The CFTC Can't Find the Leader of a Near $150 Million BTC Scam

The Commodity Futures Trading Commission (CFTC) says it is having trouble locating a man named Benjamin Reynolds, a person allegedly responsible for a bitcoin theft of $147 million or more.

The CFTC Is Trying to Find an Alleged Scammer That’s MIA

Reynolds first initiated the scam in 2017. As the director of the cryptocurrency investment firm Control Finance in the United Kingdom, Reynolds initially sought to get people on board by guaranteeing returns of 45 percent or more on whatever they invested. This should have been the first red flag for anyone looking to get involved.

As we have seen in the past, there is nothing in the crypto space that can ever be guaranteed. Heck, there is nothing that can be guaranteed when it comes to investing period, though crypto is probably even less stable when compared with stocks, bonds, and other valuable assets. Cryptocurrencies have exhibited high-end volatility in the past, which means that they’re just as capable of crashing as they are of booming and flying through space.

2017, for example, saw bitcoin trading at its all-time high of nearly $20,000, though the following year, the currency dropped by more than 70 percent by the time Thanksgiving had rolled around. Woe and pain were felt by virtually everyone who had chosen to invest during the later months, but sadly, this is sometimes the name of the game when it comes to digital assets.

Court documents suggest that the initial investing results brought forth by Control Finance were positive and brought satisfaction to clients. However, the company was not responsible for any of the trades and did not garner returns on those trades, so what financial results were making customers so happy, and who was the responsible party?

Initially, the venture operated from May through September of 2017. During that final month, the company made the decision to shut down, though at this stage, executives had accumulated more than 22,000 bitcoin units from unsuspecting clients. In its decision to shut down, the company put out a notice saying that all their customers’ money was safe and would be returned in due time. Well, it’s been three years, and nobody has seen even a nickel of their money.

Legal Notices Are Coming

Following numerous complaints, the CFTC finally decided to act against Reynolds and Control Finance, claiming that the company operated through shady tactics and built a scam that was worth more than $140 million by the time 2017 came to a close. As Reynolds is missing in action, the CFTC has had no choice but to serve legal notices through general newspapers in the United Kingdom where he is allegedly based, hoping that he gets wind of his “wanted state” this way.

The agency says it will file a general motion against Reynolds by late August of this year.

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