Chain News Daily Official TheBitTimes.com

The Securities and Exchange Commission (SEC) has filed a complaint against Drive Planning, LLC, and Russell Burkhalter accusing them of operating a real estate Ponzi scheme in which funds were misappropriated to Coinbase, and used to buy a yacht and a private jet.  Drive Planning allegedly sold unregistered securities to investors, promising they could earn a 10% return in just three months. These returns were supposed to be generated by providing bridge loans to or entering into joint ventures with real estate developers. Strangely, the website for this scheme didn’t just promise incredible financial returns; it actually promised “to guide you towards being Relationally Rich, Physically Fit and Financially Free.”  In total, investors invested more than $372 million in the scheme, and it currently owes $287 million to investors.  Unfortunately for them, however, Drive Planning didn’t have a way to actually deliver these returns, instead allegedly paying the...

John Reed Stark, a former investigator with the U.S. Securities and Exchange Commission (SEC), has blasted the pending approval of spot Bitcoin exchange-traded funds (ETFs), arguing vehemently against the inherent value of cryptocurrencies. In a lengthy Jan. 7 post on social media, Stark painted a grim picture of Bitcoin (BTC) and cryptocurrencies in general, suggesting their only proven utility lies in criminal activities. “To me, the stark reality is that the approval of a Bitcoin Spot ETF is sadly, tragically and catastrophically… another fee-suck… Ponzi scheme… masquerade,” Stark says. See the full statement below. A Bitcoin Spot ETF: Say it Ain’t So Gary . . . For crypto: There's no inherent value. There's no cash flow. There's no yield. There’s no employees. There’s no management. There’s no balance sheet. There’s no product. There’s no service. There’s no history of operations. There’s… pic.twitter.com/vsrg8DBZqW — John Reed S...