Though various security protocols have been inducted by the regulatory authorities, law enforcement agencies, and service providers but still the threat of scam remains a huge threat so much so that there are a huge number of crypto scam websites on the internet which are successfully operating for quite some time.
It has been reported that a regulator of the country, called the TSSB (Texas State Securities Board), has detected another purported cryptocurrency scam.
Earlier in this month, Mr. Travis J. Iles, who is the Commissioner of Texas Securities was handed over the Emergency Cease and Desist Order by the governing authority to immediately suspend two crypto schemes called “PEK Universe” and “Forex Birds” who have been alleged to be crypto scams.
In the Order, it has been alleged that Darwin Eric Balusek and Kumar Babu Bondesi have been illegally operating the two schemes for fraudulent purposes. TSSB also said that one of the accused namely Balusek is widely known by the name “Bitcoin Pope”.
Both the accused have been found to be involved in committing scams upon the people by offering them securities based on fiat and cryptocurrency, told the authority. TSSB also noted that they received several complaints against TSSB in which it was alleged that TSSB was offering a share of upto 11% to the investors if they sign up with the trading account of Forex Birds by depositing approximately US$ 1 million. Forex Birds also unlawfully claimed to be a registered exchange under the laws of Australia and Europe however the facts are to the contrary.
On the other hand, PEK Universe was found to be involved in luring people into false profit schemes on a daily basis in which it had alleged capped the margin up to 2% for the first thirty days. However, the truth was revealed by the US authorities which told that both the companies are neither registered in the US or Australia nor have been permitted by the US Government to conduct business activities.
Currently, the accused are facing charges to the tune of US$ 10,000 or in the worst scenario the operators of the fake schemes may be sentenced to serve 10 years each in prison or both, the fine and imprisonment as well.