The founder of MyConstant has agreed to pay $10.5 million to settle SEC charges.

[Coin World] On August 6, it was reported that the SEC ( disclosed that Huynh Tran Quang Duy, the founder of the defunct lending platform MyConstant (also known as Duy Huynh), agreed to pay over $10.5 million to settle allegations of misappropriating investor funds to purchase UST. The SEC ) alleged that between September 2020 and November 2022, MyConstant raised over $20 million from more than 4,000 investors, claiming that these funds would be used for a low-risk Crypto Assets loan matching service with returns of 6%-10%. However, Huynh misappropriated $11.9 million of client funds to purchase UST and diverted approximately $415,000 for personal use. In May 2022, the price of UST experienced a big dump, resulting in investment losses exceeding $7.9 million. To cover up the facts, he falsely assured investors of the safety of their funds and forged loan summary information. In mid-November 2022, due to the collapse of several Crypto Assets companies, MyConstant ceased operations. Huynh is now ordered to pay over $8.3 million in illegal gains, $1.5 million in Interest, and $750,000 in penalties, without admitting or denying the allegations.

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AirdropHunter420vip
· 19h ago
Another one who came to Be Played for Suckers has been caught.
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DeFiAlchemistvip
· 08-06 04:49
another protocol turns to dust... the eternal cycle of defi transmutation continues
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FrontRunFightervip
· 08-06 04:46
another rat caught in SEC's darkpool trap smh
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OnchainHolmesvip
· 08-06 04:43
Again played people for suckers, the fourth one this year.
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FunGibleTomvip
· 08-06 04:36
Rug Pull ultimately still has to pay off debts.
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