Cryptocurrency Fraud Widespread, Warns Regulator

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Fraud among cryptocurrency investment promoters is widespread, the state regulator most active in the crypto arena warned today.

Of 32 cryptocurrency investment promoters investigated in four weeks, at least five failed to tell would-be investors about the risks while guaranteeing returns of up to 40 percent a month, the Texas State Securities Board cautionedNearly two-thirds of the promoters did not provide investors with a physical address.

Without a physical location, the Board, warned investors may not be able to locate a promoter to serve it with legal process or attempt to pursue other remedies once they have been defrauded.