Facebook Page CryptoFacts Owner Was Ordered To ‘Cease And Desist’

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Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The Texas Securities Commissioner revealed that Nickolas Steele who is the owner of a Facebook page CryptoFacts has ordered to ‘cease and desist’ on charges today.
  • Per order, Nickolas Steele who is also popular with the name Nick Vop Steele and Nick Steele is promoting on the craigslist.org website.
  • Furthermore, sources revealed that cryptocurrency scammers have made fewer revenues since early March.

The Texas Securities Commissioner revealed that Nickolas Steele who is the owner of a Facebook page CryptoFacts has ordered to ‘cease and desist’ on charges today.  Steele cheated users by requesting to invest in a phony cryptocurrency scheme.

Steele advertising on the website seeking investments from users

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Per order, Nickolas Steele who is also popular with the name Nick Vop Steele and Nick Steele is promoting on the craigslist.org website. Steele is seeking investments from the users of between $5,000 and $50,000.

However, he clutched money from the users by a professional account backed by a company named Nuvop Inc, controlled by Steele.

Moreover, in February and March 2020, he earned a great profit on bitcoin trades through his craigslist advertisement. The scammer charges 20% of the trade consulting profit as his fees. Further, he promises them to pay at the end of the 12-month lock period.

Besides this, the state of Texas enlists many details during the write-up. The major issue with Steeles’s business is that he misleadingly flaunts his cryptocurrency trading ability. Ultimately, this results in huge losses for the clients.

Majority of funds gained through investment scams and Ponzi schemes

The watchdog of Texas is one of the most active state regulators in the crypto ecosystem.   A report shows that the cryptocurrencies activities that were not mentioned a few years back were in the hit list of the watchdog in 2019.

Furthermore, sources revealed that cryptocurrency scammers have made fewer revenues since early March. Between March 13 and March 31, a sum of daily value sent to cryptocurrency scams has dipped to 61 percent. Though, it has recovered gradually in early April.

Additionally, these funds were majorly connected to investment scams and Ponzi schemes. However, it represents a wide amount of the funds’ cryptocurrency scammers gained, but they disagreed for the full losses.

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