- Marathon Patent Group recently acquired GBV, a company set up months ago, in a deal that will leave prior shareholders with only 19% ownership.
- GBV has undisclosed connections to Marathon's former CFO, including a security interest filing.
- Marathon's pivot to blockchain mirrors another company, Riot Blockchain, in suspicious ways, such as the timing of deals and overpaying for mining assets.
- Marathon's auditor recently resigned and was replaced by another firm with a history of deficiencies.
Riot blockchain: Yet Another Suspicious Cash-Depleting TransactionHindenburg Research
Riot Blockchain has engaged in several suspicious transactions that enrich insiders. Its latest transaction is paying $4 million upfront to a consulting firm called Ingenium that Hindenburg Research previously identified as a likely related party. The short seller believes Riot's transactions are among the most brazen they have seen in a US public company and questions remain about potential misuse of shareholder funds. A new director, Remo Mancini, was also appointed to key board positions.
Riot Blockchain, Inc. changed its name and business focus in October 2017 to become a strategic investor and operator in the blockchain ecosystem. A class action lawsuit was filed alleging that during this period, Riot lacked a meaningful business plan for its cryptocurrency business and misled investors by capitalizing on public interest in cryptocurrencies to artificially inflate its stock price. When a report revealed Riot had minimal cryptocurrency investments and numerous issues in its SEC filings, Riot's stock price dropped significantly, damaging investors.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
THE TOP 10 GLOBAL BITCOIN REGULATORY DEVELOPMENTS OF 2015Steven Rhyner
Not a single month passed in 2015 without some groundbreaking new development in the world of digital currency regulation. I’ll count down some of the ones that have been most influential on my own practice.
This document discusses utilizing blockchain technology in new ways. It provides an overview of Blockchain Zoo, a global blockchain association. It then discusses key concepts about blockchain like how it distributes trust without a central authority. Several use cases are described, such as improving audit and compliance, financial transactions, medical records, and supply chain transparency. Blockchain is positioned as a solution to common problems by establishing trust between parties through its decentralized and transparent nature.
This document discusses seven real-world applications of blockchain technology that could significantly impact industries and markets. It analyzes how blockchain could enable new distributed power markets worth $2.5-7 billion annually by facilitating secure transactions between individuals on the electric grid. It also explores how blockchain-based identity and reputation management could accelerate the sharing economy, such as by generating $3-9 billion in additional travel booking fees through 2020. Other applications examined include reducing title insurance costs through more efficient property record verification, and lowering capital market post-trade costs by streamlining securities clearing and settlement. The document analyzes the opportunities and challenges associated with implementing blockchain solutions in these domains.
Blockchain technology has the potential to transform the commercial insurance broking industry by creating provable trust between parties and driving operational excellence. By implementing blockchain-enabled smart contracts, brokers can streamline back-office processes, reduce costs, speed up transactions and settlements, and eliminate the need for reconciliation between different systems. This allows brokers to shift focus from administrative tasks to more value-added activities. Blockchain provides transparency, security, and automation that can replace the traditional model of trust through handshakes and relationships.
ACC presentation on tokenization of everything - February-March 2018Louis Lehot
This document summarizes a presentation on blockchain and ICOs given to the ACC SF Bay Area Corporate and Securities Committee. It discusses the basics of blockchain technology and applications, challenges of multi-jurisdictional regulation, potential uses of blockchain including for smart contracts, and considerations around blockchain intellectual property and due diligence. The presentation aimed to help transactional lawyers understand blockchain to perform due diligence on related technologies and transactions.
Riot blockchain: Yet Another Suspicious Cash-Depleting TransactionHindenburg Research
Riot Blockchain has engaged in several suspicious transactions that enrich insiders. Its latest transaction is paying $4 million upfront to a consulting firm called Ingenium that Hindenburg Research previously identified as a likely related party. The short seller believes Riot's transactions are among the most brazen they have seen in a US public company and questions remain about potential misuse of shareholder funds. A new director, Remo Mancini, was also appointed to key board positions.
Riot Blockchain, Inc. changed its name and business focus in October 2017 to become a strategic investor and operator in the blockchain ecosystem. A class action lawsuit was filed alleging that during this period, Riot lacked a meaningful business plan for its cryptocurrency business and misled investors by capitalizing on public interest in cryptocurrencies to artificially inflate its stock price. When a report revealed Riot had minimal cryptocurrency investments and numerous issues in its SEC filings, Riot's stock price dropped significantly, damaging investors.
MTBiz is for you if you are looking for contemporary information on business, economy and especially on banking industry of Bangladesh. You would also find periodical information on Global Economy and Commodity Markets.
THE TOP 10 GLOBAL BITCOIN REGULATORY DEVELOPMENTS OF 2015Steven Rhyner
Not a single month passed in 2015 without some groundbreaking new development in the world of digital currency regulation. I’ll count down some of the ones that have been most influential on my own practice.
This document discusses utilizing blockchain technology in new ways. It provides an overview of Blockchain Zoo, a global blockchain association. It then discusses key concepts about blockchain like how it distributes trust without a central authority. Several use cases are described, such as improving audit and compliance, financial transactions, medical records, and supply chain transparency. Blockchain is positioned as a solution to common problems by establishing trust between parties through its decentralized and transparent nature.
This document discusses seven real-world applications of blockchain technology that could significantly impact industries and markets. It analyzes how blockchain could enable new distributed power markets worth $2.5-7 billion annually by facilitating secure transactions between individuals on the electric grid. It also explores how blockchain-based identity and reputation management could accelerate the sharing economy, such as by generating $3-9 billion in additional travel booking fees through 2020. Other applications examined include reducing title insurance costs through more efficient property record verification, and lowering capital market post-trade costs by streamlining securities clearing and settlement. The document analyzes the opportunities and challenges associated with implementing blockchain solutions in these domains.
Blockchain technology has the potential to transform the commercial insurance broking industry by creating provable trust between parties and driving operational excellence. By implementing blockchain-enabled smart contracts, brokers can streamline back-office processes, reduce costs, speed up transactions and settlements, and eliminate the need for reconciliation between different systems. This allows brokers to shift focus from administrative tasks to more value-added activities. Blockchain provides transparency, security, and automation that can replace the traditional model of trust through handshakes and relationships.
