The boom of crypto assets spawned a secondary industry of scams. Based on the success of ICOs targeted to crypto enthusiasts, scammers started targeting naive investors directly. Through the Bitqyck, Inc., more than 13,000 investors were affected, before the US Securities and Exchange Commission took over and launched a court case against the scammers.
According to the complaints filed by the SEC, the firm raised more than $13 million by selling the Bitqy and BitqyM assets, which were simultaneously unregistered securities.
The US SEC started investigating the Bitqyck project back in the summer of 2018, but ended up filing a lawsuit a ...