Cryptocurrency market attracts a lot of scammers

The cryptocurrency market attracts a lot of scammers and thieves hunting for users' money.

Recently, Florida resident Joshua David Nicholas pleaded guilty along with other members of the cryptocurrency exchange EmpiresX to recruiting and luring investors to obtain $100 million worth of cryptocurrency.

Joshua now faces a maximum sentence of five years in federal prison.

Ponzi scheme targeting cryptocurrency holders:
According to a statement from the US Department of Justice, Joshua David Nicholas was the “lead trader” for EmpiresX, which is promoted as a cryptocurrency platform that offers guaranteed returns to investors.

In reality, however, the platform represented a fraud scheme, as $100 million worth of investors' money was siphoned off.

Over the course of its years, Joshua David Nicholas and some of his colleagues have lied to users that the company uses artificial and human intelligence to maximize profitability.

EmpiresX operated as a typical Ponzi scheme, was not registered with financial regulators, and did not even take steps to receive the necessary licenses.

The founder and director of the platform pleaded guilty to conspiracy to commit securities fraud.

After he confesses to his crimes, Joshua will face a maximum sentence of five years in federal prison.

A sentencing date has not yet been set as the judge will consider the final decision along with US sentencing guidelines before it is announced.

Legal agents are encouraging all affected users to visit the official website of the US Department of Justice and identify themselves as potential victims of the scam.

Thus, they will get more information on how to get their money back.

In conclusion, we remind the witness from the above written lines of the need to be careful and investigate the trading and investment platforms well before dealing with them, because the crypto market is full of fraudulent platforms.

Posted using Proof of Brain



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