SEC, CFTC Take Down $400M Crypto Ponzi Scheme

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have filed a lawsuit against Goliath Ventures Inc. and its founder, alleging that they orchestrated a $400 million cryptocurrency Ponzi scheme.

The complaint claims that the company's business model involved misrepresenting investment returns to attract clients, which ultimately led to the loss of funds for hundreds of investors.

Goliath Ventures Inc. has already filed for bankruptcy, and this lawsuit aims to recover losses for affected investors and hold the company accountable for its actions.