Vesttoo is embroiled In An Alleged $4 billion fraud scandal

Vesttoo, an insurtech startup, is embroiled in an alleged $4 billion fraud scandal involving fake letters of credit (LOCs) provided by investors for reinsurance on its platform. The suspicion is that some executives were aware of the forgeries. Several executives have already resigned. Vesttoo’s future is uncertain, and its CEO Yaniv Bertele plans to remain despite the scandal.