U.S. SEC Accuses Trade Coin Club of Involvement in $295 Million Cryptocurrency Ponzi Scheme

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has charged Trade Coin Club with a $295 million cryptocurrency Ponzi scheme, claiming it netted over 82,000 bitcoins from 2016 to 2018. Trade Coin Club promised continuous high-frequency small trades based on trading bots, with a minimum daily return rate for investors of 0.35%, but in reality, "investor withdrawals were entirely paid from the deposits of other investors." (Source link)