A lot of cryptocurrency projects have found themselves in the crosshairs of the SEC. For the Modern Money Team, or MMT, it seems the allegations of fraud and misleading investors have some merit to them after all.
Whenever a new company starts to promote cryptocurrency activities, scrutiny is warranted.
More often than not, those new firms either turn into a scam or did not file with the proper authorities.
In the case of Modern Money Team, it appears there is a bit of both going on.
Not only did the team potentially scam $12 million, but they also misappropriated funds and lied to investors.
On the surface, the venture focused on crypto mining and multi-level marketing practices.
Roughly 200 people invested in the mining scheme, whereas the MLM attracted around 1.800 users.
Even though the MLM arm stopped paying users in November 2019, they kept accepting signups and deposits until early March of 2020.
That is often a clear sign of a Ponzi Scheme running on its last legs.
According to the SEC, at least one individual misappropriated investor funds, whereas the other was blatantly running a Ponzi scheme.
That latter individual also has a Bitfinex account that held nearly 50 Bitcoin until May 2019.
For now, the investigation is still ongoing.
The $MELANIA token project has been making waves over the last month, not only for…
The memecoin market experienced a dramatic shift as it appeared that smart money investors had…
In an astonishing manifestation of viral momentum, the Solana-based memecoin $FUR is making tremendous splashes…
Following a difficult stretch characterized by price oscillation and dwindling investor trust, Mantra ($OM) is…
A breach of security at ZKsync, related to one of its airdrop distribution contracts, has…
In the previous day, a surge of intelligent monetary activity has washed over the cryptocurrency…
