CFTC Charges Tennessee Couple for Operating Fraudulent Crypto Scheme

CFTC said that they spent $335K paying off credit card debts, $10K for college fees, $20K to purchase an automobile, and $5K for a vacation.

The Commodity Futures Trading Commission (CFTC) probed “Blessings of God Thru Crypto,” a fraudulent “$6M digital assets commodity pool scheme,” operated by a Tennessee couple. 

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CFTC Takes Legal Action

Consequently, Michael and Amanda Griffis, the husband and wife, are dealing with legal action of being unregistered with the CFTC while scamming more than 100 people..

According to a July 24 complaint, the pair utilized the property they owned in order to convince others to contribute the money they had saved to a multimillion-dollar investment pool from July 2022 to January 2023. 

The people in question involved mortgage brokers and previous clients of their real estate firm. 

Broken Promises

Furthermore, pool participants were informed that their deposits were going to be utilized to trade cryptocurrency futures contracts under the plan, yet, not a single transaction was carried out, according to the CFTC.

The document reads: “Despite having no trading or other relevant experience, the defendants successfully convinced over 100 people to send them over $6 million to participate in a commodity pool called ‘Blessings of God Thru Crypto.”

$4 Million of the Collected Money Was Sent to Wallets

The CFTC said that “the defendants falsely represented that pool funds would be safe and under their control, that pool participants could expect high gains, and that the defendants would use pool funds to trade ‘crypto futures.’”

According to the reports, approximately four million dollars of the collected money have been sent to digital wallets that were not under the Griffis’ control, and an additional $1 million was taken over a period of months to pay off personal debt and luxury products, according to the CFTC. 

Money Spent on Paying Debt and Buying Luxury: CFTC

In fact, they spent $335,000 on paying off debts on their credit cards, $10,000 for college fees, $20,000 to purchase an all-terrain automobile, and $5,000 for a vacation.

The other notorious couple known as “Crocodile of Wall Street” was responsible for the big attack on Bitfinex and was reportedly seeking a possible plea deal. According to TheCoinRise, the global significance of the Bitfinex hack prompted Netflix to release a new documentary series about the incident.

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