US authorities continue to crack down on any crypto scheme that seems illegitimate. Trading Club is now on the radar of the SEC and CFTC.
There is a lot of interest in trading cryptocurrencies these days.
Most people would love to join a trading group for signals and potential profits.
Trading Club, also known as Q3 Trading Club, was one of the more successful ventures in this regard.
So much even that the group raised $33 million in funding from investors.
The project apparently had its own custom algorithm capable of generating profits by trading cryptocurrencies.
To back up these claims, Michael Ackerman forged evidence, according to sources close to the matter.
Evidence seems to indicate that Trading Club never had over $6 million in assets.
That is interesting, as the company claimed to have a balance sheet of well over $315 million at one point.
Some of the investors’ funds were also misappropriated, but that was to be expected.
Ackerman decided to buy high-end goods, hired personal security, and renovated some real estate in the process.
For now, the investigation is still ongoing, with a sentencing expected to take place soon.
The SEC seeks a disgorgement and civil penalty, as well as a permanent injunction.
Step Finance has disclosed a significant security incident involving its protocol-owned funds, marking one of…
The crypto industry is once again grappling with a rising wave of security breaches as…
Ethereum co-founder Vitalik Buterin is once again challenging a popular crypto narrative, this time around…
Shockwaves moved through the Solana ecosystem after DeFi dashboard and portfolio platform Step Finance confirmed…
Tether has released its Q4 2025 quarterly attestation, and the numbers confirm what much of…
Lighter is officially stepping beyond its roots as a high-performance perpetual DEX with the launch…