ACC presentation on tokenization of everything - February-March 2018Louis Lehot
This document summarizes a presentation on blockchain and ICOs given to the ACC SF Bay Area Corporate and Securities Committee. It discusses the basics of blockchain technology and applications, challenges of multi-jurisdictional regulation, potential uses of blockchain including for smart contracts, and considerations around blockchain intellectual property and due diligence. The presentation aimed to help transactional lawyers understand blockchain to perform due diligence on related technologies and transactions.
Si bien blockchain es una promesa a largo plazo para transformar los negocios y la sociedad, hay poca evidencia en la realidad a corto plazo. Este informe especial destaca el alcance de esta transformación, cómo afecta a varias industrias y el estado actual y la evolución de estas tecnologías.
This document discusses the potential for blockchain technology in business applications. It provides background on blockchain and describes some key components for enterprise blockchain solutions, including different blockchain platforms. Several examples are given of how organizations are currently using blockchain, such as BNP Paribas using it for letters of credit and Bumble Bee Foods providing supply chain transparency. However, challenges to adoption are also outlined, such as regulatory uncertainty, scalability issues, and gaining internal acceptance of the technology.
There’s an exciting new cast of innovators and founders in the blockchain ecosystem. And these emerging disruptors are approaching blockchain differently than legacy organizations.
This Deloitte report explores the biggest trends enabling the future of blockchain and how new industry players are using the technology to push boundaries.
This document discusses the future of fintech in capital markets. It outlines 5 key themes: 1) Core market infrastructure like blockchain could transform exchanges through decentralization. 2) Post-trade digitization could automate compliance and risk management. 3) AI and analytics could leverage massive data for predictions. 4) Investment technology could digitize decisions and shift to passive investments. 5) Alternative funding platforms could provide new models for individuals and SMEs to access capital. The document argues that partnerships between financial market infrastructure providers and fintechs could leverage each other's scale, expertise, and innovative technologies to transform the industry.
Digital assets are on the verge of becoming the next big thing in the market. Companies are getting prepared for digital assets with Blockchain technology. Blockchain technology will help companies to manage and keep control over digital assets. This technology will help in transacting and trading digital assets in real-time.
The document discusses how digital transformation is requiring banks to innovate and improve the customer experience across multiple channels in order to remain competitive. It outlines some of the key challenges banks face in terms of budget constraints that limit their ability to invest in innovation. The document proposes that banks can free up resources for innovation by first lowering costs on existing "run the bank" operations through technologies like cloud computing. This would allow banks to shift more of their IT budget to "change the bank" projects that modernize applications and improve customer-centric services. The document advocates for a multi-layer architecture and roadmap to help banks achieve operational efficiencies while also enhancing the customer experience and driving new revenue opportunities through digital transformation.
Whether you are planning for establishing a white label crypto exchange software development company or a centralized trading development in the Middle East, you must know about compliance and taxation outlook in this region. This article will give you a better understanding of legal regulation and taxation in the Middle East.
The distributed ledger technology underlying cryptocurrency is advancing quickly, requiring banks to take the initiative or risk falling behind in the next generation of digital commerce.
BitClave was founded in 2016 to rethink and rebuild the relationship between businesses and customers based on
the trust and transparency of smart contracts. The company plans to transform the Internet advertising market,
which is currently monopolized by giant corporations and controlled by intermediaries.
Rating score "A1"
Low Fraud Rate
Blockchain applications in payments and fintechPenser
An overview of blockchain applications in the payments and fintech industry, with recent examples. For full article, see - https://www.penser.co.uk/blockchain-applications-payments-fintech/
1) The document provides an overview of the blockchain industry and Bitcoin Shop Inc. It explains that the blockchain is a decentralized public ledger that can impact record keeping industries by providing trust without centralized control.
2) Bitcoin Shop aims to capitalize on blockchain opportunities by securing the blockchain through transaction verification and building consumer solutions. It has rapidly scaled its verification services business.
3) Venture capital investment in blockchain startups has grown significantly since 2013, though it remains below early internet levels. Major companies have also started accepting bitcoin as payment.
Distributed Ledgers: Possibilities and Challenges in Capital Markets Applicat...Cognizant
Distributed ledgers - blockchain technology - stands to make numerous financial services activities more secure, autonomous, and efficient. Here's a walk-through of a range of potential use cases: IPO issuance, trade agreements and settlements, confirmations, etc. and a strategy for transition.
Q3 Market analysis on the digital asset industry. We take a look at how traditional market metrics have been adapted to the digital world and how they are being used. We also discuss how the performance of this market compares to the digital market and some up coming events to look out for.
Blockchain's Smart Contracts: Driving the Next Wave of Innovation Across Manu...Cognizant
Blockchain technology has the potential to fundamentally change manufacturing supply chains by enabling trusted relationships and transactions between partners without intermediaries. Smart contracts on blockchain platforms can automate negotiations and transactions, reducing costs while increasing efficiency and agility. Early applications include smart contracts that automate procurement transactions between suppliers and buyers, and smart equipment that can automatically order replenishments. Widespread use of blockchain in manufacturing will require overcoming challenges of integrating new decentralized technologies with existing systems and evaluating technology maturity.
Several US states are working to become the blockchain and cryptocurrency capital of the country by passing crypto-friendly legislation. Wyoming has passed several bills defining cryptocurrencies as assets and exempting certain tokens from securities laws. This is aimed at attracting blockchain companies to the state. Tennessee is also pursuing pro-crypto policies like legally recognizing cryptocurrency payments. Delaware was an early leader but its blockchain director recently stepped down, though the state still plans to advance its goals in this area.
Bitcoin has rapidly gained popularity due to its decentralized and anonymous nature. However, its volatility and lack of regulation or central authority pose risks. While some see it as championing individual liberty, others worry about potential effects and see problems with its supply and demand. The article discusses the different groups fueling Bitcoin's demand, including monetary freedom advocates, those seeking to preserve distressed savings, and online gamblers and speculators. However, questions remain around its long term viability and whether it can achieve widespread mainstream acceptance.
