Ponzi

United

Paras

In the rapidly evolving cryptocurrency landscape, new investors and traders often fall victim to scams and fraud due to promises of massive returns and huge profits. Recently, the Texas State Securities Board identified fraudulent activities involving false promises of notable daily returns. Recent fraudulent activity in the Crypto industry&nbsp; 
The Texas State Securities Board has taken decisive action against Arkbit Capital, issuing a cease and discontinue order following allegations offraudulent activities in the crypto space. Led by Financial Examiner Alexis Cantrell, the board disclosed a web of duplicity surrounding Arkbit Capital and its associated entities. 
Arkbit Capital, along with Arkbit Capital Holdings, ABC Holdings LLC, and ABC Mining, stands accused of directing a deceptive cloud mining operation, falsely claiming to operate data centers in Arkansas. However, the firm promised notable daily returns ranging from 1.6% to 2.8% over a 120-day period, the company targeted investments between $50 and $49,999 in digital assets.
Central to their scheme was the utilization of CoinPayments.Net, a payment processor, despite its restrictions on certain jurisdictions, including the United States. Shockingly, the account holder associated with Arkbit’s CoinPayments account was traced to Paras Khivesara, located in Hyderabad, India, not Arkansas as purported.
Further damning evidence arose from manipulated media, with Arkbit Capital allegedly utilizing deceptive image and video editing techniques. One such instance involved a video supposedly featuring the CEO and founder speaking at a cryptocurrency conference in Austin, Texas. However, investigations revealed no presence of Delmar Estabrook or Arkbit Capital at the event. The enforcement Division requests users stay vigilant&nbsp; 
Following this incident, Joe Rotunda, Director of the Enforcement Division at the Texas State Securities Board, advised caution among investors, highlighting the importance of due diligence when approached with social media investment opportunities. This cautionary story is part of a concerning trend in the United States, with several recent cases highlighting the majority of <a href="https://news.todayq.com/indias-ed-takes-action-in-billion-dollar-bitcoin-scam-investigation/" rel="noopener noreferrer nofollow">Ponzi schemes</a> in the cryptocurrency realm.
However, on March 15, 2024, the US SEC (Securities and Exchange Commission) dismantled a $300 million Ponzi scheme act as a crypto trading platform, targeting Latino investors with CryptoFX. Just days later, a New York jury convicted two individuals involved in promoting the fraudulent crypto mining and trading scheme IcomTech.
In the most recent development, Irina Dilkinska, former head of legal and compliance for the infamous OneCoin fraud, received a four-year jail sentence for her role in laundering millions of dollars. These cases serve as stark reminders of the importance of skepticism and thorough research when navigating the complex landscape of cryptocurrency investments.

This crypto-mining firm seized by Texas authority, Here’s Why

Todayq News

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