UK shuts crypto firm over alleged Ponzi scheme

A UK crypto investment company that promised investors returns of up to 100 per cent has been shut down after an investigation found no evidence that it carried out genuine cryptocurrency trading.
Key Coin Assets Ltd was wound up by the High Court in London on August 11 following action by the Insolvency Service.
The company had promised investors guaranteed returns of between 40 and 100 per cent. One of its online adverts even claimed, “0 Fees, 0 Risks.”
According to the Insolvency Service, nine investors lost more than £300,000 in total.
Investigators found that money from new investors appeared to have been used to pay earlier investors, a pattern they described as consistent w...