How Blockchain App Development is Paving the Way for the FutureDamco Solutions
Blockchain applications can serve as a trading and financing instrument to ensure distributed ledger-backed payments. Finance and Banking services have taken a lead in Blockchain app development. For more in detail, please visit - https://www.damcogroup.com/blogs/how-blockchain-app-development-is-paving-the-way-for-the-future/
»»Repetitive, transaction-based compliance tasks can be routinized, thus freeing up professional resources to perform
higher-level analysis and institute qualitative improvements.
»»Trusted systems are essential when performing and validating compliance activities that rely upon RegTech.
»»Distributed ledger technology (blockchain) employs a permissioned consensus mechanism to confirm transactions, thus
heightening trust.
»»Blockchain will continue to be leveraged to improve transparency, strengthen internal controls, and provide greater
assurance to stakeholders.
BTCS is focused on securing the blockchain through transaction verification services and plans to capitalize on broader blockchain opportunities. It has rapidly scaled its verification services, with 971% growth in hashing power YTD. BTCS recently invested in Spondoolies-Tech, a leading ASIC server developer, and plans to merge to vertically integrate operations. With low costs for its 83,000 square foot facility, BTCS believes it is well positioned long term in the blockchain industry.
Here are the key legal requirements for a sole trader business like Patel Supermarket in Australia:
- Business Name Registration - The business name (e.g. Patel Supermarket) must be registered with ASIC unless it includes the owner's personal name. This helps identify the sole trader.
- Australian Business Number (ABN) - An ABN must be obtained and quoted when conducting business. It is used for tax and dealing with government.
- Insurance - Appropriate insurances like public liability, professional indemnity etc. must be taken depending on the business activities.
- Licenses and Permits - Licenses may be required from local councils for activities like selling food, medicines etc. Other
Si bien blockchain es una promesa a largo plazo para transformar los negocios y la sociedad, hay poca evidencia en la realidad a corto plazo. Este informe especial destaca el alcance de esta transformación, cómo afecta a varias industrias y el estado actual y la evolución de estas tecnologías.
This document discusses the potential for blockchain technology in business applications. It provides background on blockchain and describes some key components for enterprise blockchain solutions, including different blockchain platforms. Several examples are given of how organizations are currently using blockchain, such as BNP Paribas using it for letters of credit and Bumble Bee Foods providing supply chain transparency. However, challenges to adoption are also outlined, such as regulatory uncertainty, scalability issues, and gaining internal acceptance of the technology.
There’s an exciting new cast of innovators and founders in the blockchain ecosystem. And these emerging disruptors are approaching blockchain differently than legacy organizations.
This Deloitte report explores the biggest trends enabling the future of blockchain and how new industry players are using the technology to push boundaries.
This document discusses the future of fintech in capital markets. It outlines 5 key themes: 1) Core market infrastructure like blockchain could transform exchanges through decentralization. 2) Post-trade digitization could automate compliance and risk management. 3) AI and analytics could leverage massive data for predictions. 4) Investment technology could digitize decisions and shift to passive investments. 5) Alternative funding platforms could provide new models for individuals and SMEs to access capital. The document argues that partnerships between financial market infrastructure providers and fintechs could leverage each other's scale, expertise, and innovative technologies to transform the industry.
Digital assets are on the verge of becoming the next big thing in the market. Companies are getting prepared for digital assets with Blockchain technology. Blockchain technology will help companies to manage and keep control over digital assets. This technology will help in transacting and trading digital assets in real-time.
The document discusses how digital transformation is requiring banks to innovate and improve the customer experience across multiple channels in order to remain competitive. It outlines some of the key challenges banks face in terms of budget constraints that limit their ability to invest in innovation. The document proposes that banks can free up resources for innovation by first lowering costs on existing "run the bank" operations through technologies like cloud computing. This would allow banks to shift more of their IT budget to "change the bank" projects that modernize applications and improve customer-centric services. The document advocates for a multi-layer architecture and roadmap to help banks achieve operational efficiencies while also enhancing the customer experience and driving new revenue opportunities through digital transformation.
Whether you are planning for establishing a white label crypto exchange software development company or a centralized trading development in the Middle East, you must know about compliance and taxation outlook in this region. This article will give you a better understanding of legal regulation and taxation in the Middle East.
The distributed ledger technology underlying cryptocurrency is advancing quickly, requiring banks to take the initiative or risk falling behind in the next generation of digital commerce.
BitClave was founded in 2016 to rethink and rebuild the relationship between businesses and customers based on
the trust and transparency of smart contracts. The company plans to transform the Internet advertising market,
which is currently monopolized by giant corporations and controlled by intermediaries.
Rating score "A1"
Low Fraud Rate
Blockchain applications in payments and fintechPenser
An overview of blockchain applications in the payments and fintech industry, with recent examples. For full article, see - https://www.penser.co.uk/blockchain-applications-payments-fintech/
1) The document provides an overview of the blockchain industry and Bitcoin Shop Inc. It explains that the blockchain is a decentralized public ledger that can impact record keeping industries by providing trust without centralized control.
2) Bitcoin Shop aims to capitalize on blockchain opportunities by securing the blockchain through transaction verification and building consumer solutions. It has rapidly scaled its verification services business.
3) Venture capital investment in blockchain startups has grown significantly since 2013, though it remains below early internet levels. Major companies have also started accepting bitcoin as payment.
Distributed Ledgers: Possibilities and Challenges in Capital Markets Applicat...Cognizant
Distributed ledgers - blockchain technology - stands to make numerous financial services activities more secure, autonomous, and efficient. Here's a walk-through of a range of potential use cases: IPO issuance, trade agreements and settlements, confirmations, etc. and a strategy for transition.
Q3 Market analysis on the digital asset industry. We take a look at how traditional market metrics have been adapted to the digital world and how they are being used. We also discuss how the performance of this market compares to the digital market and some up coming events to look out for.
Blockchain's Smart Contracts: Driving the Next Wave of Innovation Across Manu...Cognizant
Blockchain technology has the potential to fundamentally change manufacturing supply chains by enabling trusted relationships and transactions between partners without intermediaries. Smart contracts on blockchain platforms can automate negotiations and transactions, reducing costs while increasing efficiency and agility. Early applications include smart contracts that automate procurement transactions between suppliers and buyers, and smart equipment that can automatically order replenishments. Widespread use of blockchain in manufacturing will require overcoming challenges of integrating new decentralized technologies with existing systems and evaluating technology maturity.
