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CFTC Sues Cash FX Group Over $950M Crypto-Linked Forex Investment Scheme

Guavy AI Editorial Team
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The U.S. Commodity Futures Trading Commission (CFTC) has filed a federal lawsuit against Cash FX Group and three individuals, alleging they ran a large foreign-exchange investment scheme tied to cryptocurrency.

The CFTC claims the defendants collected over $950 million from investors for a purported retail forex trading 'commodity pool,' but instead of using the funds for legitimate trading activity, they allegedly used new participant contributions to cover promised or fictitious profits.

The agency estimates that participants lost at least $406 million as a result of the scheme, which relied on inflows from new investors to sustain earlier payouts described as trading gains.

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