97 Fake Crypto Trading Websites Shut Down by Alabama Securities Commission

The Alabama Securities Commission recently issued a cease and desist order against 97 cryptocurrency websites, including Acoin Trading for these crypto investment schemes promise "excessive returns," report "fictitious account values," and impose "undisclosed fees."

"The order is a result of Zuka's failure to register his investment products and failure to register as an investment adviser," the regulator detailed, adding:

The regulator explained that an Alabama investor discovered Acoin Trading online, owned by Zuka, and was intrigued how the program could make investors eight times the original investment in only a week.

"Consequently, the investor participated in a demo and invested approximately $10,000 of bitcoin, which was deposited into a wallet provided on the Acoin Trading website," the ASC noted.

However, when he wanted to withdraw his money, Zuka demanded additional payment before any funds could be withdrawn. The investor soon realized the investment was a scam; he immediately filed a complaint with the ASC and stopped all communication with Zuka and his trading platform.