Fintech fraud — or a flawed report?

By Benjamin Pimentel, Tomio Geron

Cover picture for the articleThe Paycheck Protection Program kept millions of small businesses from going under during the pandemic. But now, an academic study that says a huge chunk of PPP loans were fraudulent, turning the spotlight on fintech lenders who played a critical role in the government initiative. The report from the McCombs…


Public SafetyCoinDesk11hSEC Secures Judgments Against 3 in BitConnect Scam

The SEC said that Jeppesen acted as a liaison between BitConnect’s leadership and promoters, and appeared at conferences and promotional events to represent BitConnect. He must pay over $3 million in disgorgement and prejudgment interest. He must also pay a $150,000 penalty and hand over a bitcoin wallet to “satisfy his obligation” to pay back 190 bitcoins.

Marketsprotocol.com11hBinance.US reportedly close to new funding from ‘top-level’ investors

Binance.US is reportedly close to securing new funding from key investors, in a boost to the beleaguered crypto marketplace. Binance CEO Changpeng Zhao told Bloomberg that there has been “significant interest from top-level investors” and that the company’s U.S. affiliate will soon have “a diverse cap table with reputable investors and an independent board with proper governance.”

MarketsCoinDesk1dVC Firm FinTech Collective Raises $250M to Support New DeFi Strategy

The funding round brings the firm’s total assets under management to over $500 million. Venture capital firm FinTech Collective has raised $250 million for its new strategy focused on decentralized finance (DeFi). Of the $250 million, $200 million will be used to focus on the firm’s early-stage investments, and $50…

MarketsCoinDesk2dMobileCoin Raises $66M to Build Out Privacy-Focused Payments Tech

The round, joined by Alameda Research, Coinbase Ventures and others, looks to put MobileCoin in more messaging apps. Notably, it’s also in the process of developing a stablecoin, Goldbard said, which will likely be called MobileUSD, to reduce the risk of volatility during transactions. MOB was trading around $15.80 early Wednesday UTC with an unknown market cap, according to CoinGecko. Bankman-Fried’s FTX is one of the few exchanges to list the token.

Credits & LoansGovernment Technology3dStudy: Fintech PPP Loans Face High Risk of Potential Fraud

(TNS) — A new analysis has found more than $76 billion in Paycheck Protection Program loans may have been obtained fraudulently, with many of the loans handed out by online lenders including Atlanta-based Kabbage. So far, few of these “dubious” loans appeared to have been detected by authorities or repaid,…

BusinessPosted bypymnts3dUS Bank Brings FinTech Collaboration To The Next Level With Bento Buy

Financial institutions continue to embrace collaborations and integrations with FinTechs, but this week, U.S. Bank elevated that strategy with its FinTech acquisition. Plus, Brazil takes its next steps in open banking, and more bank-FinTech tie-ups emerge. U.S. Bank Acquires Bento Technologies. As more financial institutions embrace the opportunity to collaborate…

EconomyAugusta Free Press4dThe impact of blockchain technology on the banking industry

News, press releases, letters to the editor: Nowadays, there is a real blockchain boom all over the world. Until recently, the word “blockchain” was associated only with a cryptocurrency. Every day there are more and more companies, startups and other industries are becoming interested in this technology. As a whole, it is created for decentralized, public storage and processing of records. The active use of a blockchain in the cryptocurrency sphere revealed the successes and problems of this technology as well as helped it to develop expanding the boundaries of its application.

Worldcoingeek.com4dDBS Bank approved to offer digital currency services in Singapore

Singapore’s DBS Bank has been approved by local regulators to offer digital currency services in the country, via its brokerage arm, DBS Vickers. The move means the firm has been approved in principle from regulators to offer digital currency services to clients such as companies and asset managers. The authorization from the Monetary Authority of Singapore (MAS) comes under the provisions of the new Payment Services Act.

Public SafetyPosted bypymnts7dHigh Court In London Tells Binance To ID Crypto Hackers

Cryptocurrency exchange Binance must identify hackers and freeze their accounts after one of the company’s users said it was the victim of a hack worth $2.6 million, under the terms of a High Court of London order, per Friday (August 13) reports. The court’s judgment granted multiple requests by artificial…

MarketsInvestmentNews9dHackers return funds from likely record crypto attack

After stealing $610 million from a DeFi protocol that lets users swap crypto tokens, the online thieves pledged to give back the money. So far, they’ve returned about $258 million. Hackers returned about half of the $610 million or so they pilfered Tuesday in what was likely one of the…

Cell Phonescrowdfundinsider.com12dMobile Wallet Provider GCash Partners Philippines based Fintech Ayannah to Provide Accessible Financial Services

Mobile wallet provider GCash has teamed up with Fintech firm Ayannah, a Philippines-based startup that aims to offer affordable and more accessible digital financial services. Through the partnership, the companies will be introducing GCash Padala. GCash Padala, a new remittance service, should enable GCash’s 40 million+ users with transferring funds…

New York City, NYPosted byCoinspeaker18hWells Fargo Partners with NYDIG & FS Investments to Launch Bitcoin Fund for Rich Clients

Wells Fargo has floated the bitcoin fund to be managed by both firms and will receive a sales cut through two of its own subsidiaries. Wells Fargo & Co (NYSE: WFC) launched on Thursday a passive Bitcoin investment fund for its most wealthy clientele, according to filings from the SEC. The multinational financial services company has become the latest megabank to offer crypto investments to high-net-worth individuals. For this initiative, Wells Fargo is enlisting the services of New York Digital Investment Group LLC, and Franklin Square Holdings, L.P. (FS Investments). The partners called the new fund “FS NYDIG Bitcoin Fund I, LP”.

Technologyprotocol.com1dMeet the Apple veteran building Square’s bitcoin wallet for the masses

The Square executive leading Jack Dorsey’s big plan for a bitcoin wallet is a veteran hardware technologist with a quirky hobby: taking pictures of countertops. “My wife gives me a hard time because my camera phone is full of baby pictures and countertops,” Thomas Templeton, Square’s general manager for hardware, told Protocol.

EconomyPosted bypymnts2dCrypto Firm Binance Names Money Laundering Investigator

Cryptocurrency exchange Binance has hired a new global money laundering reporting officer. The individual, Greg Monahan, is a former U.S. Treasury criminal investigator, Binance said in a Tuesday (Aug. 17) blog post. The announcement comes days after a High Court of London order determined that Binance needed to identify hackers…

Gamblingthefinanser.com22hBanking on the game

This is a guest post by Matthias Kroener, a Bavarian who created Fidor Bank and then disappeared into the depths of gaming. The difference between gaming and gamification in banking. Back in 1994, when I founded Direkt Anlage Bank (the first European discount broker) with a number of colleagues, it…

Medical & Biotechbitcoinmagazine.com2dBiotech Company Converting Balance Sheet To Hodl Bitcoin

A small Texas biotech company, Spinesmith Holdings, which generates over $15 million in annual revenue, will convert their balance sheet to Bitcoin for long term holding to avoid the overreach of banks. Specifically, the company doesn’t want to have to ask permission from the bank to embark on projects with…

MarketsCoinDesk1dVC Firm FinTech Collective Raises $250M to Support New DeFi StrategyThe funding round brings the firm’s total assets under management to over $500 million. Venture capital firm FinTech Collective has raised $250 million for its new strategy focused on decentralized finance (DeFi). Of the $250 million, $200 million will be used to focus on the firm’s early-stage investments, and $50…


Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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