genuine panic when it collapsed, I actually felt kind of bad for him.

Rocket31 is was a clown/moron

I was about to say I’m not going to believe anywhere close to all of the huge scams (not including one of the many small ones) have been identified and the biggest scammers have faced their consequences until that Richard Heart dude is caught since he seems like the most obvious scammer ever. Or conversely, maybe the most obvious scammer not actually being a scammer is the most illogical crypto thing ever.

But then when I went to verify that was his name, I discovered he has already been charged by the SEC. How did I miss this?

SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars of Investor Funds from Unregistered Crypto Asset Securities Offerings that Raised more than $1 Billion

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A broken clock is correct more often than me.

I'm not giving up. We are all going to make it eventually. It's not about how many times you lose. It's about the one time you win.

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Respect the humor and hustle

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Sounds like our failing banking system now.

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Lol the large majority of banks that failed all had outsized crypto exposure. Please cite some examples of our failing banking systems that were unrelated to crypto please

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Please cite some examples of failed banks resulting from crypto exposure.

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I would figured you cryptobros would understand your own banking partners that used to service 90% of all exchange volume..

Silvergate Exchange Network from Silvergate Bank and Signet from Signature Bank were the primary 24 hour on and off rails to dirty fiat money for basically every crypto exchange.

I will even give the quote form a very pro-crypto website called Conidesk..

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Crypto-friendly Silvergate Bank will "voluntarily liquidate" its assets and wind down operations, its holding company, Silvergate Capital Corp. (SI), said Wednesday.

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The company revealed it had nearly 500 crypto clients when it filed to go public in November 2018. Its initial public offering (IPO) was completed in 2019, trading on the New York Stock Exchange. The bank boasted more than 750 crypto clients at the time. While Silvergate was not on the FDIC's "failed bank" list (as it is voluntarily liquidating, rather than going into an FDIC receivership), it appears to be the first major bank collapse since October 2020, and possibly the largest bank to fail since 2009.

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CoinDesk on Silvergate Closure

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Crypto-friendly Signature Bank shut down by regulators after collapses of SVB, Silvergate

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State authorities closed New York-based Signature Bank SBNY on Sunday, after Silicon Valley Bank was shut down by regulators on Friday in the biggest bank failure since the 2008 financial crisis.

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Signature Bank has been popular among crypto companies, especially after crypto-friendly Silvergate Bank SI said last Wednesday it would close its operations.

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Marketwatch on SBNY shutdown

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Years of regulatory scrutiny have effectively blocked most crypto firms from traditional banks. So the failure of Silicon Valley Bank has thrown many groups’ day-to-day mechanics like payroll and bill processing into flux, while the shuttering of Silvergate Capital Corp. and Signature Bank has closed vital on-off ramps between crypto and traditional currencies.

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Bloomberg reported that U.S. prosecutors had been investigating Signature’s relationship with crypto clients and potential acts of money laundering before it was seized. (Signet also faces a class-action lawsuit that alleges that the payment system was used in FTX’s fraudulent co-mingling of customer funds.) Signature’s collapse was the third-largest commercial bank failure in U.S. history—and unfolded days after Silicon Valley Bank became the second-largest.

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Barney Frank says regulators seized Signature Bank last weekend because they wanted to send a message to other banks not to do business with the crypto industry. The evidence increasingly suggests the former Congressman could be right.

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Crypto customers make up about 20% of Signature’s deposits, which is more than at other banks but less than at the failed Silvergate Bank.

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On Jan. 3, the Federal Reserve Board of Governors, Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) issued a statement that they “have significant safety and soundness concerns” about bank crypto exposure and would “closely monitor crypto-asset-related exposures.”

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Wall street Journal on Signature Bank

The failing of the two major crypto banks, I am sure was just coincidence. Some other minor regional banks like Crossriver are up on the chopping block soon, due to the risk their exposure the deteriorating crypto space.