CFTC sues Mosaic Exchange Limited for alleged cryptocurrency fraud 🚨
- The US Commodity Control Agency (CFTC) has sued Mosaic Exchange Limited and CEO Sean Michael for fraudulent activities related to digital assets.
- CFTC accuses Mosaic and its operators of defrauding at least 17 people in the US and other countries to receive hundreds of thousands of dollars in Bitcoin and other funds to trade BTC and other digital assets on behalf of customers , but actually appropriated them.
- Mosaic has stated that it has a large amount of assets under management, developed a proprietary trading algorithm with an impressive accuracy rate of 82%, and achieved high profit margins from 20% to 60% per month.
- However, CFTC said that Mosaic did not have a large amount of assets under management as advertised and caused losses during the transaction process for customers. The profit margins are also not proven.
- CFTC Commissioner Kristin Johnson called the entire incident a "scam" and a "virtual house of cards" that caused investors to lose many assets.
🔗 Source: CryptoPotato
- The US Commodity Control Agency (CFTC) has sued Mosaic Exchange Limited and CEO Sean Michael for fraudulent activities related to digital assets.
- CFTC accuses Mosaic and its operators of defrauding at least 17 people in the US and other countries to receive hundreds of thousands of dollars in Bitcoin and other funds to trade BTC and other digital assets on behalf of customers , but actually appropriated them.
- Mosaic has stated that it has a large amount of assets under management, developed a proprietary trading algorithm with an impressive accuracy rate of 82%, and achieved high profit margins from 20% to 60% per month.
- However, CFTC said that Mosaic did not have a large amount of assets under management as advertised and caused losses during the transaction process for customers. The profit margins are also not proven.
- CFTC Commissioner Kristin Johnson called the entire incident a "scam" and a "virtual house of cards" that caused investors to lose many assets.
🔗 Source: CryptoPotato