Several US states are working to become the blockchain and cryptocurrency capital of the country by passing crypto-friendly legislation. Wyoming has passed several bills defining cryptocurrencies as assets and exempting certain tokens from securities laws. This is aimed at attracting blockchain companies to the state. Tennessee is also pursuing pro-crypto policies like legally recognizing cryptocurrency payments. Delaware was an early leader but its blockchain director recently stepped down, though the state still plans to advance its goals in this area.
Bitcoin has rapidly gained popularity due to its decentralized and anonymous nature. However, its volatility and lack of regulation or central authority pose risks. While some see it as championing individual liberty, others worry about potential effects and see problems with its supply and demand. The article discusses the different groups fueling Bitcoin's demand, including monetary freedom advocates, those seeking to preserve distressed savings, and online gamblers and speculators. However, questions remain around its long term viability and whether it can achieve widespread mainstream acceptance.
How Blockchain App Development is Paving the Way for the FutureDamco Solutions
Blockchain applications can serve as a trading and financing instrument to ensure distributed ledger-backed payments. Finance and Banking services have taken a lead in Blockchain app development. For more in detail, please visit - https://www.damcogroup.com/blogs/how-blockchain-app-development-is-paving-the-way-for-the-future/
»»Repetitive, transaction-based compliance tasks can be routinized, thus freeing up professional resources to perform
higher-level analysis and institute qualitative improvements.
»»Trusted systems are essential when performing and validating compliance activities that rely upon RegTech.
»»Distributed ledger technology (blockchain) employs a permissioned consensus mechanism to confirm transactions, thus
heightening trust.
»»Blockchain will continue to be leveraged to improve transparency, strengthen internal controls, and provide greater
assurance to stakeholders.
BTCS is focused on securing the blockchain through transaction verification services and plans to capitalize on broader blockchain opportunities. It has rapidly scaled its verification services, with 971% growth in hashing power YTD. BTCS recently invested in Spondoolies-Tech, a leading ASIC server developer, and plans to merge to vertically integrate operations. With low costs for its 83,000 square foot facility, BTCS believes it is well positioned long term in the blockchain industry.
Here are the key legal requirements for a sole trader business like Patel Supermarket in Australia:
- Business Name Registration - The business name (e.g. Patel Supermarket) must be registered with ASIC unless it includes the owner's personal name. This helps identify the sole trader.
- Australian Business Number (ABN) - An ABN must be obtained and quoted when conducting business. It is used for tax and dealing with government.
- Insurance - Appropriate insurances like public liability, professional indemnity etc. must be taken depending on the business activities.
- Licenses and Permits - Licenses may be required from local councils for activities like selling food, medicines etc. Other
- Bitcoin Shop, Inc. is building a digital currency ecosystem through strategic investments and partnerships in companies focused on wallets, payment processing, ATMs, ecommerce, and mining.
- They own two bitcoin ATMs and are the lead investor in Coin Outlet, a leading bitcoin ATM manufacturer and operator planning to deploy ATMs globally.
- BTCS also has partnerships with payment processor GoCoin, cloud wallet Gem, and digital currency exchange Expresscoin to provide an integrated ecosystem of digital currency services.
Bitcoin Shop, Inc. (BTCS) aims to build a universal digital currency ecosystem by making strategic investments and partnerships in companies focused on wallets, payment processing, mining, ATMs, and ecommerce. BTCS has invested in GoCoin, Expresscoin, Gem, and Coin Outlet to gain exposure to key aspects of the digital currency industry. The management team believes this ecosystem approach will drive greater adoption of digital currencies as it creates an integrated user experience.
Bitcoin and digital currencies represent a potential disruption to traditional payment systems and financial services. Bitcoin adoption is rapidly accelerating, with over 20 million user wallets, $3.99 billion in market capitalization ranking it above many world currencies, and over 250,000 merchants accepting it globally. The document outlines Bitcoin's advantages as a new type of money that is highly divisible, globally transferable, durable, secure against counterfeiting, and decentralized without being sovereign-issued. It also summarizes Bitcoin Shop's strategy to build a digital currency ecosystem through mining, ATMs, ecommerce and secure storage solutions.
200% Growth in Financing and M&A Activity in the Blockchain SectorAscento Capital
Total blockchain and crypto related deals have surged more than 200% at an annualized rate this year according to data from PitchBook. 115 deals involving cryptocurrency or blockchain had been announced, on pace to hit 145 by the end of 2018. The count is up significantly from the 47 total deals completed last year, when bitcoin's price was surging to almost $20,000.
Merger and acquisition activity for cryptocurrency companies has more than doubled in the past year amid a 54 percent slump in bitcoin prices, according to JMP Securities and data from PitchBook.
The document summarizes concerns about Opko Health based on executive departures, regulatory issues, and poor sales of its drug Rayaldee. It notes that Opko's diagnostics division, which represents over 80% of revenue, has seen undisclosed executive departures that could signal compliance issues. It also notes that Opko's drug Rayaldee, which was meant to be a key product, has generated no revenue so far and faces significant pricing and coverage barriers. Overall the document casts doubt on Opko's future prospects due to regulatory risks, executive turmoil, and underperformance of its main products and divisions.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
The document discusses fraudulent conveyance and solvency opinions. It provides:
1) An overview of fraudulent conveyance laws and how solvency opinions are used to evaluate transactions that could potentially leave a company with inadequate capital or unable to pay its debts.
2) A summary of the four tests used in solvency opinions - whether a transaction leaves a company balance sheet solvent, cash flow sufficient to pay debts, with adequate capital, and with surplus assets over liabilities and capital.
3) An example of how Mercer Capital provides solvency opinions to evaluate potential fraudulent conveyance issues for transactions like leveraged buyouts and dividend recapitalizations.
- Bitcoin Shop is one of the first publicly traded companies focused on the virtual currency ecosystem. It operates an ecommerce platform that accepts bitcoin and other cryptocurrencies as payment.
- The company is developing its BTCS 2.0 platform to expand its product offerings and vendor base. It aims to build a virtual currency ecosystem through ecommerce.
