Ponzi scams have emerged as the major threat for the new and existing crypto users. The growing cryptocurrency user base that has created a neck to neck competition between crypto-based companies. Every nation’s regulators have a list of companies eradicating the established image of crypto and digital assets.
The Securities and Exchange Commission of the United States has detained 17 individuals in connection a Ponzi scheme. According to the press release of the regulator agency, the individuals involved with CryptoFX LLC have made 40,000 investors their victims.
Gurbir S. Grewal, the Enforcement director at the SEC, notes that “We allege that CryptoFX was a $300 million Ponzi scheme that targeted Latino investors with promises of financial freedom and life-altering wealth from ‘risk-free’ and ‘guaranteed’ crypto and foreign exchange investments.”
He added, “In the end, the only thing that CryptoFX guaranteed was a trail of thousands upon thousands of
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