Weekly Wrap Up: Sunday, July 19, 2026

Quiet week on the report front, with just one new short campaign to walk through, but it is a worthwhile one. White Diamond Research went after RTB Digital, the crypto-media outfit formerly known as RYVYL and, before that, Greenbox POS. The short version: a payments company whose revenue fell off a cliff and whose former executives settled SEC fraud charges in April has reinvented itself as an AI and Web3 media platform, and the stock has more than tripled on the story. White Diamond thinks the numbers behind that story do not exist, and it laid out a specific date to find out. The market did not agree, at least not yet, with RTB dipping hard intraday before closing the week higher. The bigger talker came from outside the report flow: Fahmi Quadir, the short seller nicknamed the assassin for her calls on Wirecard and Valeant, is walking away from betting against companies to do the opposite. She has wound down her short-only fund, Safkhet Capital, and is launching an activist long venture hunting undervalued names in South Korea. More on that, plus a rare Grizzly Research interview and a record low in Adani's foreign ownership, below.

• White Diamond Research targeted RTB Digital Inc (RTB) alleging the company is a failed payments shell, whose former executives settled SEC fraud charges, repackaged as an AI and Web3 media platform with no disclosed revenue to support a market cap north of $200M. Stock closed the week up 12.4%.

New Activist Reports

White Diamond Research Short Report on RTB Digital Inc

Stock Price Impact

White Diamond published its report on RTB Digital on July 14. The initial reaction looked like a textbook short-report move: the stock dropped to an intraday low of $13.02, down roughly 13% from the prior close of $14.96. It did not hold. RTB closed the report day at $15.25, up 1.94%, and kept climbing through the week to finish at $16.81, up 12.37% from where it started. In other words, the market took the hit and then bought the dip, which is not unusual for a heavily promoted small cap riding a hot narrative. It also does not settle the underlying question. White Diamond points to audited RTB platform financials due around July 24 as the moment investors get to check the story against real numbers.

About The Company

RTB Digital Inc. (NASDAQ: RTB) is the product of a May 2026 merger between RYVYL Inc. and Roundtable, a crypto-media platform. RYVYL was itself a 2022 rebrand of Greenbox POS, a payment processor operating since 2007. After the merger, Roundtable became the primary business: a platform offering USDC-based payments to journalists and website infrastructure to what the company describes as roughly 200 publisher partners. The legacy payments business had been shrinking fast, generating $11.1M in revenue in 2025 against $65.9M in 2023, alongside a $17.5M net loss and a going-concern flag that year. According to White Diamond, RTB's former executives settled an SEC fraud action in April 2026 covering conduct from October 2020 through May 2025.

Key Points from the Report

• Former executives settled an SEC fraud action. According to White Diamond, on April 27, 2026 the SEC filed a settled fraud action against RYVYL and former CEO Fredi Nisan and former chairman Benzion Errez, finding the company had falsely presented itself as using blockchain technology it never actually possessed. Both received permanent antifraud injunctions, five-year officer and director bars, and each paid $230,464.
• The Roundtable platform shows little sign of use. The report states that rtb.io drew an estimated 50 visits per month over the prior two months per SemRush, with the platform's own counter showing only 424 members and 87 posts, and a recent team post sitting at zero comments.
• The "nearly 200 publishers" claim does not match the data. Using PublicWWW to search for Roundtable's platform tag, White Diamond says it found only 41 sites carrying it, and notes the flagship Hockey News deal is a single relationship counted across 63 separate apps.
• The flagship $15M deal is a related-party transaction. The report alleges RTB's primary commercial validation, an approximately $15M advertising and sponsorship deal with True Hockey, involves a counterparty whose owner, W. Graeme Roustan, agreed to join Roundtable's board at the same time the deal was announced.

Read the Full Report Summary →

Activ8 Newswire

• A famous short seller trades sides. The Wall Street Journal profiles Fahmi Quadir, the Safkhet Capital founder nicknamed the assassin for her Wirecard and Valeant shorts, who has wound down her short-only fund and is launching an activist long venture aimed at undervalued South Korean companies, part of a wider retreat from short-only investing that has also seen Jim Chanos and Hindenburg's Nate Anderson step back. Source: The Wall Street Journal
• Grizzly Research founder breaks down his playbook. In a rare interview, Siegfried Eggert explains how his firm selects targets, why he judges campaigns over a five-to-eight-year horizon rather than a single day, and the role activist short sellers play in market transparency. Source: MarketScreener
• Foreign ownership of Adani Enterprise hits a record low. Overseas investors continued to trim their stakes while domestic buyers stepped in, a notable shift for a group that became a defining activist short target after Hindenburg Research's 2023 report. Source: Business Standard
• Tiny foreign-company IPOs have quietly vanished from US markets. Bloomberg examines why once-common small-cap foreign listings, a corner of the market that has long drawn short-seller scrutiny for pump-and-dump setups, have all but disappeared. Source: Bloomberg