“God’s Blessing Through Cryptocurrencies”: Couple Indicted For BRL 28.5 Million Scam

The US Commodity Futures Trading Commission (CFTC) is suing a couple over allegations of orchestrating a BRL 28.5 million settlement with cryptocurrencies.

According to the text, published on Tuesday (25), Michael and Amanda Griffis had no experience trading cryptocurrency. Still, that didn’t stop them from scamming over 100 people, who poured the millions into their accounts.

Besides the sum, another point that attracts attention is the name the scammers have chosen for their project: God’s blessings through cryptocurrencies.

Project promised safe investments with great potential

In a note, the CFTC points out that between July 2022 and January 2023, Michael and Amanda Griffis tricked more than 100 people into their scheme. The amount deposited by the victims exceeds US$6 million (R$28.5 million).

The American couple organized an investment pool and promised to use the money to jointly invest in cryptocurrencies. However, they had no industry experience.

“Defendants promised participants a safe investment in digital asset futures contracts with huge profit potential”emphasized CFTC’s Ian McGinley. “The promises were supported by the trust the victims placed in the defendants.”

“The defendants betrayed the participants and profited from that betrayal.”

Subsequently, the CFTC alleges that the pair sent $4 million to a website called Apex Trading Platform and that both the defendants and their victims lost control of that amount. Another piece would have been used to their advantage.

“Defendants embezzled approximately $1 million to pay their debts and purchase several items, including expensive jewelry and an ATV.”

The remaining $1 million, completing the $6 million, would be used to make small payments to the victims to mislead them about the health of the investments. The CFTC classified the scam as “a Ponzi Scheme”.

Project name, Blessings from God Through Cryptocurrencies, is also attracting attention

Such schemes, with false promises of easy income, are quite common within and outside the cryptocurrency universe. However, what attracts the most attention in this case is the name chosen by the scammers.

“Despite having no trading or other relevant experience, the defendants managed to convince more than 100 people to send more than $6 million to participate in a commodity pool called “God’s Blessings Through Cryptocurrencies.”

“Referred to by defendants as “Blessings Through Cryptocurrencies” or “Gods Blessings Through Cryptocurrencies,” the commodity pool was intended to give investors “the ability to bet on the future price of cryptocurrencies” in order to “combine as much profit as possible””points to the 31-page process of the live coins.

According to reports, the name choice was not the main attraction, but rather the false claims of past earnings. For example, in one case, Michael Griffis tells one of the victims that he started with $1,000 but already had $200,000. A lie, said the CFTC.

Finally, regardless of the unusual name, this is another case that serves as a cautionary tale for investment.

Source: Live Coins

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