CFTC-PR-8850-24 CFTC Charges Bogus Digital Asset Platform with Fraud and Misappropriation in an Online Romance Scam. Five Victims Lost $2.3 Million to Con Targeting Asian Americans. Date: Jan. 19, 2024 Date Accessed: Aug. 1, 2024 Source URL: https://www.cftc.gov/PressRoom/PressReleases/8850-24 Categories: CFTC-2401 Affinity Fraud Bogus Trading Platforms Digital Asset Fraud Frauds Targeting Asian Americans Romance Scams DEBIEX PDF […]
Category: Bogus Trading Platforms
Bogus Trading Platforms typically lure unsuspecting investors with promises of high returns through automated trading algorithms or cryptocurrency investments. These platforms often operate without legitimate regulatory oversight, using sophisticated websites and fake testimonials to appear credible. Once investors deposit funds, scammers may manipulate trading results or simply disappear with the money, leaving victims with substantial financial losses and little to no recourse for recovery. It’s crucial for investors to thoroughly research and verify the authenticity of any trading platform, checking regulatory registrations and user reviews to avoid falling victim to these fraudulent schemes.
Learn More: Review the CFTC RED LIST ⊗ for brokers operating on “thin ice”.