🚨 Heads up, BTC enthusiasts! The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Mosaic Exchange Limited and its CEO Sean Michael for allegedly operating a fraudulent digital asset commodity scheme. 🚨

Between 2019 and 2021, Mosaic falsely claimed to have significant assets under management and a proprietary trading algorithm with an 82% accuracy rate. They also boasted high-profit margins of 20% to 60% per month and partnerships with certain crypto exchanges. 📈💰

However, the CFTC found that Mosaic didn't possess the substantial assets it claimed, and its trading algorithm actually incurred losses for customers. The profit margins and partnerships were also unsubstantiated. 😱💔

CFTC Commissioner Kristin Johnson called the scheme a "sham" and a "virtual house of cards," resulting in investors losing massive wealth. Stay vigilant, folks! 🕵️‍♂️💸