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Judge sentences Forcount promoter to 30 months behind bars

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A U.S. judge has sentenced Erick “Anthony” Marques Gonzalez, a promoter of the fraudulent Forcount cryptocurrency scheme, to 54 months in federal prison. Gonzalez was found guilty of orchestrating an international Ponzi scheme that defrauded thousands of victims out of millions of dollars. The scheme, which promised substantial returns through cryptocurrency mining and trading, was exposed as a sham that relied on new investments to pay earlier participants.

According to court documents, Forcount operated between 2017 and 2021, attracting investors primarily from Spanish-speaking communities in the United States and Latin America. Gonzalez played a key role in promoting the scheme by hosting events and producing social media content to lure unsuspecting victims. Authorities revealed that Gonzalez personally profited from the scam, using investor funds to finance a lavish lifestyle, including luxury cars and expensive travel.

The Department of Justice (DOJ) emphasized the severity of the crime, highlighting how Forcount preyed on vulnerable individuals hoping to achieve financial security. U.S. Attorney Damian Williams stated that the sentence serves as a warning to those who exploit the growing interest in cryptocurrencies for fraudulent purposes. The DOJ remains committed to holding crypto scammers accountable and protecting investors from similar schemes in the future.

This case underscores the rising need for vigilance and regulatory oversight in the cryptocurrency sector, where scams continue to proliferate alongside legitimate innovations. As authorities ramp up efforts to crack down on fraud, the sentencing of Gonzalez sends a clear message that exploiting investors through deceptive practices will not go unpunished. The case also highlights the importance of investor education to identify and avoid such schemes.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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