As cryptocurrencies gyrate and more swindles come to light, investors’ willingness to swallow hot air appears to be diminishing, JohnCassidy writes.
Last week, federal prosecutors arrested a fifty-year-old Long Island man and accused him of defrauding hundreds of investors by offering them gains of five per cent per week—yes, per week—from a fictional crypto-trading platform. “Eddy Alexandre allegedly induced his clients to invest over $59 million with promises of huge passive income returns,” Damian Williams, the U.S. Attorney for the Southern District of New York, said, in announcing the indictment.
The day before Alexandre’s arrest, Europol, the E.U.’s law-enforcement agency, placed Ruja Ignatova, the German inventor of the OneCoin cryptocurrency, on its most-wanted list, for “having induced investors all over the world to invest in this actually worthless ‘currency,’ ” which has produced a total loss that “probably amounts to several billion” dollars. Earlier this year, the F.B.I. arrested a New York couple and accused them of helping launder billions of dollars in stolen bitcoin.
But, ever since big money got in on the crypto game—venture-capital firms, hedge funds, and, lately, some of the big Wall Street banks themselves—there has been a great deal of expensively produced puffery and flimflam surrounding the entire industry, encapsulated by the “Don’t Miss Out on Crypto” ad for the FTX trading platform, which featured Larry David and ran during the Super Bowl.
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