In June, the firm’s former president and CEO, Christopher Delgado, pleaded guilty to wire fraud, conspiracy and money laundering charges for operating an alleged Ponzi scheme that ran from January 2023 to January 2026 and took in more than US$400 million from investors — and resulted in at least US$250 million in investor losses. According to court filings and the plea agreement, investors were misled with promises of guaranteed monthly returns to be generated by trading in the firm’s crypto liquidity pools. On Tuesday, the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) also filed complaints against Delgado and the firm, alleging that they breached securities and derivatives rules.