Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Trump Deepfake calls for Velociraptors on Border Patrol, charges 1.2 m view

2025-06-03

Acceleware announces management agreements | Web3wire

2025-06-03

Bitcoin: How BlackRock BTC’s can make next supply shock

2025-06-03
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Incentiv Testnet is going live to expand blockchain accessibility

    2025-06-03

    AI and Blockchain Dal Costs and downtime in transport

    2025-06-03

    World Network is expanding the worldwide ‘proof of human’ technology as AI Deepfakes Surge

    2025-06-03

    Clearpool’s Ozean integrates Chainsight for secure RWA Oracle infrastructure

    2025-06-03

    BNB Chain launches AI Bot to help developers and block scammers

    2025-06-03
  • NFT

    Trump Deepfake calls for Velociraptors on Border Patrol, charges 1.2 m view

    2025-06-03

    MINTABLE reveals Green NFT -card game on Singapore Climate Festival

    2025-06-03

    Solana Trump NFTS AirDroped to Crypto Dinner -Gasten – one already sold for $ 16k

    2025-06-03

    NFT -Market slips in May despite the growth of the buyers and profit of Bitcoin, Avalanche

    2025-06-02

    NFT -Market sees mixed results, polygon leads while Ethereum Collections is back

    2025-06-01
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    Bitcoin – Price mentioning Resistance – Traders Eye Outbraak or Rejection

    2025-06-03

    Pi on games to strengthen the ecosystem in the midst of price struggle

    2025-06-03

    Crypto analyst says that XRP community should pay attention to 4-6 June, here is why

    2025-06-03

    American Bitcoin ETFs Navigate $ 1.2 billion in the midst of the European approval of the retail trade

    2025-06-03

    A matter of time before Altcoins take a big dip against Bitcoin, according to analyst Benjamin Cowen

    2025-06-03
  • Learn

    What Is Yield Farming and How Does It Work?

    2025-06-02

    What Is Asset Tokenization? How It Works and Why It’s Important

    2025-05-30

    What Is DeFi 2.0 and Why It Matters

    2025-05-27

    Crypto Margin Trading: How It Works and How to Manage the Risks

    2025-05-26

    Wat is circulerende levering in cryptocurrency?

    2025-05-23
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Regulation»SEC admits that the facts have been incorrectly presented in the case against crypto company Debt BOX
SEC admits to misstatement of facts in case against crypto firm Debt BOX
Regulation

SEC admits that the facts have been incorrectly presented in the case against crypto company Debt BOX

2023-12-23No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

On December 22, the US Securities and Exchange Commission (SEC) admitted to making false statements in an ongoing case against Debt BOX, a cryptocurrency company accused of significant fraud.

The SEC alleges that Debt BOX defrauded investors of nearly $50 million. While the key allegations still stand, the SEC today admitted that its legal counsel unknowingly made false statements during a hearing on July 28, allowing it to obtain a restraining order, asset freeze and other restrictions against Debt BOX.

The regulator admitted shortcomings across the organisation, stating:

“The [SEC] and her lawyers fell short [expectations] here… The Commission’s lawyers failed to correct that statement when they learned of the inaccuracy. The Commission’s counsel also failed to clarify that certain statements were inferences from the facts known to them and did not directly support factual assertions.”

The SEC said it “deeply regrets these errors” and vowed to prevent similar errors. It said it has appointed senior staff and an experienced lawyer for the current case, adding that it will provide additional accuracy training.

Gurbir S. Grewal, director of the SEC’s Division of Enforcement, admitted in a separate filing that he made mistakes. He wrote, “I understand that the division fell short of these standards in this case, and I apologize for that shortfall.”

The SEC urged the court to refrain from imposing sanctions, arguing that the circumstances surrounding their errors do not justify a misconduct penalty. It stated that its staff has not engaged in bad faith conduct that could support sanctions.

The main error concerned the closure of accounts

In one false claim, SEC attorney Michael Welsh testified that 33 of Debt BOX’s bank accounts were closed 48 hours before his testimony.

See also  Crypto Exchange OKX to start a new security system after checking EU supervisors

The SEC said in its current admission that this was based on a misunderstanding between Welsh and another SEC member, Laurie Abbott. Abbot claims she told Welsh that SEC staff had learned of several account closures in the past 48 hours. But even that statement was inaccurate, as the SEC was previously aware of many of these account closures, unlike Abbot.

