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- The Alabama Securities Commission filed a stop and desist order against 97 bitcoin trading websites on Thursday
- Zuka broke Alabama securities laws by promising exorbitant profits, declaring fake account values, and charging an Alabama investor concealed fees
- The Alabama resident, on the other hand, lost the whole investment, according to the regulator
The Alabama Securities Commission filed a stop and desist order against 97 bitcoin trading websites on Thursday. According to the announcement: Sir Philip Zuka, the proprietor of A Coin Trading and 96 other fraudulent crypto trading sites, was issued a cease and desist order by the Alabama Securities Commission (ASC). The order was issued as a result of Zuka’s failure to register his investment products and his failure to register as an investment advisor, according to the regulator.
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Zuka broke Alabama securities laws by promising exorbitant profits, declaring fake account values, and charging an Alabama investor concealed fees. Acoin Trading was found online by an Alabama investor who was attracted by the program’s ability to make investors 8 times their initial investment in just one week, according to the regulator. As a result, the investor took part in a demo and invested about $10,000 in bitcoin, which was placed into an Acoin Trading wallet, according to the ASC.
When he tried to withdraw his money, however, Zuka requested further cash before allowing him to do so. The investor quickly understood the transaction was a sham and filed a complaint with the ASC, as well as terminating all contact with Zuka and his trading platform.
The Alabama resident, on the other hand, lost the whole investment, according to the regulator. The proprietor of Acoin Trading, according to the order, was a Namecheap Inc. user called Sir Philip Zuka, or Sirzuka. The following are the specifics of the order: Through Namecheap Inc., ‘Sirzuka’ built 281 websites. 127 of the 281 websites are operational, with 96 of them operating in the same way as Acoin Trading. Nigeria, Europe, and the United States were the origins of the IP addresses.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
