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Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.

CRYPTOCURRENCIES

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SEC v. Telegram Group Inc. et al: TRO Motion

October 11, 2019 - Emergency Motion for Temporary Restraining Order in U. S. Securities and Exchange Commission v. Telegram Group Inc., domiciled in the British Virgin Islands, based in Dubai, and TON Issuer Inc., of the British Virgin Islands, whose "principals and owners are citizens of Russia and St. Kitts and Nevis", at the U.S. District Court for the Southern District of New York.

SEC v. Telegram Group Inc. et al: Complaint

October 11, 2019 - Complaint to stop an "illegal offering of digital-asset securities" involving entities and parties in the British Virgin Islands, Cayman Islands, and Dubai in U. S. Securities and Exchange Commission v. Telegram Group Inc., described as a British Virgin Islands-domiciled, Dubai-based company owned by Pavel Durov, "a Russian and St. Kitts and Nevis citizen", and TON Issuer Inc., of the British Virgin Islands, at the U.S. District Court for the Southern District of New York.

'Stop distributing misinformation about Cryptotrustconsulting,' writes Marc Bendrat

October 09, 2019 - Letter to OffshoreAlert from Marc Bendrat, a citizen of Germany residing in Austria, requesting that we "cease to distribute misinformation" about his British firm, Cryptotrustconsulting Ltd., which was the target of an "Investor Warning" by the Austrian Financial Market Authority.

Bermuda crypto firm Arbitrade's '$14B gold bullion provider' sued again

October 08, 2019 - Ras Al Khaimah-domiciled SION Trading FZE and Utah-domiciled Scotia International of Nevada Inc., which participated in an apparent pump-and-dump cryptocurrency fraud by Bermuda-domiciled Arbitrade Ltd., are being sued in the US for allegedly failing to pay for gold and silver that underpinned the scheme.

Austrian regulator issues 'investor warning' against British firm Cryptotrustconsulting Ltd.

October 07, 2019 - The Austrian Financial Market Authority has issued an "Investor Warning" against British cryptocurrency management firm Cryptotrustconsulting Ltd., which is owned and operated by Marc Bendrat, a citizen of Germany residing in Austria.

$1.4 Trillion class action against crypto exchange Bitfinex & cryptocurrency Tether for 'largest bubble in human history'

October 07, 2019 - A class action securities fraud complaint for damages that "likely surpasses $1.4 trillion" for creating "the largest bubble in human history" has been filed against cryptocurrency exchange Bitfinex and cryptocurrency Tether, with defendants from the BVI, Hong Kong, Italy, Netherlands, Panama, Switzerland, and the US.

David Leibowitz et al v. iFinex Inc. et al: Class Action Complaint

October 06, 2019 - Class Action Complaint alleging cryptocurrency-based fraud, market manipulation, and RICO in David Leibowitz, of West Palm Beach, Florida; Benjamin Leibowitz, of New York, NY; Jason Leibowitz, of New York, NY; Aaron Leibowitz, of Westchester, NY, and Pinchas Goldshtein, of Miami, Florida v. iFinex Inc., of the British Virgin Islands; BFXNA Inc., of the British Virgin Islands; BFXWW Inc., of the British Virgin Islands; Tether Holdings Limited, of the British Virgin Islands; Tether Operations Limited, of the British Virgin Islands; Tether Limited, of Hong Kong; Tether International Limited, of the British Virgin Islands; DigFinex Inc., of the British Virgin Islands; Philip G. Potter, a resident of New York; Giancarlo Devasini, a citizen of Italy; Ludovicus Jan van der Velde, a citizen of the Netherlands; Reginald Fowler, a citizen of the United States; Crypto Capital Corp., of Panama, and Global Trade Solutions AG, of Switzerland, at the U. S. District Court for the Southern District of New York.

Cryptotrustconsulting Ltd.: Investor Warning

October 04, 2019 - Investor Warning by the Austrian Financial Market Authority regarding Cryptotrustconsulting Ltd., a British company owned and operated by Marc Bendrat, 34, a citizen of Germany residing in Austria.

Benthos Master Fund Ltd. v. Hugh Austin et al: Default Judgment Motion

September 30, 2019 - Plaintiff's Notice of Motion for Default Judgment regarding alleged cryptocurrency-related fraud in Benthos Master Fund Ltd., based in San Francisco, domiciled in the Cayman Islands, where its registered agent is Ogier Global (Cayman) Limited v. Hugh Austin, a.k.a. Eugene W. Austin, of Port Jefferson, New York; John Austin, of Port Jefferson, New York; Brandon Austin, of Bradenton, Florida; Valkyrie Group LLC, of Bradenton, Florida, and Valhalla Venture Group LLC, of Port Jefferson, New York, at the Supreme Court of the State of New York, County of New York.

Block.one: $24M Fine

September 30, 2019 - Order Instituting Administrative Proceedings, Making Findings and Imposing a $24 million penalty for conducting an unregistered Initial Coin Offering "worth several billion dollars" against Block.one, described as a Cayman Islands-domiciled "technology company" with "offices in Hong Kong and Blacksburg, Virginia", before the U. S. Securities and Exchange Commission. Editor's Note: On its website at www.block.one, Block.one's "Executive Team" is identified as Brendan Blumer, Daniel Larimer, Andrew Bliss, Steve Ellis, Alex Erasmus, Abby Blumer, James Mendes, Eddie Schwartz, Michael Alexander, Kokuei (Guo) Yuan, and Rob Jesudason. News reports have stated that Block.one's ICO raised $4 billion.

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

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Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.