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Tag: Circle Society

May 29, 2024

Disbarred Attorney Pleads Guilty to Orchestrating $9.5 Million Cryptocurrency Ponzi Scheme

Disbarred California attorney David Kagel, 85, has pleaded guilty to charges related to the crypto Ponzi scheme Circle Society that defrauded victims of more than $9.5 million. Kagel conspired with others to lure victims into a fraudulent crypto investment program promising high-yield profits through the use of AI trading bots. Kagel falsely claimed to hold Bitcoin worth approximately $11 million in escrow to instill trust, purportedly guaranteeing the victims' investments against any loss.

December 13, 2023

Another Crypto Indictment: US Prosecutors Charged Two Men for Operating $25M Crypto Ponzi Scheme!

The U.S. Department of Justice announced that a new superseding indictment had been unsealed, charging an Australian national and a California resident in a crypto Ponzi scheme, leading to over $25 million in victim losses. David Gilbert Saffron, 51, from Australia, and Vincent Anthony Mazzotta Jr., 52, from Los Angeles, are accused of orchestrating a fraudulent operation, luring investors into various trading programs.

October 17, 2019

CFTC filed enforcement action against binary options and crypto scheme Circle Society and its operators

The U.S. Commodity Futures Trading Commission (CFTC) announced the filing of a civil enforcement action charging David Gilbert Saffron of Las Vegas, Nevada, and Circle..

The Unraveling of Rabidi and the Rise of the SoftSwiss Network: Our Updated Forensic Report

A few months ago, FinTelegram released a first forensic report on the bankruptcy of Rabidi N.V., a Curacao-registered online casino operator with hundreds of millions in revenues — and no traceable assets by the time of its collapse in May 2024. That report already raised serious questions about the opaque structures behind Rabidi’s operations and its successor, Liernin Enterprises Ltd.

DeFi Decoded: Smart Contracts – The Code Behind the DeFi Revolution

Smart contracts are the invisible architects of decentralized finance. These self-executing lines of code run everything from token swaps to lending platforms without middlemen. But while they offer autonomy, they also introduce new risks—bugs, exploits, and irreversible mistakes. In this fourth installment of our FinTelegram DeFi Series, we explain what smart contracts are.

CFTC

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.