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A Ponzi Unveiled? Controversial Crypto Platform Facing California’s Wrath

The California Department of Financial Protection and Innovation (DFPI) issued a Desist and Refrain Order on Monday to Trage Technologies Ltd., also known as Trage Tech, for alleged violations of securities laws. The DFPI claims that Trage Tech, which operates out of the Marshall Islands and Panama, promoted “Crypto Arbitrage Investment Packages” without proper registration. Cryptoknowmics

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Robinhood, Galaxy Digital, Kraken, and Paxos Launch New Stablecoin

A consortium of traditional finance and crypto companies, including Robinhood, Galaxy Digital, Kraken, and Paxos, has come together to support a new stablecoin pegged to the U.S. dollar. In a Nov. 5 statement, blockchain infrastructure company Paxos announced that this “open network” is designed to drive global adoption of stablecoins. “The lack of competition in the regulated stablecoin market has prevented the industry from reaching its full potential. USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases,” stated Kraken co-CEO Arjun Sethi. The network’s aim is Cryptoknowmics