A series of scams involving cryptocurrency have been warned investors by Idaho’s finance department. They promise investors returns of up to 80% in 24 hours and pose no risk.
Scams that promise high returns on crypto investments
The Idaho Department of Finance announced Wednesday “a series of fraudulent
cryptocurrency schemes seen recently targeting Idaho investors.” The regulator detailed:
Companies claim they can provide investors with high returns without any risks.
These scams are being operated under the websites and names of Crypto FX Direct and Shield Investors Ltd. and Quartz FX Trade. At the time of writing, some of the schemes’ websites are already offline.
The regulator also added:
These websites make outrageous, demonstrably false statements and claims such as guaranteed returns on investment as high as 65% – 80% every 24 hours.
These investors will need to buy an investment plan with cryptocurrency in order to begin investing. Finvest Trading charges $500 to $100,000 for trading.
“They offer profitable investments with any plan, and purport the more invested, the greater the return,” the regulator detailed, adding that the companies’ investment advisors provide investors with “phony credentials.”
Investment advisors reached out to investors after the trading period ended and informed them of their substantial returns. Investors had to pay a fee in order to get their returns. Before they received payouts, investors were informed of any additional charges and penalties.
This regulator pointed out that the entities have not been registered to trade securities in Idaho and they have not filed any business permits with the Idaho State Secretary of State.
How do these cryptocurrency investment scams affect you? Please comment below.
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