UK Court Winds Up Crypto Firm Accused of Ponzi-Style Scheme

A U.K. court has shut down Key Coin Assets Ltd., a crypto firm accused of operating a Ponzi-style scheme.

Nine investors who complained to Action Fraud paid more than £300,000 to the company, which promised guaranteed returns ranging from 40% to 100%.

The Insolvency Service found no evidence that Key Coin Assets carried out any genuine trading and described its operation as displaying hallmarks of a Ponzi-style scheme.

Bank records showed customer funds were often transferred into the company director's personal account within hours or on the same day they arrived, making it difficult to trace.