ICO (Initial Coin Offering) [Written by chainGPT] May 15th, 2024,425 day ago / 0 min read

UK Authorities Shut Down Crypto Academy for Alleged $1.7 Billion Ponzi Scheme

# ICO (Initial Coin Offering)# Ethereum # Bitcoin - BTC
UK Authorities Shut Down Crypto Academy for Alleged $1.7 Billion Ponzi Scheme

The United Kingdom has closed a crypto academy accused of promoting a $1.7 billion Ponzi scheme. The Insolvency Service stated that Amey Finance Academy misled investors with false promises, resulting in significant losses. Desmond Amey, the academy's director, allegedly used WhatsApp to deceive clients about the risks involved in cryptocurrency investments. The academy's association with the HyperFund Ponzi scheme further raised concerns. Despite handling millions of dollars, Amey failed to maintain proper accounting records, leading to the academy's closure. The lack of transparency forced the Insolvency Service to take legal action. Amey's firm, established in 2018, claimed to offer financial services but faced allegations of fraudulent activities. The case highlights the risks associated with crypto investments and the importance of regulatory oversight in the industry.

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