The Court Finally Approved the Settlement Between Singularity and its Investors After Crypto Pivot Scandal

Hey guys, if you missed it, Singularity Future Technology ($SGLY), formerly Sino-Global, has agreed to settle $3M with investors over hiding key info during its 2021 pivot from shipping to cryptocurrency hardware. And the court finally approved the agreement. So, here’s a quick recap.

In early 2021, the company rebranded itself as a blockchain and crypto hardware player, claiming proprietary mining rigs and large-scale partnerships. $SGLY jumped after announcements of server purchases and joint ventures like Thor Miner and a $200M deal with SOS. Later, it claimed a $250M partnership with Golden Mainland.

But by mid-2022, Hindenburg and Peabody exposed major red flags showing that Thor Miner had no proprietary products, Golden Mainland had a fake address, and the entire crypto strategy appeared fabricated.

Additionally, the CEO, Yang Jie, was also revealed to have ties to a Ponzi scheme in China. So, basically, Singularity had sold more than $21M in unregistered securities while promoting deals that didn’t exist.

As the truth surfaced, the stock collapsed more than 90%, and investors filed a lawsuit.

Now, Singularity has agreed to a $3M settlement, and investors can already file claims to get payment from this agreement.

Anyways, did anyone here hold $SGLY during its so-called “crypto transformation”?