CEO Of Mining Capital Coin Indicted For Crypto Fraud
Mining Capital Coin CEO Luiz Capuci Jr. was indicted by the Justice Department on Friday for reportedly coordinating a $62 million international investment fraudulent activity.
Luiz Capuci Jr., the chief executive and founder of Mining Capital Coin (MCC), allegedly lied to investors about the company’s crypto mining capabilities and the function of its proprietary token, all while stealing $62 million from them and depositing it in crypto wallets controlled by him, according to a statement released by the department.
Capuci offered to use investor monies to mine new cryptocurrency, but instead moved funds to his own wallets. He is also accused of deceptively marketing MCC’s Trading Bots, claiming that they could execute hundreds of deals per second and profit investors.
Capuci marketed mining contracts to far more than 65,000 investors since January 2018, according to a complaint filed by the US Securities and Exchange Commission last month. Per the SEC press release, the group offered 1% daily data for up to a year.
Capuci allegedly moved the monies to his own bitcoin wallets, according to the DOJ. According to the complaint, MCC received nearly $8.1 million in mining package sales plus $3.2 million in entrance charges, which were used to fund a luxury lifestyle that included Lamborghinis, a yacht, and real estate.
Capuci allegedly ran a pyramid scam, guaranteeing presents to a network of promoters who successfully recruited new investors, according to the indictment. iPads, Apple Watches, and sometimes even Capuci’s own personal Ferrari were reportedly among the prizes up for grabs. If acquitted of all charges, Capuci may face a maximum sentence of 45 years imprisonment. Wire fraud, insider trading, and global money launder are among the charges leveled against him.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Jai Hamid
CoinCu News
Bitfinex data leak allegedly by FSOCIETY includes 2.5TB of exchange data and 400K users' details.…
According to Parsec, Friend Tech v2's launch disappointed many, with 95% users unable to claim…
LayerZero sybil airdrop farmers offered a 15% allocation incentive; non-compliance results in an 85% reduction.
New MakerDAO tokens, NewStable and NewGovToken, were introduced to improve stability and governance.
Grand Cayman, Cayman Islands, May 3rd, 2024, ChainwireProtocol launches, growth trajectory, and industry-leading technology point…
Bitcoin and Ethereum options contracts worth $2.4bn expire on May 3, potentially causing market volatility.…
This website uses cookies.