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- #Over 100 Companies Hold Over 830,000 BTC#
According to reports as of June 19, more than 100 companies collectively hold over 830,000 BTC, worth about $86.476 billion.
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#GateRedBullRacingTour# - 📢 Gate releases its latest Reserve Audit Report!
💰 Total reserves: $10.453B
🟢 Excess reserves: $1.96B — ensuring full coverage and extra security for user assets.
Gate continues to uphold 100% proof-of-reserves and full transparency.
🔗 Read the full report: https://www.gate.com/zh/announcements/article/45617
The SEC has sued the founder of PGI Global for allegedly defrauding $198 million in encryption assets.
Gate.io News bot message, the SEC has filed a lawsuit against PGI Global founder Ramil Palafox in the Eastern District Court of Virginia. According to the lawsuit documents, Palafox raised approximately $198 million through a "membership" package and multi-level marketing model from January 2020 to October 2021.
The investigation showed that Palafox misappropriated over $57 million to purchase Lamborghinis, luxury goods, and cover personal expenses. The remaining funds were used in a Ponzi scheme to pay investor returns and referral rewards, which ultimately collapsed at the end of 2021.
The SEC has charged Palafox with violations of anti-fraud and registration provisions, requesting the court to issue a permanent injunction, a restraining order, and to recover illegal gains and civil penalties. The SEC has also filed criminal charges against the relevant parties.
Source: Wu Shuo