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CFTC Alleges 4 Individuals Defrauded Customers in $1M Bitcoin Trading Scheme
The CFTC alleged four individuals stole close to $1 million from customers by promising returns from a bitcoin trading scheme.
By Nikhilesh De
Updated Sep 14, 2021, 9:55 a.m. Published Sep 14, 2020, 6:32 p.m.
The Commodity Futures Trading Commission (CFTC) charged four individuals with defrauding victims with a bitcoin investment scheme.
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- According to a press release Monday, the CFTC alleged Texas residents Mayco Alexis Maldonado Garcia, Cesar Castaneda and Rodrigo Jose Castro Molina, and Florida resident Joel Castaneda Garcia defrauded 27 individuals through the Global Trading Club, a bitcoin trading business that was said to increase customer deposits.
- The alleged victims deposited at least $989,000 with the defendants.
- The defendants posted "misleading trading statements" to indicate the customers had earned "significant amounts of money" from the trading scheme, when in reality they did not, the CFTC said in a legal filing.
- Customers were unable to withdraw funds.
- The CFTC is looking for a permanent injunction, penalties and disgorgement.
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
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- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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