United States Department of Justice Has Accused Mining Capital Coin Of Conducting Large Crypto Fraud
The United States Department of Justice has accused Mining Capital Coin CEO Luiz Capuci Jr. of conducting a large-scale crypto fraud operation. The CEO faces a possible jail sentence of up to 45 years after being charged with wire fraud, securities fraud, and money laundering.
Authorities believe that Capuci and others cheated investors out of a whopping $62 million. Mining Capital Coin claimed that it had invested in cryptocurrency mining and trading, however this was not the case.
The CEO told investors that the company controlled a vast network of mining operations capable of generating long-term returns. He also promoted the companys trading bots to investors by suggesting that they were created by top programmers from around the world.
However, as per federal prosecutors, Mining Capital Coin turned out to be little more than a pyramid scheme. The cash collected from investors was never invested in any of the previously mentioned projects, and the CEO had reportedly transferred the stolen funds to his own crypto wallets without fulfilling any of his promises.
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