Commission warns to be on the lookout for crypto currency scams – WSFA

MONTGOMERY, Ala. (WSFA) – After an Alabama man lost $10,000 in Bitcoin to a cryptocurrency trading site, the Alabama Securities Commission put a cease and desist order on Acon Trading and 96 other fraudulent crypto trading platforms all owned by Sir Philip Zuka.

Director of commission, Joseph Borg, warns that people be careful where they invest their money and how because the scam hasn’t changed but what scammers are asking for has.

“Everybody’s heard of it, digital currency, a lot of people don’t understand how it works,” said Borg. “Crooks like to take something new that everybody’s heard of, and use that as their way of getting you enticed into a fraud.”

Even if the commission can’t find the person behind the scam, Borg says they will slap a do not trust sign right on the homepage of the scamming site.

All trading websites must be registered with the Alabama Securities Commission to do business in the state. If it isn’t, hold on to your wallet. And if you find a site that seems safe Borg says you can give their office a call.

“We’ll let him let you know if they’re licensed and registered. And if we even heard of what they’re selling,” said Borg.

The number for the commission is 1-800-222-1253.

Copyright 2021 WSFA 12 News. All rights reserved.

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