- Bitcoin Shop has a experienced management team with expertise in capital markets, technology, and the virtual currency industry. It plans to grow its customer base and monetize through additional service offerings.
This document provides an overview and summary of Bitcoin Shop, Inc. It outlines that Bitcoin Shop is an early entrant in the ecommerce virtual currency market that offers over 140,000 products for sale. The summary also notes that the management team has experience in capital markets, industry expertise, and business leadership. Finally, it states that virtual currency acceptance is growing and regulatory guidance indicates potential increased opportunities in the industry.
- Bitcoin Shop is an early entrant in the growing digital currency industry and one of the first publicly traded US companies in the space.
- The presentation provides an overview of the digital currency and blockchain industry, highlighting significant growth in key metrics like user wallets and transaction volume.
- Bitcoin Shop aims to build an ecosystem leveraging its ecommerce business and partnerships with various digital currency technology providers.
- Bitcoin Shop, Inc. is a publicly traded company that aims to build a digital currency ecosystem through its ecommerce business and partnerships with key digital currency companies.
- The company's ecommerce platform offers over 2 million products through partnerships with retailers without holding inventory.
- Rapid adoption of digital currencies and increasing merchant acceptance indicates potential for growth in the industry as more ecosystem players are needed to meet demand.
It is with great honour that we share with you that Northland Wealth was awarded
Best Multi-Family Office (North America) – Client Service – Under $2B in
assets advised at the Private Asset Management Awards held in NYC. This is a
milestone accomplishment as we are the first and only Canadian firm ever to be
recognized at this leading industry event.
Secondly, for the third year-in-a-row, Northland Wealth was recognized at the
Family Wealth Report Awards as the Best Canadian Family Office.
When Northland Wealth was founded
6 years ago, it was with the mission of placing
families first. Northland was built with a
purpose – to be different from the banks,
brokers and other advisors, by providing
independent, unbiased advice, combined
with the overriding mandate of protecting
and carefully growing each family’s wealth
over generations to come.
From all of us at Northland Wealth, we are honoured and wish to thank you and
your family for placing your trust in us to advise, educate and support your family
through some of life’s most difficult challenges.
Our feature story In CPPIB We Trust will focus Northland’s meeting with the CEO of
the Canada Pension Plan Investment Board and how we share and access similar
strategies to help our families meet their long-term investment goals. We then look
towards the future with Plan for the Worst, Hope for the Best, on how best to be
a realist when looking at finances and life in general. We contrast this with Cloud
649 and how to embrace or protect oneself from life’s highly unlikely events. Lastly,
we continue with our examination of Blockchain, and our regular market insights.
Hope you enjoy!
This document provides guidance for corporations considering investing in digital assets like Bitcoin. It discusses key considerations for treasury, accounting, tax, controls, and collaboration across an organization. For treasury, governance is important to understand the investment strategy and risk tolerance. Accounting for digital assets under US GAAP is challenging as they must be treated as intangible assets. For tax, gains and losses are recognized when assets are sold, and specific identification or FIFO methods can help determine cost basis. Controls over private keys and wallet structures are also vital.
Bibox exchange engages in wash trading to artificially inflate its reported trading volumes. Its monthly website traffic of 571k visits in May 2019 indicates it should have much lower daily trading volumes than Kucoin, which had 4.29M visits and $51.7M in daily volume. However, Bibox reported $146M in daily volume, implying unrealistic average daily trades of $7,667 per user. Data from the Blockchain Transparency Institute also shows Bibox engages in wash trading. While Bibox claims transparency, its legal entity is registered in Estonia and provides little information on its founders or operations. Bibox's practices mislead traders and projects and harm the cryptocurrency industry.
Wash Trading Exchanges Harming The Industry - Bibox Another CulpritBenardKeshmia
1) The Bibox cryptocurrency exchange is engaging in wash trading to artificially inflate its reported trading volumes. Its monthly website traffic of 571k in May 2019 suggests much lower real trading than the $146M reported daily volume.
2) In comparison, the reputable Kucoin exchange had 4.29M monthly visits in May 2019 and a more reasonable $51.7M daily volume. Bibox's reported volume does not match its actual level of users.
3) Data from the Blockchain Transparency Institute shows Bibox scores over 90% for wash trading. The exchange lacks transparency about its legal entities and ownership despite claims otherwise.
Early-stage companies need tremendous amounts of cash to grow rapidly. Yet, angel groups and venture-capital firms are not usually a realistic option for early stage startups. Additionally, entrepreneurs often find that financing options such as savings, friends, family, and bank loans, even if available, cannot cover the high startup costs attendant to growing a business. Recently, the media has anointed "crowdfunding" as the solution to this startup capital gap. But what exactly is crowdfunding?
Riot Blockchain has come under scrutiny for questionable transactions. In their latest transaction, Riot agreed to purchase $11 million worth of bitcoin mining equipment from Prive Technologies LLC through their subsidiary Kairos Global Technologies. However, the filing fails to disclose that Prive is a related party. The total $28 million transaction value appears to represent an overpayment of around $18.5 million compared to purchasing the equipment directly. This raises new red flags, despite Riot claiming they over-disclose information.
NEW BILL MAY GIVE A GREEN LIGHT TO BITCOIN EXCHANGES IN WYOMINGSteven Rhyner
A new bill in Wyoming aims to allow bitcoin exchanges to operate in the state by recognizing digital currencies as permissible investments under the state's Money Transmitter Act. Currently, exchanges are prevented from doing business in Wyoming due to regulations requiring they hold fiat currency reserves equal to the value of customers' bitcoin holdings. The bill would amend the law to include digital currencies as acceptable reserves, resolving the issue that led the largest exchange, Coinbase, to cease operations in Wyoming in 2015. Passing the bill could restart bitcoin business activity in the state and support further innovation with blockchain technologies.
BTCS Inc. (“BTCS”) is an early mover in the blockchain and digital currency ecosystems and the only “Pure Play” U.S. public company focused on blockchain technologies. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy.
