GS Partners, a European-based entity involved in multiple cryptocurrency investment schemes, has agreed to refund all funds to investors in a settlement with five U.S. states.<\/p>\n
The agreement will see the firm pay back 100% of investor deposits in exchange for the dismissal of all civil claims and ongoing investigations.<\/p>\n
This settlement was announced<\/a> on Monday by the Texas State Securities Board (TSSB) and includes the states of Texas, Alabama, Arizona, Arkansas, and Georgia. Any client who invested in GSB\u2019s offerings will be eligible to recover their funds, provided their state or Canadian province participates in the settlement.<\/p>\n Joe Rotunda, enforcement director at the TSSB, explained<\/a> in an interview with Bloomberg, \u201cWe have negotiated a settlement that will ensure that all clients in any state or province that joins the settlement receive 100% of their deposits, less any withdrawals,\u201d he said.<\/p>\n \u201cThis is really a North American settlement. We don\u2019t often have the opportunity to get pure financial relief on a broad scale. This is rare.\u201d<\/p>\n According to the Bloomberg report, the alleged scheme was worth somewhere around $1 billion.<\/p>\n The claims process will be overseen by AlixPartners LP, a firm with experience in managing<\/a> high-profile financial recovery cases, such as the aftermath of Bernie Madoff\u2019s Ponzi scheme and the 2022 bankruptcy<\/a> of cryptocurrency exchange FTX.<\/p>\n AlixPartners will conduct blockchain analysis to ensure that all affected investors are identified and able to claim their refunds.<\/p>\n \u201cOur goal is to identify all of the clients and make sure they know about this process,\u201d Rotunda added. \u201cThey have the opportunity to get their funds back,\u201d said Joe.<\/p>\n Among the various crypto-related ventures was a high-profile attempt to tokenize partial ownership of a 36-floor skyscraper in Dubai. Promoted as a way for investors to earn passive income from leasing units in the tower, each token represented one square inch of the building.<\/p>\n Described as \u201cglorious\u201d and \u201cinspired by the winds of the desert,\u201d the \u201cG999 Tower\u201d attracted significant interest. However, the project failed to raise the necessary $175 million through token sales, and the value of the vouchers soon plummeted, leaving investors with near-worthless assets.<\/p>\n Hundreds of thousands of investors across the U.S. and Canada were impacted by the collapse of this and other offerings, including crypto tokens tied to a staking pool in the \u201cLydian World\u201d metaverse and a gold-backed cryptocurrency.<\/p>\n GS Partners, which operated as a multi-level marketing (MLM) scheme, heavily relied on celebrity endorsements, including one from former professional boxer Floyd Mayweather, to promote these ventures.<\/p>\n The post GS Partners to Reimburse Investors in $1B Crypto Scheme After Settling With 5 US States<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" GS Partners, a European-based entity involved in multiple cryptocurrency investment schemes, has agreed to refund all funds to investors in a settlement with five U.S. states. The agreement will see the firm pay back 100% of investor deposits in exchange for the dismissal of all civil claims and ongoing investigations. Investors Will Get Full Refunds […]<\/p>\n","protected":false},"author":0,"featured_media":5365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5364"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5364"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5364\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5365"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Failed Investment Schemes<\/h2>\n