The financial authority has warned crypto investors of such a crypto scam series that promises high returns in less time with no risk.
An announcement was made by the Idaho Department of Finance that a number of crypto schemes have been seen recently targeting the investors in the Idaho region. The regulator authority outlined the details that the companies allegedly boast of providing high returns involving no risks to the investors.
Such fraudulent schemes are operating under the websites and names of Crypto DX Direct, Quartz FX Trade, Shield Investor Ltd., Quartz FX Trade, and Finvest Trading. However, till the time of writing, several websites of such schemes have gone offline already. The Idaho financial regulator further said that these websites have seen making outrageous, demonstrate false statements and claims to provide guaranteed returns on people’s investment which is as high as 65% to 80% every day.
The finance department described that these companies make investors buy an investment plan while using cryptocurrencies in order to begin their investing with these companies. For instance, one of the investment companies, Finvest Trading, charges between $500 to $100,000 to start trading.
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The regulator said that these companies offered several profitable investments with any plans and boasted the more you invest, the greater will be the return. It also added that the investment advisors of such companies provide investors with several fake and phony credentials. At the time when the agreed trading period comes to an end, the investment advisor contacts the investors and then notifies them about their so-called substantial returns on investments.
However, they said to pay a fee in order to receive the returns of investments they made. Further, they are also being told about the additional fees and penalties before they receive payouts. The financial regulator also noted that these firms are neither registered in Idaho to sell securities nor have they filed to conduct business in the region with the Secretary of State in Idaho.
Source: https://www.thecoinrepublic.com/2022/05/01/the-idaho-finance-department-warns-to-stay-away-from-these-specific-crypto-schemes/