The Us Commodity Futures Trading Commission (CFTC) is having trouble locating Benjamin Reynolds, who is allegedly responsible for a cryptocurrency Ponzi scheme worth over $140 million.

Financial news outlet FinanceFeeds reported on Jan. half-dozen that the CFTC has filed a motion with the New York Southern Commune Court. More precisely, the regulator filed for the service of process on Reynolds by publication on The Daily Telegraph and extending for sixty days the time limit by which the service must be effected on him and his business firm.

A major Bitcoin ponzi scheme

In mid-June, the CFTC launched action against the company over an alleged $147 meg Bitcoin (BTC) Ponzi. The CFTC filed confronting the Reynolds with the aforementioned court for allegedly defrauding over a m investors of at least 22,858 Bitcoin.

In a memorandum accompanying the motility, the regulator reportedly explains that information technology attempted to serve Reynolds at the address listed as his "service address" in the incorporation papers of Control Finance, the firm that managed the scheme. When the process server arrived at the accost, he discovered that it does not actually exist.

The CFTC besides tried to email Reynolds at the merely known email accost associated with him and his company, just got back an error message indicating that the bulletin could not exist delivered. The regulator learned from afflicted investors that the Ulsan District Prosecutors' Office in Southward Korea is also investigating the scheme, but had similarly failed to contact Reynolds.

Cryptocurrency scams

Scammers accept long been using the speculative enthusiasm surrounding cryptocurrencies to lure in and defraud unsuspecting investors. Every bit Cointelegraph reported, Bitcoin scam ads featuring the likeness of Martin Lewis take connected to announced on social media despite Lewis' previous efforts to prevent such illegal practices.

I particularly famous cryptocurrency-related scam is OneCoin, which was a $four billion pyramid scheme. The scam was first discovered in May 2015. Withal, proceedings are still ongoing, and OneCoin'south website close downwardly only at the beginning of Dec last year.