London Court Shuts Down Key Coin Assets Ltd Ponzi Crypto Scheme

A London court has shut down Key Coin Assets Ltd, a company accused of running a Ponzi-style crypto investment scheme. The Insolvency Service investigation found no evidence that the firm ever conducted any actual crypto trading, despite promising customers guaranteed returns of between 40% to 100%.

Victims lost over £300,000, with nine complainants to Action Fraud paying the company money on the understanding they would make substantial profits. However, investigators discovered that funds were being used to pay off earlier investors rather than invested in actual trading activity.

The Financial Conduct Authority (FCA) had flagged Key Coin Assets as unauthorized nearly two years before the shutdown, underlining the gap between regulators raising red flags and enforcement taking action.