According to The Block, the U.S. Commodity Futures Trading Commission (CFTC) has accused a couple of defrauding over 100 people through a cryptocurrency asset pool called "Blessings of God Thru Crypto." In a statement on Tuesday, the CFTC said that Michael Griffis and Amanda Griffis, owners of a real estate company in Clarksville, Tennessee, raised funds from colleagues and clients, falsely claiming to trade digital asset futures contracts and raising over $6 million.
The CFTC stated, "The defendants falsely represented that the funds raised would be secure and under their control, participants could expect high returns, and the defendants would trade 'crypto futures' on the 'Apex trading platform' using the pooled funds, following advice from a person named 'Coach Wendy.' As further alleged in the complaint, the defendants exploited personal and professional relationships developed through their real estate business to convince victims that the joint venture was legitimate."
The agency described in the complaint that the pool claimed to "offer investors an opportunity to bet on the future price of cryptocurrencies" and the couple promised "exaggerated profits" without disclosing potential risks. It is alleged that the couple mixed the pool funds with personal funds. Participants transferred funds to Michael Griffis' account, which he then transferred to his personal account on Coinbase. The CFTC stated that he would convert the funds into digital asset commodities such as Bitcoin or Tether and transfer them to an electronic trading platform called Apex for futures trading.