RATE Group | In a down market, crypto scams are up in Texas
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In a down market, crypto scams are up in Texas

17 Oct In a down market, crypto scams are up in Texas

Posted at 22:19h in Cryptocurrency News by

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Prices for cryptocurrencies are nowhere near their historic highs, but the crypto ecosystem continues to draw fraudsters into its fold—as evidenced by the latest round of enforcement actions by the Texas Securities Board.

The Board’s first sweep against crypto fraudsters in December 2017 occurred in the aftermath of the cryptocurrency bull run and resulted in 10 enforcement actions. Its second sweep occurred in June 2019 this year, and the number of injunctive actions rose to 22 with 61 involved parties. 

Earlier this week, the state agency announced that it has brought 25 enforcement actions against 79 parties involved in illegal and fraudulent cryptocurrency schemes.

Those figures were released as part of an announcement for two cease-and-desist orders entered by the Board. In the first case, a Bitcoin mining service, which claimed to be U.K.–based but was not, solicited investments from the general public, promising quick profits. But it withheld and falsified important…

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