Op risk data: Crypto exchange BitConnect hit with $2bn lawsuit

Also: Legacy €1bn tax liability levied on WestLB ‘bad bank’; ABN and Wells Fargo compensate clients. Data by ORX News


September’s largest operational risk loss was an astonishing $2 billion, in a Securities and Exchange Commission (SEC) lawsuit against former online crypto lending platform BitConnect, its founder Satish Kumbhani and lead US promoter Glenn Arcaro, along with his company Future Money. The SEC says that, from January 2017 to January 2018, the platform embezzled approximately this amount in investor funds in an international Ponzi-type scheme involving digital assets.

BitConnect launched with an

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