US Federal Trade Commission shuts down deceptive cryptocurrency schemes

In the latest chapter of continued enforcement in the cryptocurrency space, a US federal court has stopped allegedly deceptive money-making schemes at the request of the US Federal Trade Commission (FTC).

Last week, the FTC obtained a temporary restraining order and other relief against four individuals related to their cryptocurrency business schemes, known as as Bitcoin Funding Team and My7Network.

According to the FTC's complaint (originally sealed, but now public), the defendants claimed that these programmes were genuine money-making opportunities, promising big rewards for a small payment of bitcoin or Litecoin, when in fact they were chain referral schemes in which very few people generated substantial income or even recover their investments.

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