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Alabama Securities Regulator Ceases 97 Fraudulent Crypto Trading Websites

Alabama Securities Regulator,

November 21, 2021

Reading Time: 2 minutes

While the heat of the new Joe Biden’s infrastructure bill is still high, Alabama securities watchdog is leading in action for the crypto regulation crusade.

On Thursday, the Alabama Securities Regulator shut down 97 treacherous cryptocurrency trading websites. The websites were allegedly scamming investors by promising very high returns in a short period. 

Fraudster Targeted Because of Failure to Register 

Bitcoin Trading, owned by Sir Philip Zuka, and 96 other crypto trading platform are the ones issued with a cease and desist from the Alabama securities watchdog. 

Alabama Securities Commission elucidates that it targeted Zuka because he failed to register his investment products as well as himself as an investment advisor. Moreover, Zuka is facing charges of promising excessive returns, reporting fictitious account values, and imposing undisclosed fees on one investor.

The order claims Sir Philip Zuka owned 281 websites through Namecheap Inc. Out of the 281, 96 websites operated in the same way as Acoin Trading. Moreover, the IP addresses for the websites originated across the world in Nigeria, Europe, or the United States.

Investor Loses $10,000 Worth of Bitcoin to Zuka’s Scam

One victim of Zuka came forward to report how he was swindled. According to the investor, as accounted by Alabama Securities Regulator, he was attracted to Acoin Trading’s program. The program promised returns up to eight times the original investment in a week.

With such an intriguing promise, the investor went ahead and deposited roughly $10,000 worth of Bitcoin to a wallet provided by the Acoin trading website. Things went south for the investor when it was time to withdraw his money.

Zuka, through his trading website Altcoin, demanded that the investor makes an additional payment before he could withdraw any funds. It was when it dawned on the investor that he was being scammed. 

The victim filed a complaint with Alabama Securities Commission and stopped communication with Acoin Trading. Although the commission is pressing charges against Acoin, the victim, unfortunately, lost all his investment in the website.

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