Commodity Futures Trading Commision [CFTC] has filed a case against Blake Harrison Kantor, Nathan Mullins, Blue Bit Banc, Blue Bit Analytics Ltd, G. Thomas Client Services and Mercury Cove Inc for a fraudulent scheme involving ATM Coin [ATMC].
According to the complaint, Blue Bit Banc was initially offering U.S retail customers trading in binary options. Kantor, Analytics, Mullins, Thomas, and Mercury Cove were operating and functioning as a common enterprise, the Blue Bit Enterprise and were involved in unlawful acts and practices with Blue Bit who later got involved in a cryptocurrency fraud.
Blake Harrison Kantor who is also known by the name Bill Gordon launched the Blue Bit Website and introduced it to the investors as an exceptional trading platform where they can trade in binary in a simple and smart way.
Kantor and other individuals working on behalf of the enterprise manipulated the customer’s accounts to an extent where some customers online account was nearly drained.
In order to conceal their binary fraud, Kantor started a new fraudulent scheme where he approached customers of Blue Bit who still had a large amount of money and fooled them to transfer them to a newly formed affiliated cryptocurrency company, Bitsblockchain.com
Kantor propagated the scheme by offering the customers a chance to purchase a new virtual currency, ATM Coin [ATMC] via BitsBlockchain.com. He told the customers that they would receive the coin with a value in US dollars that is more than the US dollar in their Blue Bit account. In addition, he urged the customers to invest more for better returns.
Two customers were informed that their Blue Bit account was transferred to Bitsblockchain which had a balance of approx. $300,000 and $175,000. The customers saw their ATMC holding going up to more than $2 million.
When one of these customers tried to withdraw their ATMC fund from BitsBitcoin, the attempt turned out to be unsuccessful. Following which, the ATMC account dropped from more than $2.9 million to $814,381.
When questioned upon why the withdrawal attempt was unsuccessful, a representative of Bitsblockchain informed the customer that the ATMC account has been temporarily blocked due to an investigation.
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