New York officials won a court order shuttering cryptocurrency trading platform Coinseed, after it allegedly defrauded thousands of investors out of millions of dollars. The court awarded a $3 million judgment against Coinseed and its founder and CEO, Delgerdalai Davaasambuu. Security experts say these Ponzi scheme-type activities may persist in the absence of mutually agreeable regulations adding more investor protections around fraud. State prosecutors say through Coinseed’s mobile app, which was available on the App Store and Google Play Store, the platform illegally sold securities and improperly acted as a broker-dealer.”]
Source: https://www.fraudtoday.io/new-york-court-shuts-down-crypto-platform-coinseed-a-17546