The High Court in the UK has closed down PGI Global UK Ltd for running a cryptocurrency trading scam and defrauding investors. In addition, the Official Receiver appointed a liquidator for the process of shuttering.
The company’s sole director, Ramil Ventura Palafox, who lives in the United States, did not cooperate with the UK’s insolvency investigation. The company even failed to maintain adequate accounting records, comply with statutory obligations or provide transparency.
All of this pushed the court to decide in the public interest.
The company provided crypto trading packages, blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term education and health products. However, two of its former Directors provided conflicting activities in the company’s trading activity.
The British company was a part of Praetorian Group International Trading Inc, which has already been shuttered by the United States authorities.
A Too Good to Be True Scheme
The announcement of the UK government’s press office detailed that the investors of PCI were promised returns of up to 200 percent. The company was exposed when investors could not withdraw their invested funds after it had failed to generate the promised returns.
The UK authorities identified three bank accounts operated by PCI that received about £612,425 from potential investors between July 2020 and February 2021.
The funds stored in those accounts were also misappropriated: at least £195,000 was paid into personal accounts, whereas a payment of £10,000 was made to a luxury departmental store.
“Individuals and businesses that operate under the protections afforded by limited liability are, as a consequence, required to comply with the requirements of the Companies Act,” said UK Insolvency Service’s Chief Investigator, Mark George.
“This case highlights that where we have reasonable concerns about the trading practices of a company, the court will take a dim view of any failure to cooperate with a statutory enquiry and will wind up the company in the public interest.”
The High Court in the UK has closed down PGI Global UK Ltd for running a cryptocurrency trading scam and defrauding investors. In addition, the Official Receiver appointed a liquidator for the process of shuttering.
The company’s sole director, Ramil Ventura Palafox, who lives in the United States, did not cooperate with the UK’s insolvency investigation. The company even failed to maintain adequate accounting records, comply with statutory obligations or provide transparency.
All of this pushed the court to decide in the public interest.
The company provided crypto trading packages, blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term education and health products. However, two of its former Directors provided conflicting activities in the company’s trading activity.
The British company was a part of Praetorian Group International Trading Inc, which has already been shuttered by the United States authorities.
A Too Good to Be True Scheme
The announcement of the UK government’s press office detailed that the investors of PCI were promised returns of up to 200 percent. The company was exposed when investors could not withdraw their invested funds after it had failed to generate the promised returns.
The UK authorities identified three bank accounts operated by PCI that received about £612,425 from potential investors between July 2020 and February 2021.
The funds stored in those accounts were also misappropriated: at least £195,000 was paid into personal accounts, whereas a payment of £10,000 was made to a luxury departmental store.
“Individuals and businesses that operate under the protections afforded by limited liability are, as a consequence, required to comply with the requirements of the Companies Act,” said UK Insolvency Service’s Chief Investigator, Mark George.
“This case highlights that where we have reasonable concerns about the trading practices of a company, the court will take a dim view of any failure to cooperate with a statutory enquiry and will wind up the company in the public interest.”
Integrating AI with blockchain can improve AI’s trustworthiness and revolutionize numerous sectors. AI Builders Ought to Prioritize Consumer Management Stacey...
