Mining Capital Coin, or MCC, is a cryptocurrency mining and funding platform. Capuci, Who’s from Port St. Lucie, Florida, allegedly misled buyers by promoteing “Mining Packages,” promising substantial returns from mining new cryptocurrencies in what MCC described as their worldwide community of crypto mining machines, Based mostly on the DOJ press launch. In accordance to a US Securities and Commerce Fee grievance filed final month, Capuci purchased mining packages to Greater than 65,000 buyers since A minimal of January 2018. The group promised Daily returns of 1% for As a lot as a yr, the SEC press launch says.
However Instead, the DOJ alleges, Capuci diverted the funds to his personal cryptocurrency wallets. MCC netted A minimal of $8.1 million from the sale of the mining packages and $3.2 million in initiation costs, which funded a lavish way of life, collectively with Lamborghinis, a yacht and exact property, Based mostly on the SEC grievance.
“Cryptocurrency-based fraud undermines monetary markets worldwide as dangerous actors defraud buyers and limits The power of respectable entrepreneurs to innovate inside this rising space,” said Assistant Lawyer Widespread Kenneth A. Well mannered, Jr. of the Justice Division’s Felony Division.
CNN Enterprise has reached out to Capuci for remark.
Capuci additionally marketed MCC’s personal cryptocurrency, “Capital Coin,” Based mostly on the DOJ press launch. The discharge alleges one other fraudulent MCC funding avenue, “Buying and promoting Bots,” which Capuci claimed operated at “very extreme frequency, With The power to do hundreds of trades per second.” Capuci claimed the Buying and promoting Bots Would supply Daily returns, Based mostly on the DOJ launch.
Capuci additionally allegedly ran a pyramid scheme, Based mostly on the DOJ, recruiting promoters to promote the mining packages and promising them presents Starting from Apple watches to Capuci’s private Ferrari, …….