The US Commodities Futures Trading Commission (CFTC) has filed a civil enforcement action against Mosaic Exchange Limited and its CEO for operating a fraudulent digital asset commodity scheme. The CFTC alleges that Mosaic solicited funds from investors to trade Bitcoin and other digital assets on their behalf, but instead misappropriated the funds. Mosaic allegedly made false claims about its assets under management, trading algorithm accuracy, and profit margins. The CFTC states that Mosaic did not have the claimed assets under management, its trading algorithm incurred losses, and the promised profit margins were not consistently achieved. Additionally, the platform did not have the partnerships or broker agreements that were advertised. The CFTC Commissioner calls the scheme a “sham” and a “virtual house of cards” that resulted in investors losing their hard-earned wealth. The case highlights the risks faced by investors and the need for coordinated enforcement to protect customers and maintain Market integrity..
#CFTC #Targets #Mosaic #Exchange #Limited #Alleged #Crypto #Fraud #Case
#CFTC #Targets #Mosaic #Exchange #Limited #Alleged #Crypto #Fraud #Case
