Tennessee Couple Accused of $6 Million Cryptocurrency Scam

Tennessee Couple Accused of $6 Million Cryptocurrency Scam

Time Stamp: July 26, 2023 1:14 AM
Source Node: 2785633

The Griffis' allegedly operated the "Blessings of God Thru Crypto" scheme from July 2022 to January 2023.

A couple from Tennessee, Michael and Amanda Griffis, face charges over an alleged cryptocurrency fraud, known as "Blessings of God Thru Crypto," that reportedly defrauded more than 100 investors out of approximately $6 million.

This matter came to light when the Commodity Futures Trading Commission (CFTC) lodged a formal complaint on July 25th.

Can Russia Use Crypto to Bypass Sanctions? (Animated)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

According to the CFTC, the couple manipulated relationships formed through their real estate business to encourage people to invest their savings into a multi-million dollar investment pool.

The Griffis allegedly promised investors that their funds would be utilized to trade in crypto futures contracts. However, the CFTC revealed that no such trade ever took place.

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."

The CFTC alleges that around $4 million of the collected funds were moved to digital wallets beyond the Griffis' control, and over $1 million was misused to settle personal debts and purchase high-value items.

These expenses include $10,000 used for family members' college fees, $20,000 for an all-terrain vehicle, and $335,000 to clear credit card debts.

In its complaint, CFTC highlighted that the couple was involved in the crypto scam scheme from July 2022 to January 2023, targeting mortgage brokers and former clients of their real estate venture.

The CFTC has subsequently charged the couple with failing to register with the CFTC and defrauding more than 100 people.

Thus, the commission requested the court to issue a permanent injunction against Griffis and any potential partners to bar them from future commodity transactions. It also requested compensation for anyone who suffered losses due to this scheme and asked the court to impose civil penalties on the couple.

However, the CFTC warns that complete restitution might be difficult as the accused may not have enough funds or assets.

Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

Time Stamp:

More from Bit Degree