“The realm of cryptocurrencies is in troubled waters with ongoing legal proceedings by the CFTC against four individuals from Fundsz for fraudulent activity. However, while these proceedings could mark a significant stride in cryptocurrency regulation, they may create a hostile environment for legitimate businesses, thus potentially hindering the acceptance and growth of the crypto world.”
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Fundsz Busted: Cryptocurrency Fraudsters and the Need for Vigilant Regulation
“The exchange Fundsz and associated individuals were recently accused by the CFTC of fraudulent cryptocurrency trading, misleading over 14,000 individuals with exaggerated return projections. The CFTC alleged Fundsz’s entire business model was built upon fabricated profits, never actually trading with customer funds.”