SBF found guilty on all 7 charges of fraud

another one bites the dust :)

- Pavel Durov, Telegram CEO, faces criminal charges in France over app's alleged failure to address criminality - Telegram's bonds plummet, trading at 87 cents on the dollar with 16% yield following Durov's arrest - Company's 2023 financials show $342mn revenue, $108mn operating loss, and $173mn total losses after tax - Toncoin, cryptocurrency associated with Telegram, down nearly 20% after news of Durov's arrest - Concerns arise over Telegram's future operations and leadership with Durov's central role in decision-making Source: [Financial Times](https://www.ft.com/content/429f9092-5447-4e4c-b3b6-ffa2bc357ca4)

Paytm is becoming the Enron of India with so many allegations of fraud and compliance issues.

- A North Carolina man, Michael Smith, used AI to create fake songs and bands, then streamed them using bots to earn $10 million in royalties. - Smith, 52, was charged with wire fraud and money laundering conspiracy, facing up to 20 years in prison for each charge. - He created thousands of fake streaming accounts and used software to loop his music, making it appear as if real listeners were tuning in. - Smith's scheme involved uploading thousands of AI-generated songs weekly, earning him about $110,000 each month by mid-2019. - This case marks the first criminal prosecution for musical streaming manipulation by the Manhattan U.S. attorney's office. Source: [nytimes](https://www.nytimes.com/2024/09/05/nyregion/nc-man-charged-ai-fake-music.html)

https://www.ndtv.com/india-news/two-indian-origin-start-up-executives-convicted-of-1-billion-fraud-in-us-3940938

- Durov charged with complicity in child porn distribution, drug offenses, fraud, and money laundering - Judicial investigation involves collaboration between cybercrime and anti-fraud agencies - Custody period extended up to 96 hours until Aug. 28, 2024 - Charges include refusing to cooperate with authorities on lawful interception requests - Case likely to impact discussions on platform responsibility and user privacy at upcoming tech events Source: [Benzinga](https://www.benzinga.com/markets/cryptocurrency/24/08/40558693/telegram-ceo-pavel-durov-faces-12-serious-charges-french-prosecutor-reveals)