Menu
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
Language:

Coin Prologue
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
  • News

Idaho Warns of Crypto Scams Promising 80% Returns Every 24 Hours

  • Ralph Smith
  • 01/05/2022
  • 1 view
  • 2 minute read
Total
0
Shares
0
0
0
0
0
0

Idaho Warns of Crypto Scams Promising 80% Returns Every 24 Hours

The U.S. Idaho Department of Treasury has warned investors about a series of cryptocurrency scams promising returns of up to 80% every 24 hours with no risk to investors.

Cryptocurrency scams promising high returns

The Idaho Department of Finance announced Wednesday a “series of fraudulent
cryptocurrency schemes targeting Idaho investors.” The regulator detailed:

The companies claim to provide high returns without any risk to the investor.

These fraudulent schemes operate under the names and websites of Crypto FX Direct, Shield Investors Ltd, Quartz FX Trade and Finvest Trading. At the time of writing, the sites of some of the schemes are already down.

The regulator added:

These sites make outrageous, patently false statements and claims, such as guaranteed returns on investments of up to 65% to 80% every 24 hours.

To start investing in these companies, investors must purchase a cryptocurrency investment plan, Finvest told the finance department. One company, Finvest Trading, charges between $500 and $100,000 to start trading.

Finvest Investment Plans. Source: Finvest

“They offer lucrative investments with any plan, and claim that the more invested, the greater the return,” the regulator specified, adding that the companies’ investment advisers provide investors with “false certifications.”

At the end of the stipulated trading period, the investment advisers would contact investors and tell them that they had made a significant return on their investment. However, they had to pay a commission to get a return on their investment. Investors were then informed of additional fees and penalties before they could receive payments.

The regulator noted that these entities were not registered to sell securities in Idaho and had not filed with the Idaho Secretary of State to do business in the state.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Ralph Smith

Cryptocurrency geek. Met with Bitcoin and altcoins back in 2011, when the price of BTC was about 10$. Writing articles since 2014 to these days.

You May Also Like
View Post
  • 1
  • 2 min

Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

View Post
  • 3
  • 2 min

Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

View Post
  • 2 min

Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

View Post
  • 2 min

White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

View Post
  • 2 min

Putin and Saudi Crown Prince Discuss Potential BRICS-Saudi Arabia Collaboration

View Post
  • 2 min

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Recent Posts
  • Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

    View Post
  • Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

    View Post
  • Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

    View Post
  • White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

    View Post
Coin Prologue Coin Prologue
Made with ❤️Love in 🇺🇦Ukraine ©2021 — 2022

Input your search keywords and press Enter.