Ever imagined of being able to turn $200 in Cryptocurrency to a monthly steady income of about $200,000 a month? When the deal is too good, think twice.

Court stops activities of four

A federal court in the US has today stopped the activities and ordered an immediate freeze on the assets of four individuals who were alleged to be promoting schemes with false promises following a request by the Federal state commission for the action pending trial of the accused.

According to the Federal Trade Commission, the four who are; Louis Gatto, Thomas Dulca, Scott Chandler and Eric Pinkston are believed to have falsely made promises for huge returns on small payments for Bitcoins and other digital currencies. FTC plans to launch charges of operationalizing investments pools with no permits, security fraud charges and conspiracy among other charges against the accused men

Referral Schemes

FTC also believes that there were about three referral schemes chains: Jetcoin, My7Network and funding team which were real cash cow opportunities via social media’s, conference calls and YouTube. Consumers of the channels are said to have fully failed to recoup back even their investments.

The chain referral scheme only allowed investors to be able to generate revenues by recruiting new participants and convincing them to also be participants through paying the Cryptocurrencies

Jetcoin is said to have lasted from May to June in 2017. Upon closure, it is alleged that Chandler the pioneer of Jetcoin informed his participants that the company was being halted because of software problems.

Bitcoin funding team having been able to project impressive performance of the Cryptocurrencies in 2017 with a nearly 1,000% gain in value around January was able to easily convince investors into its scheme. The investors were to earn a steady return of about 8000% of their initial investments.

Tom Pahl, FTC Bureau consumer protections director made in a comment said that this case just shows the levels in which scammers have found new channels to progress their outdated schemes hence said that the FTC will seeks to remain very watchful on this upcoming platforms.

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