US Regulators Sue Cash FX Over Alleged $950M Ponzi Scheme
The CFTC alleges Cash FX promised investors up to 15% weekly returns from AI trading, but little trading took place and investors lost at least $406 million.
US regulators have filed a lawsuit against Cash FX over an alleged $950 million Ponzi scheme. The Commodity Futures Trading Commission says the operation promised investors returns as high as 15% per week from purported AI trading.
However, the CFTC claims there was barely any actual trading activity. Investors are alleged to have lost at least $406 million.
The case adds to a series of enforcement actions targeting high-yield investment schemes that use artificial intelligence and crypto-related narratives to attract participants.
Source: Cointelegraph