The U.S. Securities and Exchange Commission (SEC) has leveled charges against Brian Sewell, founder of the American Bitcoin Academy, over a fraudulent cryptocurrency scheme.
In a Feb. 2 press release, the regulator claimed Brian Sewell’s scheme had siphoned approximately $1.2 million from students keen on learning about cryptocurrency investing.

SEC CHARGES FOUNDER OF AMERICAN BITCOIN ACADEMY WITH FRAUD

The SEC charged Brian Sewell, founder of American Bitcoin Academy, and his firm Rockwell Capital Management with fraud for allegedly targeting students to invest in a nonexistent crypto hedge fund.

Sewell reportedly… pic.twitter.com/bHGaxddzcD
— Mario Nawfal’s Roundtable (@RoundtableSpace) February 3, 2024

At the heart of the case is the Rockwell Fund, a hedge fund Sewell claimed would leverage advanced technologies like AI and bespoke trading strategies with crypto assets to deliver impressive returns to its investors.
According to the SEC, from early 2018 to mid-2019, Sewell’s course, purportedly aimed at demystifying the complexities of Bitcoin (BTC) trading, became a funnel for inducing his students to invest in the non-existent Rockwell Fund.
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Sewell, originally from Hurricane, Utah, and later a resident of Puerto Rico, gathered sizeable investments from 15 students with promises of substantial profits through his supposedly cutting-edge fund. 
However, the entrepreneur never deployed the strategies and sophisticated tools he advertised, and the fund never took off. Instead, Sewell used the money received from the students to buy Bitcoin for himself. 
In an ironic twist, Sewell’s digital wallet, holding the Bitcoin he’d bought, was hacked, leading to a complete loss of the funds.
The SEC’s Division of Enforcement Director, Gurbir S. Grewal, underscored the egregious nature of Sewell’s conduct, pointing out the orchestration of lies to defraud students nd the misuse of technological buzzwords like AI and crypto to deceive investors.

Whether it’s AI, crypto, defi or some other buzzword, the SEC will continue to hold accountable those who claim to use attention-grabbing technologies to attract and defraud investors.
Gurbir S. Grewal, Director of the SEC’s Division of Enforcement

Both Sewell and the ABA have agreed to settle the charges without admittance or denial of the SEC’s allegations, and they have consented to injunctive relief. 
Notably, the SEC has mandated Rockwell Capital Management to disgorge its ill-gotten gains plus prejudgment interest totaling $1.6 million, while Sewell faces a civil penalty worth over $223,000, pending court approval.
The agency pointed out that the case was a stark reminder to potential investors of the importance of exercising due diligence and verifying the credibility of investment opportunities, especially those that tout the allure of new and emerging technologies like AI and cryptocurrency.

US DoJ brings charges in BTC-e exchange case

NEWS

The U.S. Department of Justice has published an indictment in the case of the Russian-rooted crypto exchange BTC-e.
According to the official statement, the main defendant is Belarusian Aliaksandr Klimenka, who managed the collapse of the cryptocurrency exchange from 2011 to July 2017, together with Russian Alexander Vinnik.
Klimenka is charged with “conspiracy to launder money” and “running a business providing financial services without a license.” The estimated volume of laundered funds is estimated at $4 billion.
Klimenka, as the American justice believes, conducted “extensive business” in the United States without registering the BTC-e exchange as a payment system with the U.S. Department of the Treasury and also bypassed anti-money laundering rules and “know your customer” (KYC) requirements ) provided for by federal law.
The BTC-e exchange provided the ability to trade Bitcoin (BTC) anonymously and “developed a customer base that was highly dependent on criminal activity,” law enforcement said. BTC-e servers in the United States were a vital tool for carrying out criminal activities and were allegedly supported by Klimenka and his company Soft-FX.

“Klimenka also allegedly controlled Soft-FX, a technology services company, and FX Open, a financial company.”
Court filing

If Klimenka is found guilty, he faces a maximum prison sentence of 25 years. He is the latest to face criminal charges in the investigation into the activities of the BTC-e cryptocurrency exchange, including Russian citizen Alexander Vinnik.
American law enforcement agencies closed BTC-e in 2017, and Vinnik was arrested near Thessaloniki, Greece. After serving part of his sentence in a Greek prison and then undergoing trial in France, Vinnik was finally extradited to the United States in 2022. The U.S. Department of Justice also accused Vinnik of money laundering and other crimes.
After Vinnik’s arrest, administrators tried to relaunch the exchange under the WEX brand, but it soon closed, and most of its users could not withdraw funds. The case is still being considered in court in Moscow.

