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The U.S. Securities and Exchange Commission today hit four people with charges for allegedly swindling investors out of nearly $300 million in a “fraudulent crypto Ponzi scheme.”<br />In a Friday announcement, the SEC said Trade Coin Club raised 82,000 in Bitcoin—worth $295 million at the time—from over 100,000 investors worldwide between 2016 to 2018. <br />Trade Coin Club promised investors “minimum returns of 0.35% daily” from a “crypto asset trading bot,” but it wasn’t true—and instead functioned as a Ponzi scheme, the SEC alleged.

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【SEC charges Trade Coin Club for $295 million Bitcoin Ponzi scheme】The U.S. Securities and Exchange Commission today hit four people with charges for allegedly swindling investors out of nearly $300 million in a “fraudulent crypto Ponzi scheme.”
In a Friday announcement, the SEC said Trade Coin Club raised 82,000 in Bitcoin—worth $295 million at the time—from over 100,000 investors worldwide between 2016 to 2018. 
Trade Coin Club promised investors “minimum returns of 0.35% daily” from a “crypto asset trading bot,” but it wasn’t true—and instead functioned as a Ponzi scheme, the SEC alleged.

SEC charges Trade Coin Club for $295 million Bitcoin Ponzi scheme

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SEC charges Trade Coin Club for $295 million Bitcoin Ponzi scheme

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

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