Over 1200 Australian People Complain About Crypto Scams

The country's authorities have not yet officially announced their intention to tighten the crypto regulation 
20 February 2018   1192

In 2017, the Australian Commission on Competition and Consumer Protection received 1,279 complaints of fraud in the course of various initial placements of coins (ICO). This is reported by the ABC.

The publication did not specify which projects concern the complaints of Australians, but it is known that the financial losses of one of the investors are connected with the Australian exchange Igot. In 2016, after the recognition of insolvency, the Bitlio Exchange took responsibility for its actions.

The country's authorities have not yet officially announced their intention to tighten the regulation of token-accounts and related activities.

These are quite speculative products and they can be quite high-risk. It's been quite well documented that some of these products are scams, so please don't invest unless you're prepared to lose some or all of your money.

John Price

ASIC commissioner

Nevertheless, commissioner of the Australian Securities and Investments Commission John Price reminded all investors of the high risks associated with investing in ICO projects.

CEO AriseBank Admitted to Fraud

Now Jared Rice faces up to 120 years in prison, however, confession may reduce this period to 20 years
22 March 2019   181

AriseBank CEO Jared Rice confessed to deceiving investors for $ 4.2 million in cryptocurrency. The plea agreement filed in the federal court of Dallas, Dallas News кузщкеы.

According to the document, Rice promised investors a "guaranteed return" of up to 20% of the invested funds, as well as opening bank accounts insured by the Federal Deposit Insurance Corporation and Visa-related debit and credit cards, although he did not have agreements with these companies.

The $ 4.2 million received from the ICO Rice spent on his girlfriend, lawyers, as well as on hotels, food and trips by Uber.

It is noteworthy that Jared Rice’s plea for cryptocurrency fraud was one of the first of its kind in the United States.

Now Rice faces up to 120 years in prison. However, confession may reduce this period to 20 years. Also, the organizer of the scheme will have to pay damages to deceived investors.

The final verdict on the case will be delivered on July 11.

Jared Rice was arrested in November 2018 on charges of fraud with unregistered securities and fraud using electronic means of communication. In December, the US Securities and Exchange Commission (SEC) obliged him and Stanley Ford, co-founder of AriseBank, to pay about $ 2.7 million as part of the settlement of the charges.