Hey Waivly Crew! 🌊 The SEC has charged 11 people for their roles in creating and promoting a crypto pyramid and Ponzi scheme. Socios.com parent company Chiliz is acquiring a 24.5% stake in FC Barcelona’s digital content creation and distribution hub.
Want more from us at Waivly? Join Waivly+, the premium Waivly membership with exclusive content, resources, giveaways, events, and so much more, all blended together into one super low-cost and quick to join subscription 🎉 Head over to our website and hit “Subscribe” to get onboard!
SEC charges 11 in $300M crypto pyramid scheme
The Securities and Exchange Commission (SEC) has charged 11 people for their involvement in “fraudulent crypto pyramid scheme” platform Forsage that raised more than $300 million from investors.
The scheme, called Forsage, claimed to be a decentralized smart contract platform, and allowed retail investors to enter into transactions via smart contracts on the Ethereum, Tron, and Binance blockchains. However, the SEC is alleging that the platform functioned like a pyramid scheme, in which investors earned profits by recruiting others into the operation.
In the SEC’s complaint, it called Forsage a “textbook pyramid and Ponzi scheme,” in which Forsage aggressively promoted its smart contracts through online promotions and new investment platforms. The complaint adds, “the primary way for investors to make money from Forsage was to recruit others into the scheme.”
According to the SEC, a Ponzi scheme is an investment scam that pays existing investors with funds contributed by new investors. These schemes often solicit new investors by promising to invest in opportunities that will generate high returns with little or no risk.
Forsage enabled new investors to set up a crypto-asset wallet and purchase “slots” in its smart contracts. Those slots gave them the right to earn compensation from anyone they recruited into the scheme, referred to as “downlines,” in addition to from the community of investors in the form of profit sharing of payments, known as “spillovers.”
FC Barcelona partners with Socios.com
On Monday, FC Barcelona announced a partnership with blockchain-based fan rewards platform Socios.com to accelerate its blockchain, NFT and digital assets, and Web3 strategies.
The partnership will see Socios.com parent company Chiliz acquire a 24.5% stake in FC Barcelona’s digital content creation and distribution hub, Barça Studios, for $100 million.
Barça Studios manages the club’s NFT and metaverse projects. Socios.com will help strengthen the club’s ability to deliver meaningful digital products to fans and build new long-term sustainable revenue streams.
“We are passionate about the role that technology can play in building communities that bring fans closer to their teams and each other,” said Alexandre Dreyfus, CEO of Socio and Chiliz. “Barça Studios can now leverage our technology, expertise, and global scale.”
This announcement comes months after the President and managing board of FC Barcelona turned down a $79.5 million sponsorship deal with an unnamed crypto exchange due to concerns that the industry was “unethical."
The Waves
🎉 Waivly+ releases exclusive announcement
🤔 Vitalik Buterin says Meta’s metaverse will misfire
💎 Tiffany & Co. reveals $50K CryptoPunk pendants
💬 Turkey Finance Minister discusses crypto with Binance’s CZ
Creator Special
Celia Way is an online clothing boutique that sells affordable t-shirts, bottoms, dresses, sets & jumpsuits, and more.
Suslove sells eco loungewear and accessories as well as hand-made eco candles. The brand is female-owned and run, certified fair trade, and prioritizes diversity and inclusivity as well as fashion-forward sustainability.
Botanicamoon is a Sheffield-based creative that sells a range of plants, prints, and pots on their Etsy store.
Own and secure your crypto with Ledger
If you’re into cryptocurrency and own crypto assets, you need a secure place to store your coins and tokens. You probably already know that you shouldn’t store your crypto on an exchange due to potential hacks, not being solely in control of your crypto’s private keys, and for other reasons, and so a hardware wallet is the way to go and the best option to protect your private keys, therefore, you should make the move to a Ledger wallet.
Ledger wallets are an extremely secure and premium way to secure, manage, and grow your crypto assets with their Bluetooth-enabled hardware wallets, and easy-to-use app which lets you manage your portfolio on the go. They let you manage multiple assets, buy, sell, grow, and exchange crypto, gain financial freedom by you being in full control and ownership of your private keys, and so much more.
The wallets are really simple to setup, and to move your crypto over to, so there’s no reason not to secure your assets and take control of your cryptocurrency now and get yourself a Ledger device. You can manage 1800+ coins and tokens directly in the Ledger Live app once you’ve got your device up and running, so you’ll always have your entire portfolio covered.
Share The Wave
That wraps up today's newsletter. Thank you for reading through, and we hope you liked today's content. Know someone else who would enjoy this newsletter just as much as you do? Send them to our website, and get them onboard the Waivly Crew and involved in The Wave. Get more from us on Twitter, Instagram, and LinkedIn.
Want more from us at Waivly? Join Waivly+, the premium Waivly membership with exclusive content, resources, giveaways, events, and so much more, all blended together into one super low-cost and quick to join subscription 🎉 Head over to our website and hit “Subscribe” to get onboard!
*Waivly+ is a premium Waivly membership. Join at anytime by clicking “Subscribe” on the Waivly website, and cancel anytime by heading to your account on Waivly.
*Waivly is an official affiliate of Ledger. See our Ledger Affiliate notice here.
Create your profile
Only paid subscribers can comment on this post
Check your email
For your security, we need to re-authenticate you.
Click the link we sent to , or click here to sign in.