Similar to Marathon Patent Group: Bright Red Flags With This NewFangled 'Blockchain' Play (20)
This SEC complaint alleges that Stephen Burns, former CEO of electric vehicle company Lordstown Motors, made negligent and materially inaccurate statements about pre-orders for Lordstown's pickup truck. Specifically, Lordstown claimed to have over 27,000 pre-orders from commercial fleets based on non-binding letters of intent, but the company had no effective processes for vetting customers or tracking pre-orders. The SEC alleges Burns' statements about pre-orders created an unrealistic depiction of demand in violation of securities laws.
The document is a letter from Nathan Anderson to the Board of Directors, Executives and Auditors of Tingo Group Inc. listing 38 questions regarding Tingo Group's business operations and financials. The questions raise serious doubts about the legitimacy of Tingo's reported revenues, customer and supplier relationships, licenses and permits. Key issues highlighted include a lack of evidence for Tingo's claimed cash balances, inventory, export volumes and mobile network operations.
1) Osirius Group LLC filed a complaint against Ideanomics Inc. in the United States District Court for the Eastern District of Michigan. Osirius provided engineering services to Via Motors from July 2022 to December 2022, invoicing Via Motors monthly. Via Motors failed to pay the invoices, owing Osirius over $2 million.
2) Ideanomics acquired Via Motors in January 2023 and had previously agreed to pay any remaining debt owed by Via Motors to Osirius. However, Ideanomics failed to pay the outstanding amount owed for Osirius' services.
3) Osirius is suing Ideanomics for breach of contract and
This 6-page legal document outlines the charges in a criminal case. It describes the defendant and their alleged crimes, which include wire fraud and aggravated identity theft. Further details are provided about the scheme, the victims impacted, and evidence collected. If convicted on all counts, the defendant faces a maximum penalty of 32 years in prison and $1 million in fines.
1) Acuitas Capital invested $20 million in Ideanomics in exchange for preferred stock and warrants that were convertible into Ideanomics common stock. However, Ideanomics has now refused to honor Acuitas Capital's requests to convert these securities, in breach of their agreement.
2) Ideanomics claims the investment agreement is "null and void" due to unrelated allegations against the CEO of Acuitas Capital, but these allegations do not excuse Ideanomics' contractual obligations.
3) Prompt relief is needed because Ideanomics has admitted it may not be able to continue as a going concern. Unless ordered to honor the conversion requests, the value of Acuitas Capital's remaining
This document outlines the terms and conditions of a private offering of $750 million in senior secured notes issued by Adani Green Energy Limited. The notes will pay 4.375% annual interest and mature in 2024. The notes are being offered only to qualified institutional buyers in the US and offshore purchasers in reliance on exemptions from securities registration laws. The notes will be listed on the Singapore Exchange and India INX and secured by certain assets of the issuer described in security documents. The proceeds are subject to restrictions on use and transfer.
This document is an annual return form for a private company limited by shares called Milestone Tradelinks Private Limited. It provides details about the company's registration, activities, shareholding, directors and key managerial personnel, meetings, and attendance of directors. Some key details include the company's registered office in Ahmedabad, its main business activity of wholesale trading, total paid up capital of Rs. 407,000, and that directors Rajesh Rameshchandra Vora and Manish Amrutlal Shah each hold 0 shares as of the financial year end.
The auditor's report provides an unmodified opinion on the financial statements of Pmc Projects (India) Private Limited for the period 01/04/2013 to 31/03/2014. The auditor found that the company has maintained proper records of fixed assets, inventories and loans. Internal control procedures for purchase, sale and fixed assets were adequate. The company has not accepted any deposits from the public. Statutory dues have generally been regularly paid, with no material disputed amounts. No frauds were reported during the period.
Chang Chien-Ting holds significant beneficial ownership in PMC Projects (India) Pvt. Ltd. through PMC Infra Limited, a company registered in Mauritius. Chang holds 100% of PMC Infra Limited and exercises his significant beneficial interest in PMC Projects (India) Pvt. Ltd. by virtue of shares held in PMC Infra Limited. He declares this significant beneficial ownership in PMC Projects (India) Pvt. Ltd. as required by Section 90(1) of the Companies Act of India. The declaration provides details of Chang such as his address, date of birth, occupation, and nationality. It specifies the nature of his indirect holding in PMC Projects (India) Pvt.
Adani Developers (later renamed Sunbourne) 2013 Annual Report.pdfHindenburg Research
The document is an auditor's report for Adani Developers Private Limited for the period of April 1, 2011 to March 31, 2012. The auditor gave an unqualified opinion and did not note any qualifications, reservations or adverse remarks. Specifically, the auditor stated that the company maintained proper records of fixed assets, conducted physical verification of inventories, and complied with statutory dues payments. The auditor also confirmed the company had an adequate internal control and internal audit system.
This document contains a list of orders from the Securities Appellate Tribunal (SAT) and adjudication orders from the Securities and Exchange Board of India (SEBI) related to various Adani group companies, primarily Adani Exports Limited. The orders range from 2008 to 2019 and include matters related to stock market manipulation and insider trading involving several individuals and brokerage firms.
Vinod Adani - The Man Behind The Adani Group’s Offshore Deals (Morning Contex...Hindenburg Research
Vinod Adani is the elder brother of Gautam Adani, Asia's second richest man. Vinod oversees many of the Adani group's offshore deals and structures through companies based in tax havens like Mauritius and Cyprus. He has been involved in major deals like the Ambuja Cements acquisition and Total's investment in Adani Green Energy. However, the Adani group has previously denied Vinod's involvement. Vinod uses complex offshore structures that allow deals to be carried out without following all Indian laws, potentially reducing taxes. There are also ongoing legal issues regarding accusations of money laundering through Vinod's offshore companies that supplied equipment to Adani Power projects in India.
Krunal Trade & Investment Pvt Ltd is a private limited company incorporated in Mauritius on October 4, 2005 as a global business company. The company's registered office is located at Trustlink House in Floreal, Mauritius. The current directors are Adani Vinod Shantilal, Caillou Louis Ricardo, Mittra Subir, and Ramsagur Shailend. Trustlink International Limited serves as the company secretary.
Gardenia Trade and Investment Ltd is a private limited company incorporated on February 2nd, 2021. It operates as a global business company with its registered office in Mauritius. The company has three directors: Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management and secretarial services provider.
Birch Trade and Investment Ltd is a private limited company incorporated in Mauritius on October 19, 2021 as a global business company. The company has three directors: Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary.
