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Marco Ruiz Ochoa, the previous govt of IcomTech, has come ahead with a confession about his half in a infamous cryptocurrency Ponzi scheme. Beyond the flashy exhibits of luxurious, IcomTech had seduced traders with guarantees of each day returns on crypto mining and buying and selling ventures. However, such guarantees had been empty, as the corporate’s supposed crypto operations had been non-existent.

IcomTech’s Mirage of Legitimate Operations

Investors had been lured by IcomTech’s elaborate occasions the place promoters, together with Ochoa, flaunted their luxurious vehicles and high-end apparel. The extravagant environment was deliberately set to generate buzz about their schemes. Consequently, traders had been misled into shopping for “cryptocurrency-related investment products,” anticipating large earnings.

But, behind the scenes, their investments weren’t funneled into any crypto buying and selling or mining. Instead, funds from new traders had been utilized to repay earlier ones. Moreover, vital quantities had been siphoned for private luxuries and different unauthorized expenditures.

By 2018, many traders confronted difficulties attempting to withdraw their investments. Excuses, delays, and hidden charges greeted them. However, regardless of these purple flags, IcomTech promoters, together with Ochoa, didn’t stop their operations. They continued to host occasions, drawing in extra traders and their cash. 

Adding to the online of deceit, IcomTech launched proprietary crypto tokens referred to as “Icoms.” These had been projected as promising ventures however, in actuality, had no price, resulting in much more losses for the unsuspecting traders. By the top of 2019, the home of playing cards crumbled as IcomTech collapsed.

Judiciary Stance Against Crypto Exploitations

Damian Williams, U.S. Attorney for the Southern District of New York, acknowledged,

“Today’s guilty plea sends a clear message that we are coming after all of those who seek to exploit cryptocurrency to commit fraud.”

Hence, the justice system’s commitment to safeguarding traders stays unwavering.

Additionally, the Commodity Futures Trading Commission has charged different IcomTech figures, together with David Carmona, Juan Arellano Parra, and Moses Valdez, emphasizing the depth of the rip-off that appeared to focus on Spanish-speaking communities primarily.

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Kelvin is a distinguished author specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive evaluation and insightful content material, he has an adept command of English and excels at thorough analysis and well timed supply.

The offered content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.