Why BlackRock is Hoarding 6X More Bitcoin Than Miners Produce

A Bitcoin supply shock is building. Institutions and ETFs are buying faster than miners can keep up - creating a shortage most investors haven't noticed. If Bitcoin hits $300K, altcoins could explode 1,000%+. We wrote Crypto Revolution to help you prepare.

Bankrupt EV Maker Fisker Under US SEC Investigation For Potential Securities Law Violation

Anan Ashraf
October 07, 2024

The U.S. Securities and Exchange Commission (SEC) is investigating bankrupt EV startup Fisker, the regulator said in a filing dated this month.

What Happened: The SEC said that it has an ongoing police and regulatory interest in Fisker’s books and records and may need to request or subpoena additional documents in the future. The liquidation plan put forth by the company in September, however, does not specify which books and records will be transferred to whom, the regulator alleged.

"The Commission has outstanding investigative subpoenas and may have the need to request or subpoena additional documents in the future relating to its ongoing investigation," the SEC said.

“…the (liquidation) Plan must contain language to adequately preserve the Commission's police and regulatory powers with respect to its pending investigation (including the preservation and production of corporate records) and possible future actions alleging violations of the federal securities laws.”

Fisker did not immediately respond to Benzinga’s request for comment.

Why It Matters: The ongoing investigation pertains to whether Fisker violated federal securities laws before it filed for bankruptcy, the SEC said, without elaborating.

Fisker filed for bankruptcy in June after burning through cash in an attempt to scale production and sales of its Ocean SUV. Since then, the company has sold most of its electric vehicle fleet.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

Read More:

  • Tesla Dismisses Recent Recall Of Over 27K Cybertrucks, Says It Is Just A Free Over-The-Air Software Update: ‘How Will Our Owners Ever Recover From This Ordeal’

Photo courtesy: Fisker

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