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Cryptocurrency markets have stabilized after the recent drop and are now waiting for the Fed. Just a few minutes ago, something new happened. According to an announcement by the US CFTC, a lawsuit has been filed against two individuals for crypto fraud. This is not the first and certainly won’t be the last case related to cryptocurrency scams. While cryptocurrency laws have not yet come into effect, various crimes can still be punished under existing laws.
Latest News on Crypto Scam Case
The Commodity Futures Trading Commission (CFTC) has announced that it has filed a complaint in the Middle District of Tennessee against Michael and Amanda Griffis from Clarksville, Tennessee. The defendants are accused of defrauding over 100 people across the United States. These two individuals deceived investors with a multimillion-dollar commodity pool they operated from July 2022 to January 2023, promising them profits through cryptocurrency.
Executive Director Ian McGinley stated:
“As alleged, the defendants promised pool participants a secure investment with significant profit potential in digital asset futures contracts. These promises were supported by the trust the victims placed in the defendants. The defendants betrayed the pool participants and profited from this betrayal. Today’s filing reaffirms the CFTC’s longstanding commitment to holding accountable those who exploit victims.”
According to the complaint, the defendants, who are owners of a real estate company in Clarksville, Tennessee, contacted their colleagues and customers involved in the real estate business, promising them profits through crypto futures transactions. Despite having no trading or relevant experience, the defendants managed to convince over 100 individuals to send over $6 million to a commodity pool called “Blessings of God Thru Crypto”.
