CFTC Slaps CEO With Record $1.7 Billion Bitcoin Fraud Charge
The CFTC might have caught the “biggest fish” in the ocean. And there could be more out there. The U.S. commodities watchdog announced Friday that it had lodged a civil suit against a South African CEO and his company for operating a bogus commodity pool worth more than $1.7 billion in bitcoin. The Commodity Futures […]
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The U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency.
CFTC Takes Action Against MTI
The CFTC announced Thursday that it has charged a “South African pool operator and CEO with $1.7 billion fraud involving bitcoin.” The regulator added:
This action is CFTC’s largest fraud scheme case involving bitcoin.
The derivatives watchdog has filed a civil....
“The defendants misappropriated, either directly or indirectly, all of the Bitcoin they accepted from the pool participants,” said the CFTC. The United States Commodity Futures Trading Commission, or CFTC, has taken enforcement action against a South African national in what the regulatory body called its “largest fraudulent scheme involving Bitcoin.”In a Thursday announcement, the CFTC said it had filed a civil enforcement action in federal court for fraud and registration violations against Cornelius Johannes Steynberg. The South African national allegedly created and operated a global....
The CFTC continues its roll of crypto announcements this week in a recent fraud bust-up. On Friday, the Commodity Futures Trading Commission made a fraudster pay back $7.4 million to investors while vowing to protect the Bitcoin market.Per the CFTC's announcement, James McDonald, Director of the commission's enforcement division, said The CFTC will continue working to protect our markets, including the burgeoning markets for digital assets such as Bitcoin, from fraudulent schemes, and will work in parallel with our criminal law enforcement colleagues where appropriate.Today's announcement....
The US Commodity Futures Trading Commission (CFTC) has won a massive fine against fraudulent crypto investor Abner Alejandro Tinoco and his company Kikit & Mess Investments, LLC. This development marks the end of a three-year legal suit. Related Reading: CFTC Chair: Illinois Court Affirms Bitcoin And Ether As Commodities, 80% Of Cryptos Are Not Securities […]
Alongside other actions, the CFTC was pleased with its seven enforcement actions in the crypto market. The Commodity Futures Trading Commission, or CFTC, is having a banner year in crypto enforcement.Per the commission's annual review released on Tuesday, fiscal year 2020 featured seven monetary relief actions against firms engaged in illegal activity in crypto, which is a new record.The review said: "In conjunction with the Division’s Digital Asset Task Force, the Commission brought a record setting seven cases involving digital assets." These included charges against PanForex for....