The U.S. FTC and Nevada accuse cryptocurrency training company IML of $1.2 billion fraud

ChainCatcher news, according to The Block, the Federal Trade Commission (FTC) and the state of Nevada have filed a lawsuit against a company named "IML," accusing it of $1.2 billion in fraud. The company provides investment training services in cryptocurrency, binary options, foreign exchange, and stock markets for young investors.

According to the lawsuit documents, IML falsely advertised investment returns while attracting consumers. In reality, the company was aware that its salespeople either incurred losses or earned very little, with only one-fifth of them able to make more than $500.