๐จ 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. ๐จ
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. ๐๐ฐ
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. ๐ฑ๐
CFTC Commissioner Kristin Johnson called the scheme a "sham" and a "virtual house of cards," resulting in investors losing massive wealth. Stay vigilant, folks! ๐ต๏ธโโ๏ธ๐ธ
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. ๐๐ฐ
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. ๐ฑ๐
CFTC Commissioner Kristin Johnson called the scheme a "sham" and a "virtual house of cards," resulting in investors losing massive wealth. Stay vigilant, folks! ๐ต๏ธโโ๏ธ๐ธ