"Every day there must be a case related to crypto, otherwise it is not valid."
New York Attorney General Letitia James filed a lawsuit against cryptocurrency trading firm NovaTechFx and digital asset mining company AWS Mining for illegal pyramid schemes.
That streak, more than 11,000 individuals and hundreds of thousands of investors were defrauded resulting in a loss of over $1 billion in crypto most of whom were Haitian New Yorkers who were duped through various channels including prayer groups, social media platforms and WhatsApp group chats.
Through an investigation conducted by the Attorney General's Office between 2019 and 2023, investors have deposited more than $1 billion worth of crypto into NovaTech but surprisingly only $26 million was traded on the digital asset trading platform.
Attorney General James revealed thousands of New Yorkers were falsely promised a better life if they trusted NovaTech and AWS Mining with their money, however it was all a lie.
Not only that, AWS Mining also operates a misleading scheme, promising investors monthly returns ranging from 15 to 20 percent including lavish bonuses to recruit new investors.
Explained, the collapse of AWS Mining has caused founders Cynthia and Eddy Petion to launch NovaTechFx and then continue its fraudulent activities by attracting new investors through similar promises of high returns and bonuses.
According to the Executive Director of Konbit Neg Lakay Renold Julien, he thanked Attorney General James for his swift action to protect all New Yorkers who mostly walked for months through the jungles of Central American countries to get to the US in search of a better future.
