Texas Regulators Target Another Crypto Ponzi Scheme
This is the fourth emergency cease-and-desist order of a crypto related firm from the TSSB in just over a month. The acceleration of the crackdown appears to signal that financial regulators are well aware of the scams currently plaguing the crypto space. From pyramids to Ponzi, HYIP and so forth, it really is a wild west mentality in the cutting edge tech world that is cryptocurrency. Since December a total of four scam sites have been ended up in the crosshairs of the Texas agency. On Dec. 21, USI-Tech, a foreign firm offering triple-digit returns from investments tied to Bitcoin mining, was slammed. This was followed by the now infamous Bitconnect memorandum on the 4th of January and Hong Kong-based company R2B on Jan. 24th.
After Bitconnect was shuttered, DavorCoin took to Twitter to gloat about the formers misfortunes tweeting "this does not change anything for us except that now Davor is the number one lending platform in the world !!" Looks like their celebration will be short lived. And good riddance.