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Texas warns three alleged crypto scams, including one with fake Obama endorsement

19 Sep, 2018
by David Robb
News
Texas warns three alleged crypto scams, including one with fake Obama endorsement

Texas authorities have again had to issue warnings to businesses that appear to be cryptocurrency-based scams. Three cease-and-desist orders have been sent out by the state's Securities Board (TSSB).

The TSSB took emergency action against schemes that were soliciting funds from Texas investors. Coins Miner Investment Ltd., is apparently a cryptocurrency investment promoter, while DGBK Ltd., claims to be an offshore digital "bank" with hack-proof storage for virtual currencies, and Ultimate Assets LLC, is supposedly a cryptocurrency and foreign exchange trader.

Coins Miner is apparently manipulating the emails it sends out to make them appear as if they came from major crypto exchange Coinbase. It also appears to be operating in Russia, despite claiming to be based in the UK.

A major part of DGBK's promotional material was a short video of Barack Obama speaking about encryption technologies at SXSW, which with context suggested that the former President was aware of the company.

This isn't the first time that the TSSB has had to crack down on fraudulent schemes taking advantage of cryptocurrencies, with three other orders being issued just a few months ago.

Read more: Texas Securities Board ceased 3 fraudulent crypto investment companies

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