GS Partners Accused of Defrauding Crypto Investors in Metaverse Schemes
Two US-based venture capital firms have been accused of defrauding investors in a series of schemes related to the cryptocurrency platform, Metaverse. The firms, Silicon Valley Blockchain Capital (SVBC) and Global Blockchain Technology Corporation (GBTCC), allegedly raised millions of dollars from investors, some of whom are now claiming that they have lost their money. According to a report by The Wall Street Journal, the US Securities and Exchange Commission (SEC) has opened an investigation into the firms’ activities. The report also claims that there is evidence that the firms used “fraudulent sales pitches and misrepresentations” in order to secure investments from the unsuspecting investors. The SEC has not yet released any statement addressing the allegations against the two companies.