FEDERAL TRADE COMMISSION FILES LAWSUIT, TARGETS ‘DECEPTIVE CRYPTOCURRENCY SCHEMES’
Federal Trade Commission Files Lawsuit, Targets ‘Deceptive Cryptocurrency Schemes'
The FTC’s primary focus is to protect consumers and enforce the legal framework that creates a competitive market, and they’re starting to take notice of the cryptocurrency space. There have been many questionable projects and quite a few outright scams. Some have promised absurd returns, but the revenue structure relies on users to recruit more users into the platform, and those users recruit more users.
According to The Washington Post, the lawsuit is targeted at what the FTC calls “chain referral” scams involving digital currencies. The most infamous crypto scam in recent times is Bitconnect, which imploded back in January of this year. Bitconnect is not being investigated in this recent suit, but people users still lost hundreds of thousands of dollars. The price of the coin hovered around the $320 mark and within minutes it dropped over 80%, continuing to fall to $1.62 where it sits today.
The FTC claims that the illegal activity has affected nearly 30,000 consumers around the world. Action has already been taken against some individuals involved with these projects, as a federal court has ordered four men to stop their operations in Florida. According to the lawsuit, these men promoted cryptocurrency scams on popular social media platforms such as Youtube and Twitter.
Read the full article and learn more about the FTC here.
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Disclaimer: This article is provided for informational purposes only. It’s not legal advice, and no attorney-client relationship is created. Neither the author nor FTC Guardian, Inc. is endorsed by the Federal Trade Commission.
