PANews reported on August 6 that according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) disclosed that Huynh Tran Quang Duy (also known as Duy Huynh), the founder ofPANews reported on August 6 that according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) disclosed that Huynh Tran Quang Duy (also known as Duy Huynh), the founder of

MyConstant founder to pay $10 million to settle SEC charges that he misappropriated investor funds to buy UST

2025/08/06 11:51
1 min read

PANews reported on August 6 that according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) disclosed that Huynh Tran Quang Duy (also known as Duy Huynh), the founder of the defunct lending platform MyConstant, agreed to pay more than US$10.5 million to resolve allegations of misappropriating investor funds to purchase UST.

The SEC alleges that between September 2020 and November 2022, MyConstant raised over $20 million from over 4,000 investors, claiming the funds would be used for a low-risk cryptocurrency loan matching service with returns of 6%-10%. However, Huynh misappropriated $11.9 million of client funds to purchase UST and used approximately $415,000 for his own use. In May 2022, UST prices plummeted, resulting in losses exceeding $7.9 million on his investments. To conceal the facts, he falsely assured investors of the security of their funds and fabricated loan summary information. In mid-November 2022, MyConstant ceased operations due to the collapse of several crypto companies. Huynh is now ordered to pay over $8.3 million in ill-gotten gains, $1.5 million in interest, and a $750,000 fine, without admitting or denying the charges.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

SHIB Price Prediction: Mixed Signals Point to $0.0000085 Target by February End

SHIB Price Prediction: Mixed Signals Point to $0.0000085 Target by February End

Technical analysis reveals SHIB trading near oversold levels with RSI at 35.06. Despite bearish MACD momentum, support levels suggest potential recovery toward $
Share
BlockChain News2026/02/04 16:04
Fed rate decision September 2025

Fed rate decision September 2025

The post Fed rate decision September 2025 appeared on BitcoinEthereumNews.com. WASHINGTON – The Federal Reserve on Wednesday approved a widely anticipated rate cut and signaled that two more are on the way before the end of the year as concerns intensified over the U.S. labor market. In an 11-to-1 vote signaling less dissent than Wall Street had anticipated, the Federal Open Market Committee lowered its benchmark overnight lending rate by a quarter percentage point. The decision puts the overnight funds rate in a range between 4.00%-4.25%. Newly-installed Governor Stephen Miran was the only policymaker voting against the quarter-point move, instead advocating for a half-point cut. Governors Michelle Bowman and Christopher Waller, looked at for possible additional dissents, both voted for the 25-basis point reduction. All were appointed by President Donald Trump, who has badgered the Fed all summer to cut not merely in its traditional quarter-point moves but to lower the fed funds rate quickly and aggressively. In the post-meeting statement, the committee again characterized economic activity as having “moderated” but added language saying that “job gains have slowed” and noted that inflation “has moved up and remains somewhat elevated.” Lower job growth and higher inflation are in conflict with the Fed’s twin goals of stable prices and full employment.  “Uncertainty about the economic outlook remains elevated” the Fed statement said. “The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen.” Markets showed mixed reaction to the developments, with the Dow Jones Industrial Average up more than 300 points but the S&P 500 and Nasdaq Composite posting losses. Treasury yields were modestly lower. At his post-meeting news conference, Fed Chair Jerome Powell echoed the concerns about the labor market. “The marked slowing in both the supply of and demand for workers is unusual in this less dynamic…
Share
BitcoinEthereumNews2025/09/18 02:44
SUI Price Prediction: Oversold Conditions Target $1.50-$1.85 Recovery by March 2026

SUI Price Prediction: Oversold Conditions Target $1.50-$1.85 Recovery by March 2026

Sui (SUI) trades at $1.13 with RSI at 28.11 indicating oversold conditions. Technical analysis suggests potential bounce toward $1.50-$1.85 targets as momentum
Share
BlockChain News2026/02/04 15:51