CFTC launches action against UK-based crypto scheme Control-Finance

Defunct UK crypto scheme Control Finance Limited and director Benjamin Reynolds have received a class action lawsuit from the CTFC over 22,858.822 Bitcoin ($BTC) allegedly laundered by the firm. Some 1,000 individuals lost Bitcoin worth $147 million from May 1st, 2017 till Oct. 31st, 2017. After or around Sept 10th of that year, Control Finance Limited withdrew from the public, closing its social media accounts and website. The CTFC alleges that the firm and director committed fraud by deceptive device or contrivance.