CRAZY RICH
Arthur Hayes lives large. Like Bobby Axelrod-in-
Billions large. Just replace New York with Hong Kong and infuse it with a dose of Silicon Valley where unicorns spring from the minds of irrepressible company founders and, well, you get the picture. One minute Hayes is hitting the powder in Hokkaido, the next he’s crushing it on a subterranean squash court in Central Hong Kong’s Wall Street. And all the while he keeps one eye trained on an obscure-sounding currency exchange that he built out of thin air and through which more than $3 trillion has flowed.
Screen-star handsome and fabulously wealthy, the African American banker turned maverick personifies the contemporary fintech pioneer. But the feds describe Arthur Hayes differently: a wanted man who “flouted” the law by operating in the “shadows of the financial markets.” Hayes’s indictment was unsealed in October, and he remains at large in Asia as prosecutors in New York hope to arrest him and try him on
U.S DOJ Indicts Crypto Trader for Running Ponzi Scheme
Last Updated: 27 January 2021
The United States government has brought legal action against a crypto trader for alleged links to a Ponzi scheme. The Justice Department announced that it had arrested Jeremy Spence, a Rhode Island-based crypto trader who allegedly operated Coin Signals, a known Ponzi scheme.
A Good Old Ponzi Scheme
According to the announcement, Spence operated Coin Signals between 2017 and 2019. The platform, which he ran through Discord and Twitter, presented itself as a top-notch crypto exchange and investment platform. However, Spence had carefully misrepresented the platform’s success and business to draw customers.