Texas Court Slams $31 Million Penalty on Cryptocurrency Fraudsters

IconCryptoNewsTerminal Staff26 Jul, 2024

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Texas Court Slams $31 Million Penalty on Cryptocurrency Fraudsters

A Texas court has ordered an individual and their company, Kikit & Mess Investments, to pay $31 million in penalties for forex and cryptocurrency fraud. The Commodity Futures Trading Commission (CFTC) reports that the defendants defrauded approximately 199 victims. The order includes $6.2 million in restitution and disgorgement of ill-gotten gains. The remaining $24.8 million represents civil monetary penalties. The case highlights the CFTC's ongoing efforts to combat fraud in the cryptocurrency market.