The Cryptos News | Daily Bitcoin News
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
The Cryptos News | Daily Bitcoin News
No Result
View All Result
Home Exchange

CFTC Cites $1.7 Billion MLM In Its ‘Largest Fraud Scheme Case Involving Bitcoin’ – Decrypt

CFTC Cites $1.7 Billion MLM In Its ‘Largest Fraud Scheme Case Involving Bitcoin’ – Decrypt
Share on FacebookShare on Twitter


The Commodity Futures Trading Commission filed a lawsuit today against Cornelius Johannes Steynberg and Mirror Trading International Proprietary Limited (MTI), charging them with fraud and registration violations.

The complaint accuses Steynberg of engaging in an international fraudulent multilevel marketing (MLM) scheme that brought in 29,421 BTC, worth over $1.7 billion. The agency says Steynberg also used his company MTI in the scheme, which ran for nearly three years from May 18, 2018, through March 30, 2021.

The civil action was entered at the U.S. District Court for the Western District of Texas.

“The little trading that Defendants did was unprofitable, and they misappropriated essentially all of the at least 29,421 Bitcoin accepted from participants,” said CFTC Commissioner Kristin Johnson in a press release. “Fraudsters often take full advantage of new technology, global connectivity, and perceived lack of a cop on the beat to perpetrate their scams.”

The charges against Steynberg and MTI are the latest actions taken by the CFTC which said in May that it was adding resources to monitor the crypto market.

Earlier this month, the CFTC filed a complaint against Gemini Trust Company LLC, better known as Gemini, for allegedly misleading regulators in 2017. The CFTC says the cryptocurrency exchange made “material false or misleading statements” to gain approval for its Bitcoin futures product.

Today’s announced action comes on the same day the U.S. Department of Justice announced charges in four NFT “rug-pull” cases that could have cost victims over $100 million.

Steynberg, a citizen of the Republic of South Africa, was recently detained in Brazil on an INTERPOL arrest warrant after evading South African authorities.

While the CFTC says it is seeking full restitution to investors, the agency cautions victims that restitution orders may not result in the recovery of money lost.

 

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news stories + weekly roundups and more!



Read More:CFTC Cites $1.7 Billion MLM In Its ‘Largest Fraud Scheme Case Involving Bitcoin’ – Decrypt

Tags: BillionBitcoinCaseCFTCCitesDecryptfraudInvolvingLargestMLMscheme
Previous Post

New York denies air permit to Bitcoin mining power plant

Next Post

South Korean Bankruptcy Court Warns of Coming Surge in Crypto-related Cases

Related Posts

How to Trade Forex Completely Anonymously

How to Trade Forex Completely Anonymously

by The Cryptos News
July 30, 2022
0

High-profile investors used to save anonymous trading for special occasions. But now that cryptocurrencies are more widely used in...

Russia Has Received Over $2 Million in Cryptocurrency Donations, Chainalysis Says

Russia Has Received Over $2 Million in Cryptocurrency Donations, Chainalysis Says

by The Cryptos News
July 30, 2022
0

What’s sauce for the goose is sauce for the gander —the Russians told the Ukranians. On July 29, Chainalysis...

Crypto Compensation? Bitcoin Bonus? New York State Employers Must Weigh Requests Carefully

Crypto Compensation? Bitcoin Bonus? New York State Employers Must Weigh Requests Carefully

by The Cryptos News
July 30, 2022
0

If your staff member wants his or her paycheck in cryptocurrency, should you – as an employer keeping up...

New to The Street TV / Newsmax TV announces This Week’s TV Broadcast Line-up, Episode

New to The Street TV / Newsmax TV announces This Week’s TV Broadcast Line-up, Episode

by The Cryptos News
July 29, 2022
0

NEW YORK, July 29, 2022 (GLOBE NEWSWIRE) -- FMW Media’s New To The Street / Newsmax TV show announces...

Next Post
South Korean Bankruptcy Court Warns of Coming Surge in Crypto-related Cases

South Korean Bankruptcy Court Warns of Coming Surge in Crypto-related Cases

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trending News

Payperless Crypto Wallet announced working on NFT tokens support

Payperless Crypto Wallet announced working on NFT tokens support

June 25, 2022
June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

July 14, 2022
Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

July 30, 2022
ADVERTISEMENT

Investment

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

July 30, 2022
Study up and become a more informed crypto investor with this bundle

Study up and become a more informed crypto investor with this bundle

July 30, 2022
Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

July 30, 2022
Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

July 29, 2022
$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

July 29, 2022

Prices

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

July 30, 2022
Tron price prediction as Unifi Protocol TVL explodes

Tron price prediction as Unifi Protocol TVL explodes

July 30, 2022
Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

July 30, 2022

Crypto Flipsider News – Crypto Market Rally; Nirvana (NIRV) Exploited; Vasil Delayed;

July 29, 2022

Trading

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

July 30, 2022
SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

July 30, 2022
Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

July 29, 2022
FTX wins full approval to operate crypto exchange in Dubai

FTX wins full approval to operate crypto exchange in Dubai

July 29, 2022
Crypto exchange Zipmex files for bankruptcy protection in Singapore

Crypto exchange Zipmex files for bankruptcy protection in Singapore

July 29, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA

© 2021 Thecryptosnews.com

No Result
View All Result
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading

© 2021 Thecryptosnews.com

wpDiscuz