Blockchain
US crypto entrepreneur arrested in Dubai alleges torture by police
An American cryptocurrency entrepreneur embroiled in a legal dispute with Sam Lee, the CEO of the defunct crypto fund HyperVerse, has been detained in Dubai and alleges that police subjected him to torture to extract a false confession, according to revelations by the Guardian.
Edel Hsieh, a 43-year-old from California, was initially arrested in March at Dubai’s airport while attempting to travel to London. During his interrogation, he claims to have been physically assaulted by the police.
In a recorded jail call obtained by the Guardian, Hsieh recounted the harrowing experience, describing instances of physical abuse, including threats of sexual violence against him and his wife. He alleges that police demanded money from him during the interrogation.
His detention stems from a legal complaint filed by one of his business partners, besides Lee, accusing him of theft. Hsieh’s wife believes this complaint led to his arrest, as financial disputes in Dubai can result in criminal charges.
Hsieh has been held at Al Barsha jail in Dubai for two months, with deteriorating conditions and health issues. Despite the severity of his situation, the US consulate in Dubai has indicated its inability to intervene on his behalf.
His ordeal began with his involvement in Fomodex, a cryptocurrency exchange company developed in Dubai in 2021, along with Lee and another partner. Disagreements arose over business practices, leading Hsieh to demand a refund of his investment from Lee, which eventually resulted in legal action. However, Lee denies being Hsieh’s business partner and asserts that he only provided advice.
Meanwhile, Lee faces charges in the US for his alleged involvement in the HyperVerse scheme, which authorities have labeled a multi-billion-dollar pyramid and Ponzi scheme. Despite these allegations, Lee denies any wrongdoing.
Hsieh’s detention underscores the challenges faced by foreigners in Dubai’s legal system, with allegations of abuse and torture being common among detainees. The UAE has positioned itself as a global cryptocurrency hub, but concerns persist about the treatment of individuals involved in legal disputes.
As Hsieh’s wife fears for his well-being and hopes for his release, the broader implications of his case highlight the complexities of navigating legal disputes and the criminal justice system in Dubai, especially concerning financial matters and cryptocurrency-related activities.
Source: theguardian.com
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Blockchain
This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
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This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
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Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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