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<ul class="summary-list"><li>The <keyword id="11916730" type="UNKNOWN" weightage="60" keywordseo="cftc" source="Orion">CFTC</keyword> announced charges against a bitcoin firm for defrauding investors out of $1.7 billion. </li><li><keyword id="14343204" type="UNKNOWN" weightage="60" keywordseo="mirror-trading-international" source="Orion">Mirror Trading International</keyword> operated as a fraudulent multi-level marketing scheme, the CFTC said. </li></ul>The Commodities Futures Trading Commission on Thursday <a href="https://www.cftc.gov/PressRoom/PressReleases/8549-22">charged Mirror Trading International</a> and the firm's owner, <keyword id="14343205" type="UNKNOWN" weightage="60" keywordseo="cornelius-steynberg" source="Orion">Cornelius Steynberg</keyword>, with <keyword id="11893299" type="UNKNOWN" weightage="60" keywordseo="fraud" source="Orion">fraud</keyword>, claiming the company operated as a fraudulent multi-level marketing scheme that scammed billions from investors. "This action is the largest fraudulent scheme involving Bitcoin charged in any CFTC case," the commission said in a statement. Investors who pooled funds in the company, which was advertised as a bitcoin trading pool, lost a total 29,421 Bitcoin, a value of over $1.7 billion.The firm, based in South Africa, advertised returns as high as 10% a month through investments manged by a trading "bot". CFTC documents state that Mirror Trading invented account figures and created "a fictitious broker at which the trading purportedly took place." Commissioner Kristin Johnson called the company a "Ponzi scheme" in a statement. Cryptocurrency investors have dealt with a wave of scams and hacks this year. Earlier this month, the FTC reported that over 46,000 crypto owners were scammed in 2021, accumulating losses of over a billion dollars in bitcoin, ether, and other digital assets. News of Steynberg's fraud also came on the same day the FBI announced a $100,000 reward for "Cryptoqueen" Ruja Ignatova, who stole $4 billion from victims in another scam. The Department of Justice on Thursday also charged six individuals with <a href="https://www.justice.gov/opa/pr/justice-department-announces-enforcement-action-charging-six-individuals-cryptocurrency-fraud">running various crypto schemes</a>.The CFTC said it was looking into <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fcftc-signals-intent-to-increase-enforcement-of-crypto-related-cases-11652908480">heavier regulation of cryptocurrencies</a> last month, according to the Wall Street Journal. In the meantime, the commission stated it is in the process of returning funds to MTI's investors – although it may not fully recover the money members had in the pool.

The CFTC just charged a bitcoin firm with operating the 'largest ever fraud' involving the cryptocurrency

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The CFTC just charged a bitcoin firm with operating the 'largest ever fraud' involving the cryptocurrency

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