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Crypto frauds, which are witnessing a day-by-day increase, have become a sword hanging on the heads of governments across the globe. It takes into account a great number of resources with the advancement of technology. Similarly, the fraudsters also polish their skills and use advanced tricks to exploit innocent people.

The authorities within the United Kingdom have issued an order to close a couple of firms that have reportedly been engaged in fraud dealing with cryptocurrency. An analysis of the respective companies disclosed that the accounts thereof were utilized in a crypto fraud of up to £1.3M, as stated by the authorities.

Termination Order Issued by the U.K. Authorities for 2 Crypto Firms over Defrauding Innocent People

There has been a flow of nearly £1.3M in the possession of Micasa for its accounts during February 2019 (the time when it initiated its activities) as well as December 2020, as per a review done by Insolvency Service. Micasa as well as well as Remultex (its affiliated firm) have been forced to stop their activities following enormous transfers as well as the mismanagement of Bounce Back Loans for which no explanation was provided by the platforms.

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According to the judge of Manchester High Court, the termination of the respective firms dealing with crypto-based fraud was inevitable for the security of the common masses. As the judgment points out, the trade laws were infringed by the firms and they were running without commercial correctness, paving the way for their illegal money transactions.

The chief investigator at Insolvency Service, David Hope, responded to the action, expressing that they would take measures to gather as well as liquidate the assets of the firm as well as return them to the rightful owners. Remultex had obtained approximately £250,000 from 3 more companies till December 2020 in addition to the Bounce Back Loan funds received from Micasa.

Crypto Scams Surge by 80% This Year following 2021

The adoption of cryptocurrency has mounted to a great extent during the previous year. Notwithstanding the respective rapid expansion, an upsurge has been witnessed in the operations linked to the industry of Bitcoin. Crypto usage is now growing more than before. Simultaneously, in January this year, a record-breaking amount of $14B in crypto was stolen by the bad actors in crypto scams, denoting an upsurge of 80% in comparison with the last year.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.