MUDDY/insights

New file2026-10-21NASDAQ: CURR

Currenc Group Inc. (NASDAQ: CURR) — Forensic File

A Charging Order Over The Only Asset That Matters. The Same 100,465 Tranglo Shares Sold For US$400M Are Now Charged To A Judgment Creditor.

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Rating
NOT RATED — Forensic File
Reference price
US$2.42 (October 19, 2026 close)

// About

We read the filings so the mud shows.

Long-form investigations of listed issuers whose disclosures, in our view, do not match their economic substance. Every report cites primary sources and is published for informational purposes only.

// Case index

29 files
  1. 029CURR · 2026-10-21Currenc Group Inc. (NASDAQ: CURR) — Forensic FileA Charging Order Over The Only Asset That Matters. The Same 100,465 Tranglo Shares Sold For US$400M Are Now Charged To A Judgment Creditor.NOT RATED — Forensic File
  2. 028DLXY · 2026-07-21Delixy Holdings Ltd. (NASDAQ: DLXY) — Forensic Short ReportThe IPO Funded An Exit, Not An Expansion. Dividends Out 4x What The Public Put In.NOT RATED — Research case study
  3. 027TROO · 2026-07-15TROOPS, Inc. (NASDAQ: TROO) — Forensic Short UpdateThe August 20 Endgame: Winding-Up Exposure, Suspension Mechanics, And A Support Bid Running On FumesSHORT — High conviction
  4. 026ADANIENT · 2026-05-15Adani Enterprises (NSE: ADANIENT)Three years after Hindenburg, two years after OCCRP, eighteen months after the EDNY indictment — what the public record now shows.SHORT — Update
  5. 025TROO · 2026-05-05TROOPS, Inc. (NASDAQ: TROO) — Forensic Short UpdateAuditor Replaced. Lock-Up Eased. Annual Report Past Due.SHORT — High conviction
  6. 024TRE · 2026-04-15Sino-Forest Corporation (TSX: TRE)The founding case of the modern China-short genre — fifteen years on.SHORT — Closed Case
  7. 023BUR · 2026-03-30Burford Capital (NYSE/LSE: BUR)Six years on from Muddy Waters' mismarking thesis — what the Second Circuit's March 2026 reversal of the YPF judgment changes.NEUTRAL
  8. 022IEP · 2026-02-25Icahn Enterprises L.P. (NASDAQ: IEP)Three years after Hindenburg's "Pied Piper of Pumpland" — distributions, the SEC settlement, and the margin-loan unwind.SHORT — Update
  9. 021WDI · 2026-02-01Wirecard AG (XETRA: WDI) — Closed-Case RetrospectiveSix years after the €1.9B missing cash — what a streamlined trial, a €140M civil award, and the Marsalek-as-FSB-asset disclosures now confirm.SHORT — Closed Case
  10. 020NKLA · 2026-01-15Nikola Corporation (NASDAQ: NKLA)The Hindenburg short, the Milton conviction, the Trump pardon, and the company's own Chapter 11.SHORT — Closed Case
  11. 019MAGH · 2025-12-02Magnitude International Ltd. (NASDAQ: MAGH) — Forensic ShortPenny-Priced Pre-IPO Equity, Eight-Month Cashout, Resale Shelf Engineered for Insider Exit.SHORT — High conviction
  12. 018VRX · 2025-10-21Valeant Pharmaceuticals (NYSE: VRX, now Bausch Health: BHC)Citron's "Pharmaceutical Enron" call, the Philidor disclosure, and the ten-year recovery that never came.SHORT — Closed Case
  13. 017TIO · 2025-09-01Tingo Group (NASDAQ: TIO)Hindenburg's June 2023 short, SEC fraud charges, the $250M civil judgment, and the founder still at large.SHORT — Closed Case
  14. 016EBIX · 2024-09-15Ebix, Inc. (NASDAQ: EBIX)Hindenburg's June 2021 short, the December 2023 Chapter 11, the $400M Zinnia sale, and the August 2024 emergence under Eraaya LifeSpaces sponsorship.SHORT — Update
