The law firm will sue the creator of the pyramid

The American law firm Silver Miller, which specializes in cryptocurrency investments, filed a lawsuit against investor Jeremy Spence, who, according to its representatives, operated a cryptocurrency pyramid and misled investors.

The lawsuit states that Spence ran an organization called Coin Signals, which was able to attract investors because Spence himself attracted clients in Telegram and Discord channels, claiming that he had made a huge fortune from cryptocurrency. He promised that investments in Coin Signals would generate significant profits thanks to the network of hedge funds that he allegedly controlled. 

With the help of this scheme, Spence managed to raise quite a lot of money; at the peak of the popularity of Coin Signals, he stated that he managed assets worth $5 million. 

Silver Miller said in a press release:

We are asking the court to invalidate all investments in the fraudulent organization Coin Signals; return cryptocurrency to investors; impose a financial penalty on Spence and his employees for fraud, as well as issue a power of attorney for the assets collected by Spence.

According to the press release, the firm is working to protect consumer rights in the cryptocurrency space. According to company representatives, they have ready legal action against the Coinbase and Kraken exchanges, as well as against ICO projects Tezos and Monkey Capital, which advertised their projects even before the product was ready. 

Frauds are still a very common way to make money in the cryptocurrency industry. To protect yourself from attackers, the user should double check all projects, even if their websites look professional and even if they describe themselves as world leaders in investment management. 

According to www.cryptoglobe.com