Trillion-dollar crypto collapse sparks flurry of US lawsuits – who’s to blame?
— Cryptocurrency, Money, Whos, Trading, Sec, Financial, Collapse, Flurry, Cryptocurrencies, Investment, Trilliondollar, Security, Exchanges, Blame, Crypto, Lawsuits, Sparks — 1 min read
Kim Kardashian and Floyd Mayweather Jr are being sued for alleged false statements promoting the minor cryptocurrency. The total value of crypto assets has dropped to less than $1tn from its November 2021 peak of $3tn. US federal regulators say 46,000 people have reported losing $1bn in crypto to scams since January 2021. Bitcoin has lost more than 50% of its value this year; Ethereum, its largest rival, is down 65%. The question of whether the celebrity pitch people could be held liable is an open-ended question. If cryptocurrencies are a security, selling unregistered securities fraudulently could be a felony, with up to five years in jail. Source