The Singapore International Commercial Court has awarded damages to 40 claimants against cryptocurrency firm
The claimants were collectively awarded more than $3 million in damages, concluding the second tranche of a case involving 275 people claiming losses from the collapsed UST cryptocurrency, according to a ruling on Monday. Damages were awarded based in part on how much UST the claimants held and when they held it.
As part of its decision, the court concluded the defendants made fraudulent …
MANAGEMENT & CULTURE (THE “TONE AT THE TOP”)
Fraud thrives in “sloppy” environments where leadership ignores the rules.
- The Fraud Triangle: For fraud to occur, three elements must be present: Pressure (the need for money), Rationalization (thinking “I deserve this”), and Opportunity (weak controls). You can only control the Opportunity.
- Whistleblower Hotline: Provide an anonymous way for staff to report “odd behavior.” Most internal frauds are caught via tips, not audits.
- Background Checks: Conduct credit and criminal record checks for all employees in financial or data-sensitive roles.
- Annual Ethics Training: Make sure every staff member knows that the company has a Zero Tolerance policy toward “borrowing” from petty cash or fudging overtime.