Federal prosecutors in Washington D.C. have charged 13 men in connection with a widespread conspiracy involving the theft of Crypto Assets, with a total value of over $265 million being stolen. One of the defendants, Singaporean Malone Lam, is accused of lavishly spending these assets after stealing them from victims, including purchasing luxury cars, nightclubs, real estate, and watches.

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 from January 2020 to October 2021 through a "membership" package and multi-level marketing model. The investigation shows that Palafox embezzled over $57 million to purchase Lamborghinis, luxury goods, and pay 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 violating anti-fraud and registration regulations, requesting the court to issue a permanent injunction, a conduct restraining order, and to recover illegal gains and civil penalties. The SEC has also initiated criminal proceedings against the relevant parties. Source: Wu Says

LambdaClass founder Federico Carrone stated that he will consider legal action against the Crypto Assets market, not for profit, but to prevent malicious behavior from damaging the image of the Argentine market and causing injustice to honest companies.

Jinse Finance reported that Lamborghini is partnering with Animoca Brands to bring its iconic sports cars into the upcoming metaverse platform “Fast

Universal Proof Generation Layer developer Fermah has completed a $5.2 million seed round of financing, led by a16z's CSX and Lemniscap, with participation from several well-known institutions and angel investors.