Federal regulators have accused a Portland man of masterminding a $44 million cryptocurrency funding rip-off.
With the assistance of YouTube movies and a advertising and marketing web site, Sam Ikkurty of Portland and a companion collected the $44 million from 170 traders in simply 17 months. They “misappropriated most or all the participant funds,” the Commodity Futures Buying and selling Fee alleged Thursday.
Ikkurty and his companion, Ravishankar Avadhanam, of Aurora, Illinois, mentioned they’d make investments the funds in cryptocurrency and different commodities, in line with the federal company. As a substitute, they allegedly took among the cash for themselves and used a lot of the remainder to repay prior traders, a basic “Ponzi-like scheme,” the company mentioned within the lawsuit.