Police from Ecuador and Ecuadorian prosecution have searched several places linked to Fortunario Digital Assets. This company was accused of illegally collecting money in relation to cryptocurrency and forex trading. This operation saw the seizing of over $7 million from Ecuadorian accounts.
Ecuadorian Police Raid Fortunario Digital Assets
An operation was launched against an Ecuadorian company accused of making unauthorised money collection. The prosecution and Ecuadorian Police were key actors. The two agencies conducted a joint operation that resulted in the raiding of five sites linked to the above-mentioned company, located in Quito.
Initial investigations revealed that investors were being scammed by the company through a network of financial services companies. For customers who invested between $500 and $15,000., the company claimed to offer operations in cryptocurrency and forex markets. It also offered minimum monthly returns of 17% on lower tier plans.
There were two additional tiers that offered $19% and 21% rewards for investments between $20,000 and $90,000. These tiers also included $100,000 and $20,000 respectively. The webpage of the company, which is still up at the time of writing, describes the organization as a “group of experts in the area of investments in digital assets and in the financial markets with technical analysis and macroeconomic studies related to cryptocurrencies and arbitration in cryptocurrencies.”
A roadmap was also provided by the company, which included creation of its metaverse as well as the release of its token. This token would be added to the Binance Chain.
With Similar Businesses
Local media reports that Fortunario Digital Assets had $7 Million in funds and the prosecution obtained a preliminary motion to stop the funds.
Other platforms have also been monitored by the Bank Superintendence. One example is IX Inversors which offered investors an interest rate of about 1.15% per day. Similar procedures led to the liquidation and dissolution of the company. At that time, the institution made a call for citizens “to act with caution and stay informed through official channels, avoiding being a victim of scammers and criminals.”
Guillermo Avellan manager of Ecuador’s Central Bank said that regulation of cryptocurrency in Ecuador could be forthcoming later this year. This is in line with the statements of Guillermo Avellan who added more detail to Ecuador’s crypto scene.
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