Internet Computer holders examine Pushd presale while Ethereum recovers

February 2, 2024 at 1:00 pm

PARTNER CONTENT
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Investors are adjusting their strategies as the crypto market evolves. Two popular cryptocurrencies, Internet Computer (ICP) and Ethereum (ETH), are drawing traders attention. Investors are also exploring Pushd (PUSHD), an eCommerce platform.

Internet Computer recovers

ICP is trading at $11.72, up 4.7% in the last week. 
On Dec. 18, 2023, the Dfinity Foundation said it plans to comply with EU regulatory standards. 
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ICP rose 76% following this news, propelling the coin to an all-time high of $16.26 before prices corrected to spot rates.

Ethereum is bullish

Ethereum is trading at $2,225.72, up 2.13% in the last week. 
Resistance is at $2,700, while support remains at $2,168. 
Ethereum is bullish and might cross the 20-day EMA and approach the 50-day EMA. 
Presently, MACD and RSI indicators are bullish for ETH.

Pushd plans to reshape eCommerce 

Pushd aims to solve some of the challenges sellers and vendors face on traditional eCommerce platforms like eBay and Amazon. 
These challenges include high fees and lengthy KYC processes, which can lead to cash flow issues. 
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Pushd eliminates the need for identification and ensures immediate fund release, which can provide peace of mind to sellers and vendors. 
In stage four of its presale, PUSHD is trading for $0.08. So far, ICP and ETH holders are examining Pushd and its value proposals.
PUSHD has a total supply of 250 million. 
Read more: Sui investors diversifying into Ethereum Classic and Pushd
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Cardano (ADA) or Solana (SOL)? Analyst Dan Gambardello Shares His Take

CEO of Crypto Capital Venture shows 'zero negativity' to Solana (SOL), but indicates benefits of Cardano (ADA)
News
Sat, 3/02/2024 - 18:45
Cover image via www.youtube.com
Seasoned cryptocurrency entrepreneur and investor Dan Gambardello provides his followers with a fresh perspective on how mainstream altcoins can be compared to each other. While typically, the rivalry between "armies" on X is savage, he invites crypto enthusiasts to ditch tribalism.

"Even more bullish on ADA": Dan Gambardello on his Solana (SOL) experience

Cardano (ADA), the second largest proof-of-stake (PoS) network, is superior to Solana (SOL) in terms of both security and decentralization. At the same time, the Cardano (ADA) ecosystem might be "a little slower in delivering things" compared to other L1s.

Cardano & Solana...here are my thoughts after using Solana.

I want to start by saying the key here is to find what really interests you and where you feel comfortable and just roll with that.

Ditch the tribalism and you 10x your chance of success in crypto.

Don’t hate on…
— Dan Gambardello (@cryptorecruitr) February 2, 2024

Such statements Gambardello shared with his 250,000 followers on X (formerly Twitter) after experimenting with the Solana (SOL) blockchain.
He added that "more hype" and bigger trading volume he witnessed on Solana (SOL) cannot change his opinion about Cardano (ADA) as a more advanced blockchain.

At the same time, he stressed that he might be supporting some projects within the Solana (SOL) ecosystem in the coming rally:

I have zero negativity against Solana. I'm always rooting for SOL holders, and I’m sure I’ll be hopping into some plays over there during the bull run

Finally, Gambardello slammed crypto tribalism, i.e., the concept of considering this or that cryptocurrency the only promising one. He highlighted that long-term holders of Bitcoin (BTC) and major altcoins "will win," so enthusiasts should just "root for each other" and have fun.

Solana (SOL) is one step away from top 3: Look at numbers

Solana (SOL) is the best performer out of all large-cap altcoins in 2023. In November-December, it witnessed a meme coin frenzy and airdrop farmers' euphoria.
On Dec. 15, 2023, Solana's (SOL) largest meme coin Bonk (BONK) saw its capitalization jump to almost $1.6 billion.
The Solana (SOL) price added 6.7% in the last 24 hours. Its market cap needs less than a 10% increase to surpass that of Binance Coin (BNB), the third-largest asset excluding USDT.
#Cardano News#Solana News