  15. 015FFGRP · 2024-07-15Folli Follie (ATHEX: FFGRP)QCM's May 2018 short, the largest stock-market fraud in modern Greek history, and the June 2024 prison sentences.SHORT — Closed Case
  16. 014SNH · 2024-04-15Steinhoff International (JSE: SNH)Viceroy's December 2017 short, €7B+ of confirmed accounting irregularities, and the July 2023 vote to dissolve.SHORT — Closed Case
  17. 013RIDE · 2024-04-01Lordstown Motors (NASDAQ: RIDE, now Nu Ride: NRDE)From SPAC pre-orders to Chapter 11 to a litigation-vehicle reorganization.SHORT — Closed Case
  18. 012GSX · 2022-09-15GSX Techedu (NYSE: GSX, now Gaotu: GOTU)Muddy Waters' May 2020 short, the July 2021 "double reduction" policy that vindicated the broader sector thesis, and the 2022 HFCAA delisting.SHORT — Closed Case
  19. 011EROS · 2022-05-15Eros International / Eros STX Global (NYSE: EROS, formerly)Kerrisdale's November 2015 short, the 2020 merger with STX Entertainment, and the 2022 separation that effectively ended the listed parent.SHORT — Closed Case
  20. 010QPP · 2021-09-15Quindell PLC (LSE AIM: QPP, now Watchstone)Gotham City Research's April 2014 short, the £637M Slater & Gordon sale, the £11M settlement that followed, and the SFO investigation that ended without charge.SHORT — Closed Case
  21. 009SONG · 2020-10-15Akazoo S.A. (NASDAQ: SONG)QCM's April 2020 short, SEC fraud charges, and the fastest US-regulator resolution of a SPAC-era fraud.SHORT — Closed Case
  22. 008INSY · 2020-02-15Insys Therapeutics (NASDAQ: INSY)Citron's August 2016 short, the Subsys opioid-marketing prosecution, the June 2019 bankruptcy, and the first US pharmaceutical-executive RICO conviction for opioid marketing.SHORT — Closed Case
  23. 007ON · 2020-01-15Bio-on S.p.A. (Borsa Italiana AIM: ON) — Forensic Short Closed CaseAuditor-quality bioplastics revenue, a same-quarter founder arrest, and the fastest closure of any modern European forensic-short case.SHORT — Closed Case
  24. 006N21 · 2019-01-15Noble Group (SGX: N21)Iceberg Research's February 2015 short, multi-year mark-to-model contestation, and the 2018 break-up of one of Asia's largest commodity traders.SHORT — Closed Case
  25. 005NQ · 2018-01-15NQ Mobile (NYSE: NQ)Muddy Waters' October 2013 short, four years of contested public posture, and the eventual NYSE delisting in 2017.SHORT — Closed Case
  26. 004FMCN · 2015-09-15Focus Media (NASDAQ: FMCN, formerly)Muddy Waters' November 2011 short, the 2013 take-private at a premium, and the 2015 China A-share relisting at a multiple of the take-private price.SHORT — Counter-Case
  27. 003GOW · 2014-08-01Let's Gowex (BME MAB: GOW)Gotham City Research's July 2014 short, the CEO confession within days, and the fastest forensic-short to bankruptcy in the modern catalogue.SHORT — Closed Case
  28. 002CCME · 2013-12-15China MediaExpress Holdings (NASDAQ: CCME)Muddy Waters' February 2011 short, auditor Deloitte's resignation, and the SEC fraud charges that followed.SHORT — Closed Case
  29. 001LFT · 2013-12-15Longtop Financial Technologies (NYSE: LFT)Citron's April 2011 short, Deloitte's May 2011 resignation letter, and the SEC's signature fraud case of the 2011 China-short wave.SHORT — Closed Case