Canadian case is another warning about the murky world of cryptocurrency

Crypto losers of millions want help from organized authorities. They should get it

So much for living the libertarian dream.

Canadians who have lost about $200 million escaping the control of "fiat currency," backed by governments, and market regulation are now asking for help from the authorities to try to get their money back.

The B.C.-based Quadriga is going to court today in Halifax to claim protection from its creditors under Canadian bankruptcy law.

And according to documents prepared for the court hearing, suddenly it turns out that a company widely seen as Canada's biggest cryptocurrency trader, a company that described itself as a "leading bitcoin exchange" was really just a guy with a computer. read more »

Chicago accountant charged with misappropriation of $65 million

Illinois accountant Sultan Issa was charged on Tuesday with criminal fraud for allegedly misappropriating more than $65 million.

Issa, 45, served as a certified public accountant and the chief financial officer for a group of partnerships, corporations and trusts owned by a Chicago-based family, according to the United States Attorney’s Office for the State of Illinois.

For more than a decade between 2007 to 2017, Issa allegedly embezzled about $55 million of the family’s assets. He also solicited another $8.8 million from individuals with promises that he he would invest their funds, including in a luxury auto dealership Issa owned in Burr Ridge, the government alleged.

Issa, of Hinsdale, Illinois, allegedly used tens of millions of dollars to cover his personal expenses and secured fraudulent loans from financial institutions totaling at least $83 million. read more »

Boeing Sued for Negligence in Wildfire That Devastated Malibu

Boeing Co. was accused of negligence tied to a wildfire that tore through Malibu, California, in November and that purportedly started on the grounds of the nearby, disused Rocketdyne testing site.

A group of homeowners sued Boeing along with Edison International, the parent of the utility they say was at fault in igniting the fire, on Tuesday in Los Angeles. They claim Boeing failed to properly manage the vegetation on the Santa Susana Field Laboratory and allowed the fire to spread to surrounding neighborhoods.

The Woolsey fire killed 3, burned about 100,000 acres and destroyed 1,500 structures in and around Malibu. Southern California Edison has said an electrical substation on the Boeing property suffered an outage two minutes before the fire was first reported. read more »

Instacart and DoorDash’s Tip Policies Are Delivering Outrage

This week, Instacart and DoorDash — two giants of the app-based delivery industry, collectively valued by investors at more than $11 billion — are under fire from critics who are accusing the companies of taking advantage of their workers with deceptive tipping policies. Both companies have admitted to putting customer tips toward workers’ minimum pay guarantees, in effect using them to subsidize their own payouts.

It’s no secret that many modern gig workers exist in a state of permanent precarity, with few legal protections, unstable working conditions and pay that varies based on who’s flush with venture capital money that week.

But even by gig economy standards, the tipping policies of Instacart and DoorDash seem diabolical. read more »