Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

NY Attorney General Sues Crypto Firms

June 6, 2024
Reading Time: 2 mins read
in News
NY Attorney General Sues Crypto Firms

New York Attorney General Letitia James has filed a lawsuit against cryptocurrency trading company NovaTechFx and its founders, along with AWS Mining Pty Ltd., for allegedly operating illegal pyramid schemes that defrauded hundreds of thousands of investors. The lawsuit accuses the companies of targeting vulnerable communities, particularly Haitian immigrants in New York, through social media and prayer groups, promising high returns on cryptocurrency investments that were never realized.

The investigation revealed that from 2019 to 2023, investors deposited over one billion dollars in cryptocurrency with NovaTech, but less than $26 million was actually traded on its platform. The lawsuit claims that the companies fabricated profits and used new investors’ money to pay off earlier investors, a classic hallmark of a pyramid scheme. The scheme collapsed in May 2023, leaving tens of thousands of investors unable to withdraw their funds.

Attorney General James is seeking to ban NovaTechFx, AWS Mining, and their founders from conducting any business related to securities or commodities in New York. She also aims to secure damages and restitution for the victims who lost their life savings in the fraudulent schemes. The lawsuit highlights the ongoing risks associated with unregulated cryptocurrency platforms and the need for stronger protections for investors.

This legal action is part of Attorney General James’s broader efforts to crack down on cryptocurrency fraud. In recent months, she has secured significant settlements from other crypto companies, including Genesis Global Capital and KuCoin, for defrauding investors and failing to comply with regulatory requirements. The lawsuit against NovaTechFx and AWS Mining underscores her commitment to protecting New Yorkers from financial scams and ensuring justice for those affected.

Reference:

  • NY Attorney General Sues Crypto Companies for Fraud
Tags: Attorney GeneralAWSCryptocurrenciesCyber NewsCyber News 2024Cyber threatsJune 2024Letitia JamesNew YorkNovaTechFx
ADVERTISEMENT

Related Posts

Microsoft Halts Services to Israeli Defense

Microsoft Halts Services to Israeli Defense

September 26, 2025
Microsoft Halts Services to Israeli Defense

Kali Linux 2025.3 Released With 10 Tools

September 26, 2025
Microsoft Halts Services to Israeli Defense

Google Flo Health Flurry Pay 59.5M

September 26, 2025
Cloudflare Mitigates 22Tbps DDoS Attack

Secret Service Dismantles UN Telecom Threat

September 24, 2025
Cloudflare Mitigates 22Tbps DDoS Attack

Firefox Lets Devs Roll Back Bad Updates

September 24, 2025
Cloudflare Mitigates 22Tbps DDoS Attack

Cloudflare Mitigates 22Tbps DDoS Attack

September 24, 2025

Latest Alerts

Fake PyPI Login Site Steals Credentials

Google Warns of BRICKSTORM Malware

Hidden WordPress Backdoors Create Admins

Hackers Target AWS and Steal Credentials

SonicWall SMA100 Update Removes Rootkit

BadIIS Malware Spreads Via SEO Poisoning

Subscribe to our newsletter

    Latest Incidents

    Indian Bank Transfer Records Exposed

    Chinese Cyberspies Hit US Defense Firms

    Neon App Shuts Down After Data Leak

    Boyd Gaming Reports Data Breach After Attack

    Morrisroe UK Company Hit By Cyber Attack

    GeoServer Flaw Breaches US Agency Network

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial