CrowdStrike won the "Most Epic Fail" award for a technical failure that affected 8.5 million Windows devices. The company acknowledges its mistakes and is working to correct them.
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The US Securities and Exchange Commission (SEC) has charged eight people with a cryptocurrency asset scam that cost hundreds of thousands of investors $650 million.
Cynthia and Eddie Petion, the couple behind Florida-based NovaTech Ltd., orchestrated a multi-level marketing scheme that ran for five years as of 2019. It has attracted more than 200,000 investors worldwide.
The NovaTech scheme was built on the principle of multi-level marketing (MLM), where the first investors recruited new participants, receiving a share of the profits. However, instead of actually investing in crypto-assets, the company used funds from new participants to pay off old investors, which is a classic example of a financial pyramid scheme.
Additionally, Cynthia and Eddie Petion used millions of dollars in bank accounts for personal use, leaving most of the investors with nothing when the scheme finally collapsed. The SEC also said six other individuals participated in the promotion of the scheme, receiving substantial kickbacks.
The SEC is determined to prosecute not only the organizers but also the promoters of large-scale fraudulent schemes like NovaTech. Although multi-level marketing itself is not illegal, its use to scam cryptocurrency assets has caused irreparable harm to tens of thousands of people.
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