Texas regulator goes after cryptocurrency scammers boasting fake Obama endorsements

Texas regulator goes after cryptocurrency scammers boasting fake Obama endorsements 1

The Texas State Securities Board (TSSB) is taking emergency action against cryptocurrency scammers, peddling fake endorsements and posing as well-established blockchain services.

In a statement from yesterday, TSSB Commissioner Travis J. Iles revealed the board has issued a cease and desist letter for three cryptocurrency businesses. The suspected businesses are currently under investigation.

The TSSB claims that Coins Miner Investment, DGBK Ltd, and Ultimate Assets LLC have been duping potential customers with incorrect, false, and totally misleading information.

“According to the Emergency Cease and Desist Order, Coins Miner is manipulating its email solicitations to make them appear as if they came from Coinbase,” the statement reads.

DGBK Ltd claims to have developed a “hack-proof device to store and transfer cryptocurrencies.” Oh, and the company is based in Belize. I feel like I’ve read this story before…

This company is also promoting itself by brandishing around social media a 33-second video of Barack Obama supposedly endorsing its products.

Finally, the cease and desist outlines the alleged wrongdoing of Ultimate Assets LLC.

This includes making outlandish claims that investors can turn $1,000 into $10,000 in a matter of three weeks. While the company claims to offer guarantees on initial investments, it is not warning investors that their capital is at risk, and so, is committing fraud.

What’s more, Ultimate Assets appears to be a phantom company, it is not located at the address it states as its headquarters.

This is even more damning considering that a report from New York state’s attorney general has declared that even legitimate cryptocurrency businesses do not offer enough protections for their customers.

These are all good arguments for not trusting anyone in the cryptocurrency market. If you absolutely must place your trust in a person, business, or entity, do your own research and be strict with due diligence.

Published September 19, 2018 — 12:42 UTC

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 62,626.00
ethereum
Ethereum (ETH) $ 3,905.73
binance-coin
Binance Coin (BNB) $ 479.34
cardano
Cardano (ADA) $ 2.25
tether
Tether (USDT) $ 1.01
xrp
XRP (XRP) $ 1.16
solana
Solana (SOL) $ 161.98
polkadot
Polkadot (DOT) $ 43.70
usd-coin
USD Coin (USDC) $ 1.01
dogecoin
Dogecoin (DOGE) $ 0.242127
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 62,626.00
ethereumEthereum (ETH)
$ 3,905.73
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 635.50
litecoinLitecoin (LTC)
$ 193.73
bitcoinBitcoin (BTC)
53.937,58
ethereumEthereum (ETH)
3.363,87
tetherTether (USDT)
0,869878
bitcoin-cashBitcoin Cash (BCH)
547,33
litecoinLitecoin (LTC)
166,85
bitcoinBitcoin (BTC)
45,717.29
ethereumEthereum (ETH)
2,851.20
tetherTether (USDT)
0.737305
bitcoin-cashBitcoin Cash (BCH)
463.92
litecoinLitecoin (LTC)
141.42

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin62,588 1.73 % 8.57 % 16.13 %
Ethereum3,895.3 0.97 % 3.20 % 8.36 %
Binance Coin477.18 0.42 % 1.82 % 8.47 %
Cardano2.240 0.99 % 3.18 % 1.63 %
Tether0.9986 0.03 % 0.08 % 0.23 %
XRP1.160 0.85 % 2.01 % 8.14 %
Solana162.42 1.33 % 7.99 % 5.29 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Dogecoin0.2401 0.13 % 2.92 % 1.37 %

bitcoin
Bitcoin (BTC) $ 62,626.00
ethereum
Ethereum (ETH) $ 3,905.73
binance-coin
Binance Coin (BNB) $ 479.34
cardano
Cardano (ADA) $ 2.25
tether
Tether (USDT) $ 1.01
xrp
XRP (XRP) $ 1.16
solana
Solana (SOL) $ 161.98
polkadot
Polkadot (DOT) $ 43.70
usd-coin
USD Coin (USDC) $ 1.01
dogecoin
Dogecoin (DOGE) $ 0.242127