A Tennessee couple has been charged by the U.S. Commodity Futures Trading Commission (CFTC) over a $6 million <a href="https://www.cryptoknowmics.com/glossary#d">digital asset</a> investment scam called "Blessings of God Thru Crypto." In its recording with the Center Region of Tennessee, the organization claimed that Michael and Amanda Griffis, a real estate professional couple from Clarksville, Tennessee, swindled more than 100 financial backers from 10 states. It is alleged that the couple persuaded investors to contribute funds to a pool for the purpose of trading commodity futures contracts. Styled as "Endowments of God Through Crypto," the pool was suspected to permit financial backers to wager on the future cost of computerized resources.
<h2>Facing Ponzi Scheme, CFTC punishes couple over $4 million</h2>
[embed]https://twitter.com/CFTC/status/1683833707390435328[/embed]

The CFTC blames the couple for material falsehood, including commitments of overstated benefits and zero gamble, distorting how they would utilize the assets, and asserting the pool was lawful when it wasn't. They likewise professed to be specialists in the field regardless of having no related knowledge and lied about getting money management counsel from an individual just distinguished as "Mentor Wendy." The CFTC asserts that the two did not invest in digital asset futures as claimed. Over $4 million was instead sent to Michael's Coinbase (NASDAQ: COIN) account to digital asset wallets that remain anonymous. These funds cannot be retrieved and cannot be traced. They then utilized $1 million on private costs, including obligation installments and buying new vehicles and costly adornments. In order to maintain the scheme for as long as possible, some of the early investors received the remaining funds in Ponzi-like payments.

"The litigants deceived their pool members, and they benefitted from that selling out. Director of Enforcement Ian McGinley said, "Today's filing reinforces the CFTC's long-standing commitment to hold those who exploit victims accountable." CFTC is pushing for common financial punishments and auxiliary help, including compensation to the people in question. It likewise looks for prejudgment interest and a super durable directive controlling the two from exchanging products or computerized resources.

CFTC Charges Tennessee Couple in $6M Crypto Scam

CFTC charges Tennessee couple in $6M 'Blessings of God Thru Crypto' scam. Stay informed on the latest cryptocurrency fraud cases. #CFTC #CryptoScam

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

CFTC Charges Tennessee Couple in $6M Crypto Scam

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