**Crypto Scammers Allegedly Scam Investors in a $6 Million Scheme**
The Commodity and Futures Trading Commission (CFTC) has filed a lawsuit against Michael and Amanda Griffis, accusing them of defrauding over 100 investors out of at least $6 million through a cryptocurrency trading scheme called “Blessings Thru Crypto” or “Blessings of God Thru Crypto.” The couple, who run a realtor business called EXIT Realty Screamin’ Eagle, promised investors that they would receive significant returns by pooling their money to bet on the future price of cryptocurrency. However, the CFTC alleges that the Griffis couple never used the investors’ funds for actual futures trading.
**False Promises of High Returns**
According to the CFTC lawsuit, the Griffis couple claimed that an initial investment of $12,000 would yield a monthly profit ranging from $30,000 to $45,000. They distributed a document among investors, stating that no one was in the group to scam them and that there were no hidden agendas. However, it is alleged that the couple betrayed the investors’ trust, profiting from their deception.
**CFTC Reinforces Its Commitment to Protect Victims**
Ian McGinley, the CFTC’s director of enforcement, emphasized the agency’s commitment to holding accountable those who take advantage of victims. He stated in a recent press release that the lawsuit against the Griffis couple is a testament to the agency’s determination to protect individuals from fraudulent schemes. The CFTC has been actively taking action against various crypto companies and founders, in conjunction with the Securities and Exchange Commission and the Department of Justice, as part of a coordinated crackdown on scams in the cryptocurrency industry.
**Minimal Impact on the Crypto Industry**
While the CFTC’s lawsuit against the Griffis couple may not significantly impact the crypto industry, it is just as noteworthy as the agency’s filing against Binance, the world’s largest cryptocurrency exchange. The CFTC has been relentless in its pursuit of scammers and has been actively working to dismantle fraudulent operations in the crypto space.
**The Operation of “Blessings Thru Crypto”**
The Griffis couple allegedly started operating the “Blessings Thru Crypto” trading pool in July 2022. Michael Griffis claimed to have invested $1,000 and saw his investment grow into hundreds of thousands of dollars. He attributed their winning streak to the expertise of “Coach Wendy” and her team of 30 to 40 traders. As they enticed more investors into the pool, the couple reportedly used over $1 million for their personal expenses, such as an auto loan, jewelry, an all-terrain vehicle, and credit card debt repayment.
**Misuse of Investor Funds**
According to the lawsuit, the Griffis couple paid approximately $855,000 back to the pool participants, while $4.1 million was sent to anonymous digital wallets controlled by unknown third parties. The CFTC alleges that the couple misappropriated investor funds for personal gain instead of using them for the intended purpose of futures trading.
In conclusion, the CFTC’s lawsuit against Michael and Amanda Griffis sheds light on another crypto scam in which investors were allegedly defrauded out of millions of dollars. The case serves as a reminder that individuals should exercise caution when it comes to financial opportunities that promise substantial returns, especially in the cryptocurrency space. The CFTC’s commitment to protecting victims and holding scammers accountable is evident through its ongoing efforts to crack down on fraudulent activities within the industry.