Athena Trade and Investments Pvt Ltd is a private limited company incorporated in Mauritius on July 18, 2017 for global business. The company has three directors: Mittra Subir from Dubai, Seewooruttun Indranathsingh from Mauritius, and Toorabally Shakill Ahmad from Mauritius. Amicorp (Mauritius) Limited serves as the company's management and secretarial services provider.
Flourishing Trade and Investment Ltd is a private limited global business company incorporated on August 18, 2017 in Mauritius. The company has three directors - Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management and secretary.
Delphinium Trade and Investment Ltd is a private limited company incorporated on February 2nd, 2021 in Mauritius for global business purposes. The company has three directors: Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary.
Dome Trade and Investment Ltd is a private limited company incorporated in Mauritius on August 18, 2017 as a global business company. It has 4 directors: Adani Vinod Shantilal, Agowun Nihad Mohammad Akram, Mittra Subir, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the company's management company and secretary, located at Level 6, Tower 1, NeXteracom Building in Ebene, Mauritius.
Endeavour Trade and Investment Ltd was incorporated on April 29, 2021 as a private limited company in Mauritius for global business. The company has 3 directors - Mittra Subir, Seewooruttun Indranathsingh, and Toorabally Shakill Ahmad. Amicorp (Mauritius) Limited serves as the management company and secretary since the company's incorporation.
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
Satta matka fixx jodi panna all market dpboss matka guessing fixx panna jodi kalyan and all market game liss cover now 420 matka office mumbai maharashtra india fixx jodi panna
Call me 9040963354
WhatsApp 9040963354
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Discover the Beauty and Functionality of The Expert Remodeling Serviceobriengroupinc04
Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Final ank Satta Matka Dpbos Final ank Satta Matta Matka 143 Kalyan Matka Guessing Final Matka Final ank Today Matka 420 Satta Batta Satta 143 Kalyan Chart Main Bazar Chart vip Matka Guessing Dpboss 143 Guessing Kalyan night
Sustainable Logistics for Cost Reduction_ IPLTech Electric's Eco-Friendly Tra...
Marathon Patent Group: Bright Red Flags With This NewFangled 'Blockchain' Play
1. Marathon Patent Group: Bright Red Flags
With This Newfangled 'Blockchain' Play
Marathon recently announced an agreement for the acquisition of Global Bit Ventures
Inc. that will leave prior common shareholders with just 19% of the company.
GBV was an entity set up only in August of this year and appears to have an undisclosed
security interest with the former CFO, EVP and Secretary of Marathon.
Marathon has multiple concerning parallels to Riot Blockchain, which recently
engineered a similarly dubious pivot to the “blockchain."
BDO resigned as auditor November 27. Per the filing “the resignation of BDO was
not recommended by the Company’s audit committee."
Introduction
We are urging strong caution to investors in Marathon regardless of one’s views on blockchain
technology.
With “blockchain mania” in full swing, Marathon Patent Group Inc. (NASDAQ:MARA) has
seemingly hitched itself to the blockchain wagon and rode the wave to nearly 5x returns in a matter
of weeks. The company’s blockchain focus has come about through a series of rapid shifts that are
eerily similar to the questionable moves we identified in our recent piece on Riot
Blockchain (NASDAQ:RIOT).
2. In Marathon’s latest 10-Q filed on November 20th
the company describes its business as being “to
acquire patents and patent rights and to monetize the value of those assets to generate revenue and
profit for the Company.”
Yet despite that stated business model, the company has seemingly abandoned much of its focus on
patents and patent rights and instead shifted gears toward blockchain assets including cryptomining.
Global Bit Ventures Inc. (GBV) Acquisition Raises Questions
Rather than purchase cryptomining assets directly from manufacturers or suppliers, the company
decided instead to purchase an entity that owned the cryptomining assets. On November 2, 2017, the
company announced via press release that it had “entered into a definitive purchase agreement to
acquire 100% ownership of Global Bit Ventures Inc. (“GBV”), a digital asset technology company
that mines cryptocurrencies.”
The company has been scant with details on the transaction thus far. On a conference call following
the announcement, the company detailed that the acquisition includes 1,000 Ethereum mining servers,
though it failed to disclose the cost or value of the servers when asked by an investor. Another investor
asked “How long has the company (GBV) been in existence?” The company declined to disclose this
information as well, suggesting instead that they would wait until an S-4 was filed before disclosing.
We found the above non-disclosures to be troubling. The agreement with GBV stipulates that the
company is to issue 126,674,557 shares of common stock in exchange for 100% of the shares of GBV,
which represented roughly $188.7 million at the time of the announcement (and roughly $750 million
at current share prices.) The Agreement And Plan of Merger filing by Marathon detailed the ownership
of Company Shareholders (ie: GBV shareholders) at the closing of the transaction:
“Immediately after the conversion of the Company Shares, the Company Preferred Shares and
the conversion of the Company Debt, the Company Shareholders will own 81.0% of the
Parent’s capital stock on a fully diluted basis at the time of Closing.”
Consequently, the agreement and merger plan leaves current Marathon common shareholders with
only 19% of Marathon on a fully diluted basis at the time of closing. Given the extremely high cost of
the acquisition, we would have fully expected the company to answer basic questions about the value
of the assets being acquired and details around the entity.
3. We decided to check the Nevada Secretary of State filings on GBV for ourselves and we found that
the entity was established August 9, 2017, mere months before the transaction was announced.
We also found that one beneficiary of the transaction appears be none other than Marathon’s former
CFO, EVP and Secretary, John Stetson. A Uniform Commercial Code (UCC) filing shows what
appears to be a previously undisclosed security arrangement between HS Contrarian Investments LLC
(“HS Contrarian”) and GBV. HS Contrarian is run by John Stetson, according to the firm’s website.
Stetson’s previous roles at Marathon are described in SEC filings.
It's unclear from the UCC filing what the amount of HS Contrarian’s interest is, but the filing notes
that GBV had agreed not to grant a security interest in the named collateral to any other entity.
Therefore, HS Contrarian’s interest appears to represent the highest seniority in GBV’s capital
structure.
