Texas Regulators abandon Three Cryptocurrency Schemes


An emergency action was taken by the Texas State Securities Board to shut down the deceitful investments offerings executed by three cryptocurrency schemes. The agency issued an order against Coins Miner Investment Ltd, Digital Bank Ltd, and Ultimate Assets that are accused of offering investors and community in Texas misleading ROIs based schemes with the size of investment requires to be in a place like $1000 to $10,000 in three weeks.

With the emergency order in place, Coins Miner was believed to have used emails and manipulated media to receive funds from Texas residents having pretended to represent as Coinbase, A San Francisco based company operating an online platform for executing a variety of trading activities like buying, selling and storing digital currency. An affiliate of Coins Minter, Ana Julia Lara used a fake email. With this she is also accused of claiming to be a vice president of Coin Telegraph Media Group. The entire organization was designed such that it offers state of the art office using a variety of stock photos that depicts its employees and its values. It also featured stock graphs, footage of its servers, facilities, etc.

Besides this, the regulator’s second cease was targeted towards Digital Bank which is accused of creating an external wallet called ‘Photon Encrypted Ledger Key’ and raising funds through an illegal ICOs. It was also believed to be offering shares issued by the company and was expected to come with its ICOs next year by issuing a utility coin namely DBGK. As per the order, the company urged investors to buy DGBK at a price of $0.50 and sell it for $10.00 during the ICOs. With this terms in place, a $5000 capital would grow to almost double like $10,000 during ICO period.

Amid this, the Texas Securities Board, condemned the entire game ‘deceptive’ as the company tried to manipulate the investors saying that the company was quite profitable. However, the company was not able to represent the correct information. Besides this, Digital Bank is charged for manipulating people with a variety of videos featuring the erstwhile U.S. President Barack Obama saying in his statement that the Photon Encrypted Ledger Key. However, the entire video as per the Securities Board was quite misleading!

The third letter was issued from the Texas State Securities Board to desist Ultimate Assets. The company is accused to offer a guaranteed return with a 900 percent of ROI in Bitcoin and Forex trading. Both the concerned authorities associated with the company naming John Jason Woodard and Daniel Dishmon were accused of publishing the advertisements for executing fraudulent investments that target residents based in Texas.

Additionally, Ultimate Assets had said to all the investors that the company will offer the excessive returns almost by 10 times. Further speaking on the subject matter, the company claims higher returns with no risks!!


Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a!! You can also mail him at [email protected] to discuss anything related to his reports.
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