A Ponzi Scheme Running Crypto-Fund Manager Faces Huge Charges

It was back in 2019 when it was revealed that the cryptocurrency industry only had 35 million users. It was the time when the cryptocurrency industry was struggling with all the difficulties and complexities that it was facing from the mainstream institutions.

Although it took time for the cryptocurrency industry to gain mainstream success, yet it managed to achieve its goal. Today, the cryptocurrency industry has more than 200 million users while more users are joining the platform on a daily basis.

It was just the beginning of the year 2021 when the cryptocurrency industry announced that it had crossed the $1 trillion market capitalization. Compared to the rest, the year 2020 has turned out to be the best for the cryptocurrency industry. In the year recent years, the industry has gained a vast adoption rate, the most amount of the products introduced and has seen mainstream institutions join the club.

One of the best things that the crypto-industry managed to achieve was a record low rate with respect to crypto-crime. For the year 2020, it has been reported that the crypto-crime rate went down to 0.34%, which was more than 2.2% for the previous year.

Although the industry has shown a significant drop in the crypto-crime rate, the industry has been a target for the Ponzi Schemes.

Over the course of time, the industry has seen many Ponzi Schemes emerge, which were created and launched with aims to rip-off innocent investors and users.

Therefore, the regulatory authorities from all around the world have started taking strict actions against the main-actors and accomplices of the Ponzi Schemes.

According to recent reports, the Federal Court of the United States has put a charge on a cryptocurrency fund manager. The crypto-fund manager has been alleged of exploiting $5 million from his investors who were interested in investing in cryptocurrencies.

The fake crypto-fund manager was alleged that he claimed that the investors could gain heavy profits if they invested in his cryptocurrencies. By making such claims, the scammer was able to make fool out of many investors and extract a total of $5 million from them.

It has been reported that the crypto-fund manager is now to face heavy fines and will be facing up to 30 years in prison.

The name of the person running the Ponzi Scheme is Jeremy Spence. It was on January 26, 2021, when the Department of Justice (DOJ) had announced that they had arrested Spence.

It has been revealed that Spence has been charged in the Federal Court of Manhattan for running a fraudulent cryptocurrency scheme. Jeremy Spence is a 24-year-old man who is a resident of Bristol, Rhode Island. The Department of Justice (DOJ) also revealed that Jeremy Spence is also known as “Coin Signals” in the cryptocurrency industry.

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