#investor-losses

#investor-losses

The past week has not been kind to blockchain entrepreneurs, whose holdings suffered the largest crypto liquidation in history last Friday, an event which wiped more than $380 billion off the market. During the short but heavy crash, the price of Bitcoin fell 15 percent, while the second-largest cryptocurrency, Ethereum, dropped some 21 percent. The alt-coin market all but collapsed, many of them falling as much as 80 percent, raising serious doubts about the future of the broader crypto ecosystem.

Rory Campbell launched the fund in 2017, vowing to beat the bookies with bets on games around Europe, including in England's Premier League and Spain's La Liga. Some were said to have lost up to 500,000 from their involvement in the failed fund. One of the investors reportedly died before receiving his money back. Campbell's father and mother Fiona Millar were reported to be facing losses running into hundreds of thousands of pounds relating to the alleged 5 million Ponzi-style pyramid scheme.

In a complaint filed in U.S. District Court in Miami, the Securities and Exchange Commission on Thursday charged co-founders of Retail Ecommerce Ventures LLC with carrying out fraudulent securities offerings, misusing investor funds and making Ponzi-like payments to investors. According to the SEC complaint, the company's primary business was to purchase distressed but recognizable retail companies and convert them into online-only operations.

Investors claim that, when the facade was exposed, they still hoped they could be bailed out by the £157m worth of diamonds they were told were held in stock. However, the remaining gemstones were valued at just £100,000, a BBC Panorama investigation claims. In 2021, allegedly incorrect accounting figures were published on Companies House, recording sales of more than £100m when the real sales figures that year were reportedly only £5m.

Investors in Irish whiskey distilleries are panicking as the global slowdown in alcohol continues to hammer the industry, with some of the most promising producers recently shutting up shop.