The regulator admitted that only 24 accounts have ever been closed and none have been closed in July 2023, let alone in the 48 hours before Welsh’s testimony. Over the course of the 48 hours, staff learned that a balance sheet decline occurred in July 2023 with no closures. Other dissipations took place over a number of years.

The SEC also sought to justify certain other errors related to claims about Debt BOX’s alleged attempts to move assets, block regulators from viewing their social media, move business operations abroad, and drain certain bank accounts. While the SEC maintains certain facts, it conceded that many of Welsh’s inferences are not justified by those facts.

The above problems have been going on for some time. District Judge Robert Shelby, who is presiding over the case, reprimanded SEC lawyers and warned on December 1 of possible sanctions. Terra Labs, in a separate case, tried to cite the SEC’s errors to argue that its own case should be dismissed.

Source link

Admits Box case Company Crypto debt facts incorrectly presented SEC
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

NYSE ARCA submits to mention Truth Social’s Spot Bitcoin ETF

2025-06-03

Donald Trump Jr. says that family came in crypto after he was degraded, realizing the financial system was ‘Pyramid Scheme’

2025-06-03

Crypto analyst says that XRP community should pay attention to 4-6 June, here is why

2025-06-03

Solana Trump NFTS AirDroped to Crypto Dinner -Gasten – one already sold for $ 16k

2025-06-03
Add A Comment

Comments are closed.

Top Posts

Louis Vuitton Affiliate Château d’Esclans and BlockBar to Sell NFT Rosé Barrel for $22,000

2024-05-15

Polygon’s DeFi space continues to grow; it will reflect on MATIC’s map

2023-05-07

How to stimulate your PI network extraction rate with 26x in 2025 – Key Strategy

2025-05-19
Editors Picks

How To Explain Blockchain Technology Simply Like Teaching A Child

2023-05-07

UQUID partners with monkey to combine digital art and web3 trade

2025-03-26

Ladies of BAYC Launch ‘NOT A + 1’ Phygital Jewellery Collection

2023-08-30

Pakistan is not planning to legalize crypto trading

2023-05-18
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Trump Deepfake calls for Velociraptors on Border Patrol, charges 1.2 m view

