Cryptocurrency Company Accused of Defrauding Its Investors $62 Million!

The U.S. Department of Justice, Mining Capital Coin CEO Luiz Capuci Jr. cryptocurrency accused of administering a fraud scheme.

Capuci faces a maximum prison sentence of up to 45 years for a number of charges, including fraud, money laundering and securities fraud.

“Transfers $62 Million Cryptocurrency To His Own Wallet”

US officials claimed that Capuci, along with his accomplices, defrauded investors of $62 million. Mining Capital Coin company, investor’s investments bitcoin and that was not the case, even though he said he was spending money on mining and trading cryptocurrencies. In his statement to investors, Capuci claimed that his companies have a wide network of mining facilities and promised to generate sustainable incomes.

Capuci also presented trading bots to investors, which he claims were developed by the best programmers in the world.

But in the background, according to federal prosecutors, Mining Capital Coin ran a typical pyramid scheme. The company never invested the funds it received from its investors in the projects it mentioned. Federal prosecutors claimed that Capuci transferred the funds he collected directly into their own crypto wallets and did not invest in the company’s promises.

Kenneth Polite Jr., assistant attorney general for the criminal division of the US Department of Justice, said the government is determined to curb financial fraud, claiming that illegal cryptocurrency schemes are undermining this new market.

Last week, the CEO of an unnamed South Korean cryptocurrency exchange was arrested for spying for North Korea.

*Not investment advice.

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