In the past few quarters, the threat of scams and frauds has surged significantly, most recently Travis Ford a 35-year-old man has been accused on one count of conspiracy to commit wire fraud in connection.
According to court filings, Ford made a false claim that it was a competent trader that could generate remarkable daily returns of 1% to 2%, or around 547% annually.
Principal Deputy Assistant Attorney General Brent Wible and U.S. Postal Inspection Service (USPIS) Inspector in Charge Eric Shen highlighted the extent of the fraudulent scheme when the Justice Department announced the plea on Friday, January 10.
It is worth noting that, the majority of involved individuals in cryptocurrencies, have been promising individual investors huge returns. In similar cases, 100s of investors have lost millions in funds.
However, the final sentencing over the case is yet to be announced. The documents also note that Ford has committed these frauds as CEO, co-founder, and head trader of Wolf Capital Crypto Trading LLC.
The documents also note “ Ford misappropriated and diverted investor funds to benefit himself and his co-conspirators, to the financial detriment of investors.”
Fake investment schemes troubling investors
For investors worldwide, the proliferation of fraudulent investment schemes has become a serious worry.
Unusually large profits with little to no risk are promised by these schemes, which are frequently presented as genuine investment possibilities. In the end, though, they cause gullible investors to lose money.
Cryptocurrency scams are another kind of fraudulent scheme. As cryptocurrencies like Bitcoin and Ethereum have grown in popularity, fraudsters have started to capitalize on investors’ excitement about these novel assets.
They could fabricate cryptocurrencies to defraud investors or offer abnormally large profits on cryptocurrency investments.
Social media and other platforms are frequently used by scammers to advertise their schemes, making it challenging for investors to tell the difference between real and fraudulent offers.
Although they were frequently subtle, the warning signs of fraudulent investment schemes were essential for spotting such frauds. Investors were cautioned against the temptation to respond fast and excessively huge rewards with little to no risk.
In 2024, fraudulent investment schemes posed a serious risk to investors. Investors should reduce their chance of being victims of these scams by being aware of the warning indications and adopting precautions.
It was also critical that law enforcement and regulatory organizations keep up their efforts to expose these scams and prosecute those responsible.
Crypto market price updates
In the past few years, the wider cryptocurrency market has reached new heights, when writing it was $3.25 trillion with an intraday decline of 1.23 percent. Yet the trading volume of the wider world has shown a scope of improvement growing 32 percent and reaching above $83 billion.
Bitcoin the market has lost roughly 3.11 percent in a week, now trading at $93,789 at the same time it was trading below the 20 and 50-day exponential moving average, and above 100 and 200 days.
Ethereum, the second most popular crypto, has suffered a loss, at the office writing it was at $3,152 with a fall of 2.64 percent.