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The U.S. Securities and Exchange Commission (SEC) has charged Eng Taing and his firm, Touzi Capital LLC, for illegal securities dealings. The SEC alleges that Taing unlawfully directed $18 million of client funds into cryptocurrency ventures, misleading investors about the allocation of their investments. Specifically, he marketed his crypto asset-mining business as a profitable opportunity to mine bitcoin at prices significantly below the market rate, according to court documents. This case follows a recent ruling in which a jury ordered over $4.5 billion in remedies against Terraform Labs and its founder, Do Kwon, for civil fraud related to cryptocurrency activities.
More than $4.5 billion in remedies were ordered after a jury in the U.S. District Court for the Southern District of New York jury found cryptocurrency company Terraform Labs and its founder Do Kwon liable for civil fraud in April. https://t.co/LMt8EMXsZu
Eng Taing is accused of misleading investors in his crypto asset-mining business by marketing it as an investment that could profitably mine bitcoin at prices far below the token’s prevailing market price, court records show. https://t.co/hdJCm6eQOb
The U.S. Securities and Exchange Commission sued Eng Taing and his entity, Touzi Capital LLC. The defendants allegedly led investors to believe the funds would be allocated to back debt rehabilitation or crypto asset-mining businesses. https://t.co/bqy1mwrNbo