Acceleware announces management agreements | Web3wire

Bitcoin: How BlackRock BTC’s can make next supply shock

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$105,679.500.26%
  • ethereumEthereum(ETH)$2,627.711.06%
  • tetherTether USDt(USDT)$1.00-0.02%
  • rippleXRP(XRP)$2.252.67%
  • binancecoinBNB(BNB)$669.580.33%
  • solanaSolana(SOL)$156.63-1.55%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • dogecoinDogecoin(DOGE)$0.1962920.58%
  • tronTRON(TRX)$0.268559-0.39%
  • cardanoCardano(ADA)$0.700.53%
  • hyperliquidHyperliquid(HYPE)$36.591.94%
  • suiSui(SUI)$3.28-0.74%
  • chainlinkChainlink(LINK)$14.351.77%
  • avalanche-2Avalanche(AVAX)$21.471.22%
  • stellarStellar(XLM)$0.2746401.16%
  • unus-sed-leoUNUS SED LEO(LEO)$8.944.38%
  • bitcoin-cashBitcoin Cash(BCH)$404.620.12%
  • the-open-networkToncoin(TON)$3.210.65%
  • shiba-inuShiba Inu(SHIB)$0.000013-0.29%
  • hedera-hashgraphHedera(HBAR)$0.1730380.73%
  • litecoinLitecoin(LTC)$90.631.44%
  • polkadotPolkadot(DOT)$4.201.37%
  • moneroMonero(XMR)$344.15-3.81%
  • ethena-usdeEthena USDe(USDE)$1.000.02%
  • bitget-tokenBitget Token(BGB)$4.820.41%
  • daiDai(DAI)$1.000.02%
  • pepePepe(PEPE)$0.000012-1.61%
  • piPi(PI)$0.650.68%
  • uniswapUniswap(UNI)$6.695.80%
  • aaveAave(AAVE)$267.054.52%
  • bittensorBittensor(TAO)$396.920.96%
  • aptosAptos(APT)$4.992.36%
  • nearNEAR Protocol(NEAR)$2.541.45%
  • crypto-com-chainCronos(CRO)$0.101591-1.64%
  • okbOKB(OKB)$50.210.73%
  • internet-computerInternet Computer(ICP)$5.354.83%
  • ondo-financeOndo(ONDO)$0.860.88%
  • ethereum-classicEthereum Classic(ETC)$17.741.62%
  • gatechain-tokenGateToken(GT)$19.36-0.41%
  • kaspaKaspa(KAS)$0.088216-1.16%
  • mantleMantle(MNT)$0.680.00%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2174090.35%
  • official-trumpOFFICIAL TRUMP(TRUMP)$11.18-0.44%
  • usd1World Liberty Financial USD(USD1)$1.00-0.01%
  • vechainVeChain(VET)$0.0248320.28%
  • render-tokenRender(RENDER)$3.95-0.26%
  • ethenaEthena(ENA)$0.3440135.10%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.835.82%
  • worldcoin-wldWorldcoin(WLD)$1.190.72%
  • arbitrumArbitrum(ARB)$0.3681412.91%
  • bitcoinBitcoin(BTC)$105,679.500.26%
  • ethereumEthereum(ETH)$2,627.711.06%
  • tetherTether USDt(USDT)$1.00-0.02%
  • rippleXRP(XRP)$2.252.67%
  • binancecoinBNB(BNB)$669.580.33%
  • solanaSolana(SOL)$156.63-1.55%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • dogecoinDogecoin(DOGE)$0.1962920.58%
  • tronTRON(TRX)$0.268559-0.39%
  • cardanoCardano(ADA)$0.700.53%
  • hyperliquidHyperliquid(HYPE)$36.591.94%
  • suiSui(SUI)$3.28-0.74%
  • chainlinkChainlink(LINK)$14.351.77%
  • avalanche-2Avalanche(AVAX)$21.471.22%
  • stellarStellar(XLM)$0.2746401.16%
  • unus-sed-leoUNUS SED LEO(LEO)$8.944.38%
  • bitcoin-cashBitcoin Cash(BCH)$404.620.12%
  • the-open-networkToncoin(TON)$3.210.65%
  • shiba-inuShiba Inu(SHIB)$0.000013-0.29%
  • hedera-hashgraphHedera(HBAR)$0.1730380.73%
  • litecoinLitecoin(LTC)$90.631.44%
  • polkadotPolkadot(DOT)$4.201.37%
  • moneroMonero(XMR)$344.15-3.81%
  • ethena-usdeEthena USDe(USDE)$1.000.02%
  • bitget-tokenBitget Token(BGB)$4.820.41%
  • daiDai(DAI)$1.000.02%
  • pepePepe(PEPE)$0.000012-1.61%
  • piPi(PI)$0.650.68%
  • uniswapUniswap(UNI)$6.695.80%
  • aaveAave(AAVE)$267.054.52%
  • bittensorBittensor(TAO)$396.920.96%
  • aptosAptos(APT)$4.992.36%
  • nearNEAR Protocol(NEAR)$2.541.45%
  • crypto-com-chainCronos(CRO)$0.101591-1.64%
  • okbOKB(OKB)$50.210.73%
  • internet-computerInternet Computer(ICP)$5.354.83%
  • ondo-financeOndo(ONDO)$0.860.88%
  • ethereum-classicEthereum Classic(ETC)$17.741.62%
  • gatechain-tokenGateToken(GT)$19.36-0.41%
  • kaspaKaspa(KAS)$0.088216-1.16%
  • mantleMantle(MNT)$0.680.00%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2174090.35%
  • official-trumpOFFICIAL TRUMP(TRUMP)$11.18-0.44%
  • usd1World Liberty Financial USD(USD1)$1.00-0.01%
  • vechainVeChain(VET)$0.0248320.28%
  • render-tokenRender(RENDER)$3.95-0.26%
  • ethenaEthena(ENA)$0.3440135.10%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.835.82%
  • worldcoin-wldWorldcoin(WLD)$1.190.72%
  • arbitrumArbitrum(ARB)$0.3681412.91%