New York Attorney General sues AWS Mining, NovaTech for running a cryptocurrency pyramid scheme that defrauded more than $1 billion

06/07 10:53

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The New York State Attorney General has sued two companies and their founders, accusing them of implementing a cryptocurrency pyramid scheme that defrauded investors of over $1 billion. One of the companies, AWS Mining, a virtual currency mining investment plan, went bankrupt in April 2019 after promising a guaranteed return of 200%. Cryptocurrency and forex trading platform NovaTech saw investors deposit over $1 billion worth of cryptocurrency from August 2019 to April 2023, but the platform's trading volume was only $26 million.

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