Cryptocurrency
SEC Charges NovaTech Promoters in Alleged $650M Crypto Ponzi Scheme

The U.S. Securities and Exchange Commission (SEC) has filed charges against NovaTech Ltd. and its principals, Cynthia and Eddy Petion, for allegedly organizing a crypto fraud that defrauded over 200,000 investors worldwide, including many within the Haitian-American community.
The SEC’s complaint details that NovaTech, under the leadership of the Petions, was promoted as a multi-level marketing (MLM) and crypto asset investment program.
$650 Million Crypto Ponzi Scheme
According to an August 12 press release, the SEC accuses the Petions of running a fraudulent scheme that raised more than $650 million in crypto assets between 2019 and 2023.
Investors were led to believe that their funds would be safely invested in cryptocurrency and foreign exchange markets, with Cynthia Petion reassuring them that their capital would yield profits from day one.
However, instead of investing most of the funds as promised, the SEC claims that NovaTech used investor money to pay existing investors and cover commissions for promoters, classic characteristics of a Ponzi scheme.
A huge portion of the funds was also allegedly siphoned off by the Petions for personal use. As the scheme began to unravel, most investors found themselves unable to withdraw their funds, resulting in significant financial losses.
Eric Werner, Director of the SEC’s Fort Worth Regional Office, stated that NovaTech and the Petions caused significant losses to tens of thousands of victims globally. He emphasized that large MLM schemes rely on promoters to thrive and asserted that the SEC will hold accountable not only the primary architects of such schemes but also the promoters who unlawfully solicit victims.
SEC Charges Six NovaTech Promoters
The SEC has also charged six top NovaTech promoters—Martin Zizi, Dapilinu Dunbar, James Corbett, Corrie Sampson, John Garofano, and Marsha Hadley. They are accused of recruiting a broad network of investors while downplaying critical red flags regarding the company’s operations.
These red flags included regulatory actions taken against NovaTech by U.S. and Canadian authorities, which the promoters allegedly ignored while continuing to solicit new investments.
The SEC’s complaint seeks permanent injunctive relief, the disgorgement of ill-gotten gains, and civil penalties against all defendants. Meanwhile, Zizi has agreed to a partial settlement of the SEC’s charges but hasn’t admitted or denied the allegations.
Zizi consented to a $100,000 civil penalty and agreed to be permanently enjoined from future violations of the charged provisions. Pending court approval, the final determination of other monetary remedies against Zizi will be decided at a later date.
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Cryptocurrency
UK Bitcoin Treasury Companies on The Rise, The Current Leaders in Focus

The United Kingdom, while slow to join the race, has some rising players with notable amounts of Bitcoin in their vaults.
A new financial instrument has also emerged as an aftereffect, offering a novel, two-way method of fundraising and accumulation.
The Smarter Web Company
The technology firm specializing in web design and online marketing, listed on the Aquis Stock Exchange (SWC), has announced the launch of a new financial product called “Smarter Convert”, developed in partnership with TOBAM.
This will be an interest-free capital-raising initiative designed as a convertible bond, denominated in Bitcoin. This instrument has been completely subscribed (bought out) by TOBAM, an asset management company that has been engaged with the leading digital asset since 2016, for $21 million.
Smarter Convert’s structure is meant to align incentives for stakeholders while also providing downside protection. The asset manager used three of its funds for the purchase, and it projects that future bonds could be issued to other investors, including TOBAM, at future market prices using the same method.
The “Reference Share Price” for the initial tranche of Smarter Convert is set to £1.95, which is the closing price of the company’s stock as of yesterday. Some key terms for the product include:
- Conversion Share Price: Equity by investors can be converted at a 5% premium to the Reference Share Price, with a 1.3288 GBP/USD conversion rate
- Downside Protection: If bonds are not converted within 1 year, the firm will repay 98% of the value to investors
This instrument provides the opportunity to raise funds at a premium to current market prices, while also enabling the enterprise to increase its BTC holdings. However, the maximum amount attainable via this method will be capped at around 30% of the existing unburdened stash.
The Smarter Web Company has a Bitcoin balance of 2,050 coins, currently valued at $233.31 million, with an average purchasing cost of $110,040. They joined the treasury race around the end of April this year, and are positioned in 27th place on the BitcoinTreasuries site.
Satsuma Technology PLC
The London Stock Exchange-listed (SATS.L) AI-focused software development company, which recently adopted a treasury strategy, has completed its second loan note capital raise, reaching £163.7M ($217.6 million), which is over 63% of its minimum target of £100 million ($133M).
The loan notes obtained from the fundraiser will be converted into ordinary shares of £0.001, subject to shareholder approval and the issuance of a prospectus by the company.
Renowned global fund managers, exchanges, and various institutions, including Kraken, Pantera Capital, DCG, and Borderless Capital, among others, backed the funding, which netted the company 1,097 BTC for which they paid £96.8M ($128 million) in cash.
Some of the proceeds from the raise will be used to expand current operations, further solidifying their focus on AI and DeFi. At the same time, the remainder will be allocated to bolster the Bitcoin coffers.
The company embarked on its treasury journey in mid-July and already holds 1,126 bitcoins, currently valued at $128.54 million, with an average purchase price of $115,149 per coin, according to the most recent data obtained from BitcoinTreasures. They are currently ranked 35th on the site’s leaderboard.
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Cryptocurrency
July Saw Solid Growth in Crypto Market Capitalization: Binance Report

