The U.S. Securities and Exchange Commission (SEC) has charged two now-defunct cryptocurrency firms and their executives for allegedly running a pump-and-dump scam worth $36.8 million from 2017 until 2019 via a token called 'Dignity' (DIG).
The SEC filing relates to Arbitrade Ltd., a Bermudan company, and Cryptobontix Inc., a Canadian company, and their founders Troy R. J. Hogg, James L. Goldberg, and Stephen L. Braverman. The filing also named Max W. Barber, a so-called international gold trader and the founder of SION Trading FZE, as a relief defendant.
Per details of the case, the defendants issued announcements falsely claiming that Arbitrade has acquired and received title to $10 billion in gold bullion. The announcements added that the gold purchase had been audited by an accounting firm to verify its existence.
The firms went ahead to lure investors, most of whom were U.S. citizens, with these claims. They sold over $36.8 million worth of DIG tokens at inflated prices under...
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