We have contacted Marathon's investor relations and asked about the relationship between GBV and
Stetson, and whether there was any public disclosure of the relationship. Should we receive a reply
from the company we will update this accordingly.
4. Aside from the security interest between GBV and Stetson’s firm, we also noticed another interesting
connection. GBV’s officer/director filings with the Nevada Secretary of State only listed one
individual, Jesse Sutton. Sutton was the former CEO and co-founder of Majesco Entertainment,
according to his Linkedin Profile. The Majesco entity morphed late last year into a company called
PolarityTE through a reverse merger. Stetson is currently the CFO, EVP, and Director of
PolarityTE (NASDAQ:COOL), highlighting that the interwoven business interests of Stetson and
Sutton appear to have converged with GBV.
(On a related note, we wrote an article last week about PolarityTE and its public entity which has been
reverse merged at least six times into a variety of different businesses and which we believe is replete
with its own unique set of red flags.)
Alarming Parallels With Another Newfangled “Blockchain”
Company, Riot Blockchain
On the subject of executive crossover, Marathon appears to have significant overlap in the individuals
involved with Riot Blockchain, another public company that abruptly reinvented itself as a blockchain
play. A recently amended S-3 filing for Riot shows that Stetson participated in common stock,
convertible preferred stock, and warrant transactions with Riot (note that Riot has recently changed
its name from Bioptix Inc. and that the amended S-3 filing still reflects the old company name). Aside
from Stetson, the recently named CEO of Riot Blockchain, John O’Rourke, is to hold an approximate
41.04% stake in the common stock of Marathon per a November 29th prospectus amendment.
Aside from the links with key individuals, we noticed several other parallels with Riot. In our piece
about Riot we described how Riot also decided to purchase an entity containing cryptomining
equipment and how we believed it to be an irregular transaction. When examining Riot’s transaction
side by side with Marathon's we identified the following:
Riot announced the purchase of its cryptomining entity on November 2nd, the exact same day that
Marathon announced its own purchase of an entity containing cryptomining assets.
Both entities being acquired were incorporated in Nevada.
Both entities being acquired had short corporate histories.
Both deals were non-cash, dilutive stock transactions.
Both Riot and Marathon seemingly paid above-market rates to acquire entities containing
cryptomining equipment that could have been purchased directly.
5. We find it concerning that these two separate companies both enacted dramatic pivots toward
blockchain business models seemingly in lockstep and in such unusual fashion.
BDO Resigned As Auditor Just Weeks Ago
The company recently announced that BDO had resigned as its auditor near the end of November.
Per an 8-K filing:
“On November 27, 2017, the Company received notice from its independent registered public
accounting firm, BDO USA, LLP (“BDO”), that it resigned as the Company’s auditor effective
immediately. The resignation of BDO was not recommended by the Company’s audit
committee nor was the audit committee’s approval required.”
Per the same 8-K filing, on November 30, 2017, the board appointed RBSM LLP as the company’s
independent registered public accounting firm. We checked the Public Company Accounting
Oversight Board (PCAOB) website and found the latest inspection report on RBSM. The report
highlighted what appeared to be some significant deficiencies:
“Certain deficiencies identified were of such significance that it appeared to the inspection
team that the Firm, at the time it issued its audit report, had not obtained sufficient appropriate
audit evidence to support its opinion that the financial statements were presented fairly, in all
material respects, in accordance with the applicable financial reporting framework. In other
words, in these audits, the auditor issued an opinion without satisfying its fundamental
obligation to obtain reasonable assurance about whether the financial statements were free of
material misstatement.”
The report went on to detail individual failures relating to audit procedures on several of its issuer
clients. In one instance it noted a “failure to perform sufficient procedures to test the existence,
completeness, and valuation of assets acquired and liabilities assumed in business combinations."
Given the unusual business combination with GBV as detailed above, we hope that RBSM has taken
steps to ensure that going forward it follows audit procedures relating to business combinations (and
in general).
Note that the PCAOB report also underscored that “the fact that one or more deficiencies in an audit
reach this level of significance does not necessarily indicate that the financial statements are materially
6. misstated” and that inspection teams are limited to information available from the auditor.
Nonetheless, we view the resignation of BDO and the replacement with a lesser-known firm of
questionable quality to be another reason to tread carefully.
Conclusion
We have no strong bearish or bullish view on the future of blockchain technology. We genuinely hope
the technology is implemented broadly and that currency and information can be effectively
decentralized through its use. Regardless of one's views on blockchain technology however, we think
Marathon is a name that investors should avoid. We urge cautious investing to all.
Disclosure: I am/we are short MARA, RIOT, COOL.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it.
I have no business relationship with any company whose stock is mentioned in this article.
Full disclaimer: Use of Hindenburg Research’s research is at your own risk. In no event should Hindenburg
Research or any affiliated party be liable for any direct or indirect trading losses caused by any information in this report.
You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before
making any investment decision with respect to transacting in any securities covered herein. You should assume that as
of the publication date of any short-biased report or letter, Hindenburg Research (possibly along with or through our
members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a short position
in all stocks (and/or options of the stock) covered herein, and therefore stands to realize significant gains in the event
that the price of any stock covered herein declines. Following publication of any report or letter, we intend to continue
transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our
initial recommendation, conclusions, or opinions. This is not an offer to sell or a solicitation of an offer to buy any security,
nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under
the securities laws of such jurisdiction. Hindenburg Research is not registered as an investment advisor in the United
States or have similar registration in any other jurisdiction. To the best of our ability and belief, all information contained
herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who
are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of
confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind – whether
express or implied. Hindenburg Research makes no representation, express or implied, as to the accuracy, timeliness, or
completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion
are subject to change without notice, and Hindenburg Research does not undertake to update or supplement this report
7. or any of the information contained herein. Hindenburg Research and the terms, logos and marks included on this report
are proprietary materials. Copyright in the pages and in the screens of this report, and in the information and material
therein, is proprietary material owned by Hindenburg Research unless otherwise indicated. Unless otherwise noted, all
information provided in this report is subject to copyright and trademark laws. Logos and marks contained in links to
third party sites belong to their respective owners. All users may not reproduce, modify, copy, alter in any way, distribute,
sell, resell, transmit, transfer, license, assign or publish such information.