Idaho Warns of Crypto Scams Promising 80% Returns Every 24 Hours
The finance department of the U.S. state of Idaho has warned investors of a series of cryptocurrency scams promising returns as high as 80% every 24 hours with no risks to investors. Crypto Scams Promising High Returns
The Idaho Department of Finance announced Wednesday “a series of fraudulent
cryptocurrency schemes seen recently targeting Idaho investors.” The regulator detailed: The companies purport to provide high returns with no risks to the investor.
These fraudulent schemes are operating under the names and websites of Crypto FX Direct, Shield Investors Ltd., Quartz FX Trade, and Finvest Trading. At the time of writing, some of the schemes’ websites are already offline.
The regulator added: These websites make outrageous, demonstrably false statements and claims such as guaranteed returns on investment as high as 65% – 80% every 24 hours.
To begin investing with these companies, investors have to purchase an investment plan using cryptocurrency, the finance department described. One of the companies, Finvest Trading, charges between $500 and $100,000 to begin trading. Finvest’s investment plans. Source: Finvest
“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.”
At the end of the agreed trading period, investment advisors contacted the investors and notified them that they made substantial returns on their investments. However, they had to pay a fee to receive their investment returns. Investors were then advised of additional fees and penalties before they could receive payouts.
The regulator noted that these entities are neither registered to sell securities in Idaho nor have they filed with the Idaho Secretary of State to conduct business in the state. Tags in this story Bitcoin, Crypto, Crypto Scams, Cryptocurrency, cryptocurrency scams, Idaho, Idaho crypto scams
What do you think about these crypto investment scams? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Former Google CEO Eric Schmidt Starts Investing in Cryptocurrency — Finds Web3 Economics "Interesting" FEATURED | 20 hours ago Digital Yuan Giveaway: Shenzhen Residents to Receive 15 Million Yuan in Digital Currency FEATURED | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIce Cube’s Big3 Professional Basketball League Sells Team to a DAO for 25 NFTs Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments
Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto