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The CFTC announced charges against a bitcoin firm for defrauding investors out of $1.7 billion.
Mirror Trading International operated as a fraudulent multi-level marketing scheme, the CFTC said.
"This action is the largest fraudulent scheme involving Bitcoin charged in any CFTC case," the regulator said,
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The Commodities Futures Trading Commission on Thursday charged Mirror Trading International and the firm's owner, Cornelius Steynberg, with fraud, claiming the company operated as a fraudulent multi-level marketing scheme that scammed billions from investors.
"This action is the largest fraudulent scheme involving Bitcoin charged in any CFTC case," the commission said in a statement. Investors who pooled funds in the company, which was advertised as a bitcoin trading pool, lost a total 29,421 Bitcoin, a value of over $1.7 billion.
The firm, based in South...
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