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SEC Cracks Down on $198M Crypto Fraud, Drops Case Against Hex’s Richard Heart
SEC Cracks Down on $198M Crypto Fraud, Drops Case Against Hex’s Richard Heart
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The US Securities and Exchange Commission has intensified its crackdown on crypto-related fraud, charging Ramil Palafox, founder of PGI Global, with masterminding a $198 million scheme involving cryptocurrencies and foreign exchange trading. The case emerges as one of the first major enforcement actions under newly appointed SEC Chair Paul Atkins, signaling a sharper focus on illicit activities in digital asset markets. Simultaneously, the agency closed its contentious case against Richard Heart, creator of the Hex token, though details remain undisclosed. These moves reflect a recalibrated strategy as regulators grapple with the rapid evolution of crypto markets—balancing investor protection with the challenges of policing decentralized finance.
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