Crypto News
SEC charges team behind the $45 million Coindeal crypto fraud
- The U.S. SEC has charged the team behind Coindeal.
- The SEC has also charged AEO Publishing Inc., Banner Co-Op Inc., and Bannersgo LLC.
The Securities and Exchange Commission (SEC) of the United States has charged the team behind Coindeal, which turned out to be a $45 million fraudulent crypto investment scheme.
The defendants, according to the regulator, falsely claimed that Coindeal would generate investment returns greater than 500,000 times for investors.
In connection with the $45 million fraud, the SEC has charged the creator of the crypto investment scheme Coindeal, and seven others. Coindeal raised more than $45 million from unregistered securities sales to tens of thousands of investors around the world.
According to the SEC, the creators and promoters of Coindeal falsely claimed that investors could generate extravagant returns by investing in the eponymous blockchain technology, which would be sold for trillions of dollars to a group of prominent and wealthy buyers.
As per the SEC, no Coindeal sale ever took place, and no distributions were made to the investors. The defendants collectively misappropriated millions of dollars in investor funds for personal use, and one of them purchased cars, real estate, and a boat with investor funds, according to the SEC.
The SEC has also charged AEO Publishing Inc., Banner Co-Op Inc., and Bannersgo LLC with being involved with the fraudulent crypto investment scheme.
Investors promised investment returns of more than 500,000 times
In this regard, Daniel Gregus, Director of, the Chicago Regional Office, SEC said,
“We allege the defendants falsely claimed access to valuable blockchain technology and that the imminent sale of the technology would generate investment returns of more than 500,000 times for investors… As alleged in our complaint, in reality, this was all just an elaborate scheme where the defendants enriched themselves while defrauding tens of thousands of retail investors.”
The U.S. Department of Justice (DOJ) had already indicted one of the defendants on three counts of wire fraud and two counts of monetary transaction in unlawful proceeds in June 2022 due to his involvement with the Coindeal crypto fraud scheme.
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BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”
“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”
The announcement also states that for a limited time, BitPay users will be able to purchase bitcoin with no fees. Those seeking to access the MoonPay integration can do so at BitPay.com or on the BitPay Wallet app.
Bill Zielke, CMO of BitPay, said in the press release that, “BitPay’s partnership with MoonPay brings together two leaders of the crypto payments space to give BitPay users near-instant access to cryptocurrency.”
Echoing that statement, Harry Peatson, partner account manager at MoonPay, explained that, “This partnership will provide users with a greater variety of ways to buy cryptocurrencies, allowing them to use their preferred buying methods, and with much greater speed of delivery than previously.”
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Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.
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The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.
The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.
The South Korean Ministry of Justice will introduce a “cryptocurrency tracking system” in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockchain) January 29, 2023
While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:
“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”
The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.
Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report
The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.
The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.
“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.
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