SEC Charges Two Companies Involved in Crypto Ponzi Scheme

Block announced on August 28 that Swiss cybersecurity and encryption firm Crypto International has confirmed it has laid off 70 employees for the removal of export licenses. The removal of the export license is believed to have something to do with criticism from research firm Crypto AG. Now distant from themselves by crypto-currencies, they are turning to telecommunications and consumer electronics. Traders Emma and Andreas Linde said the company's exports were banned due to their relationship after it was announced last December that Crypto AG had been kept under wraps by the CIA. Crypto AG, a company owned by the United States' Central Intelligence Agency, said it has partnered with German intelligence agencies and agencies to provide secret services related to crypto equipment sold to the government and the international private sector. Swiss police have opened an investigation into this incident. However, despite the acquisition of Crypto International in 2018 and the completion of the company, the website states that the two companies are separate. The rebranding is now trying to give a new identity to move away from Crypto AG.