The cryptocurrency market grew by 13.3% in July, driven mainly by bitcoin (BTC) hitting several price highs throughout the month. The rally attracted increased institutional interest in Bitcoin, Ethereum, and major altcoins, supported by more companies integrating digital assets into their corporate treasuries.
According to a monthly report by Binance, the world’s largest crypto exchange, regulatory progress in the U.S., including the passage of new stablecoin laws, helped build confidence among market participants. As a result, altcoins outperformed BTC during the month, pushing Bitcoin’s market dominance down to 60.6%, while altcoins’ share rose close to 39.2%.
Regulatory Advances Boost Crypto Market
July showed positive signs from expected Federal Reserve rate cuts and new crypto legislation. Binance noted that these developments boosted institutional demand for altcoin futures and increased corporate digital asset holdings.
Specifically, ether (ETH) saw a significant jump in corporate holdings, rising by about 127.7% to over 2.7 million ETH. This surge aligned with a 50% increase in the asset’s price, making it one of the best-performing cryptocurrencies last month.
A key regulatory milestone was the passage of the GENIUS Act, which established a federal framework for stablecoins fully backed by cash or short-term Treasuries and compliant with anti-money laundering rules. This law encouraged major banks like JPMorgan and Citi to expand pilot programs for tokenized deposits and cross-border payments.
Fintech firm Visa also acknowledged the growing importance of stablecoins in payments and plans to increase its support. On-chain stablecoin transfers remained near record levels, consistently exceeding Visa’s transaction volumes since late 2024, underscoring their expanding role in global payments.
Tokenized Stocks Gain Traction
Tokenized stocks saw growing activity in July, reaching a market value of about $370 million. Popular tokenized assets like Tesla shares and the S&P 500 ETF accounted for $53.6 million, while active on-chain addresses surged from 1,600 to 90,000, highlighting rising user participation.
Despite this growth, centralized exchanges still handle the majority of tokenized stock trading, with volumes more than 70 times higher than those on on-chain platforms. Binance suggests that if even a small portion of the global stock market is tokenized, it could create a $1.3 trillion market, paving the way for broader adoption of on-chain assets and decentralized finance.
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Cryptocurrency
This On-Chain Strategy Tells You Exactly When to Buy More BTC

Bitcoin (BTC) has been in consolidation mode for a few weeks, and analysts believe this is the right time to keep accumulating the crypto asset.
A report by the market analytics firm CryptoQuant explained a smart dollar-cost averaging (DCA) method based on Realized Price signals. This is to help investors accumulate BTC to make the most of the asset’s price appreciation.
When to Buy More BTC
DCA seeks to minimize the impact of market volatility on large crypto acquisitions. It involves the allocation of a fixed amount of capital at regular intervals regardless of the price of the purchased asset.
According to CryptoQuant analyst BorisVest, this DCA strategy offers a data-driven solution that tackles one of the biggest challenges in Bitcoin investing. This method helps investors to avoid entering the market during tops or periods of fear of missing out (FOMO). It also enables market participants to take advantage of bottoms despite fearful sentiment, reversing emotional trading cycles and leading to long-term success.
CryptoQuant’s DCA recommends buying BTC when its price falls below the one-week to one-month realized price. At such levels, short-term holders are often under increased selling pressure as they are in the red. The strategy executes hourly purchases during such periods, keeping the BTC and USD cost basis closer.
More Accumulation Needed
At press time, the one-week to one-month realized price stood around $117,700, while the price of BTC hovered around $117,760. This indicates that the market is still in the accumulation zone, although the price is nearing the realized threshold. As long as bitcoin’s price stays below the $117,700 level, investors can continue accumulating.
However, once the price climbs above the realized threshold, it is time to gradually sell the acquired assets, using the same approach.
“In essence, Smart DCA removes emotion from the decision-making process and replaces it with behavioral on-chain metrics. By buying during fear-driven dips and selling into strength, it builds a more resilient and optimized portfolio over time,” BorisVest added.
Meanwhile, traders have been taking advantage of bitcoin’s price movement to grow their holdings. CryptoPotato reported that they bought roughly 120,000 BTC as bitcoin recovered from $112,000 to $116,000 over the last two days. However, the market needs stronger accumulation to form sustainable support.
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