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California crypto company accused of illegally inflating Katy Perry NFTs and fraud [Los Angeles Times (CA)]
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The THETA token crashed from a 2021 peak of more than $15 to less than 30 cents, as former executives claim Liu used insider knowledge for personal profit. The accusations come amid a wave of crypto industry scandals including FTX's collapse, convictions of crypto executives and SEC charges against celebrity promoters. Four years ago, California startup Theta Labs' cryptocurrency was soaring, and its future appeared bright when it landed a partnership with pop star Katy Perry. The Bay Area company had built a marketplace for digital collectibles known as nonfungible tokens, or NFTs, and had teamed up with Perry to launch NFTs tied to her Las Vegas concert residency. Its THETA token jumped by more than 500% in early 2021, reaching a peak of more than $15, making it one of the world's most valuable cryptocurrencies. Later in the year, the spotlight shone on the company when it announced the Perry partnership. “I can't wait to dive in with the Theta team on all the exciting and
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