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UK Shuts Down Two Crypto Firms Engaged in Cryptocurrency Fraud

The crypto market is always ridiculed for the pain that it causes the investors not only in terms of the extreme volatility but also in terms of the frauds and scams that are just a nuisance for the world governments. 

The UK has recently cracked down and closed two individual crypto firms that were involved in elaborative scams and Ponzi elements of defrauding the investors. 

These firms were trying to lure in as many investors as they could with the help of the referral program initiated by the users who are already part of the firm. But fortunately, the authorities caught these firms in the act.

Crypto Scams have Increased

It was not that the firms were going to run away with the people’s money or something like this, but there was an element of the Ponzi pyramid which meant that at some point, they could run away if they wanted to. 

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After the careful research of the investigators, it was found that the firm was involved in sharing its accounts with the crypto scam agents, and it was later found that these accounts were involved in a 1.3 million British Pounds scam. 

The names of the firms have been made public; these are Micasa and Remultex, which is the affiliated firm of the earlier mentioned business. 

The accounts were seized by the authorities, and a formal notice has been issued by the regulators, which dictates that both these firms close down their operations for good and should battle it out with the legal authorities in a court of law. 

According to this, the firms can’t carry on their operations the way they used to earlier and are now compelled to shut down their business operations. 

These kinds of scams are a thorn in the progress of decentralization and furthering of the crypto operations among the general public.  It just puts out an overall negative vibe that things are never going to be stable with the crypto market, and investors should refrain from polluting their time and losing their hard-earned money by falling prey to the shenanigans of the crypto market.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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