The CEO and cofounder of StrongRoom AI allegedly conceded to EVP investor Misha Saul that the company’s revenue and debt figures were “wilful fraud”. Details of an extraordinary conversation and confession by CEO Max Mito were outlined in submissions in Federal Court legal action by the Sydney VC, after it successfully applied to freeze the… Read more »
The former CEO of the company behind defunct Queensland digital asset exchange Mine Digital has been charged with criminal fraud in the wake of an investigation by corporate regulator the Australian Securities and Investment Commission (ASIC). Grant Colthup, who was CEO of ACCE Australia Pty Ltd, appeared in Ipswich Magistrates Court on Monday charged with… Read more »
The federal government is stepping up its fight against scams, which last year cost Australians more than A$2.7 billion. On Friday, the federal treasury released a draft scam prevention framework. The government said the plan is: an economy‑wide reform to protect the Australian community from scams. It takes a whole‑of‑ecosystem approach to reduce gaps which… Read more »
It is not just crypto tokens that have spectacular downfalls. So can crypto personalities. Sam Bankman-Fried founded FTX, one of the world’s largest exchanges for so-called cryptocurrencies, which collapsed last year owing billions of dollars. Now he has gone from being hailed as potentially the world’s first trillionaire to a lengthy term in prison. After… Read more »
A simple database flag enabled cryptocurrency magnate Sam Bankman-Fried (SBF) to siphon billions of customer dollars into a lavish lifestyle that ultimately left failed exchange FTX over $12 billion ($US8 billion) in debt, a US court has heard as SBF’s trial nears its conclusion. Once the second largest cryptocurrency exchange with a valuation of $47 billion, the… Read more »
The board of ASX small cap IOUpay handed control to PricewaterhouseCoopers as voluntary administrators on Wednesday after a major fraud that siphoned off millions of dollars left the fintech unable to pay its bills. Shares in the Malaysia-focused fintech (ASX:IOU) have been suspended at $0.04 cents since the fraud was first uncovered in mid March.… Read more »
Biotech startup founder Elizabeth Holmes has been found guilty of four of 11 charges by a US Federal Court jury. Holmes, 37, was the high-profile CEO of Theranos, a supposedly revolutionary blood testing tech startup, which she dropped out of Stanford University, aged 19, to launch in 2003. The company’s ambitions ground to a halt… Read more »
A $3.6 million funds transfer by Cann Group to an overseas contractor building the medicinal cannabis company’s Mildura factory has been stolen in what’s been described as a “complex and sophisticated cyber fraud” by an unknown hacker. The company (ASX: CAN) reported the breach to the market this morning, saying it “experienced a cyber security… Read more »
Armourcell is a peel-and-stick square that can be slapped onto the back of mobile phones to protect a user’s mobile phone from wireless breaches.
“We’re not a major fraud!”
This was the last sentence to leave Brandon Reynolds’ lips as he admitted defeat and the falsification of his new app Sociabl to David Campbell on The Today Show this morning.
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