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

Proton Launches Encrypted AI Assistant

Jetflicks Operator Sentenced to 7 Years

July 25, 2025
Proton Launches Encrypted AI Assistant

Proton Launches Encrypted AI Assistant

July 25, 2025
Proton Launches Encrypted AI Assistant

Brave Blocks Windows Recall Screenshot

July 25, 2025
Interlock Ransomware Threat Alert

Altman Flags Looming AI Fraud Crisis

July 24, 2025
Interlock Ransomware Threat Alert

XSS Forum Admin Arrested in Kyiv

July 24, 2025
Interlock Ransomware Threat Alert

Google OSS Rebuild Exposes Malicious Code

July 24, 2025

Latest Alerts

CastleLoader Uses Clickfix on Windows

Sophos, SonicWall Patch Critical RCE Bugs

Koske Malware Hides in Panda Images

Interlock Ransomware Threat Alert

GitLab Patches Key Vulnerabilities

Backdoor Found in WP Plugins

Subscribe to our newsletter

    Latest Incidents

    Hackers Target Amazon’s AI Code Bot

    APTs Use Fake Dalai Lama Apps to Spy

    Infostealer Hidden in Steam Game

    Data Breach Affects 340K Jobseekers

    Hackers Use Ransomware on SharePoint Servers

    Beluga Vodka Ransomware Attack Reported

    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