NYAG Letitia James Sues Two Firms For $1 bn Crypto Fraud
The New York Attorney General, Letitia James, has filed a lawsuit against AWS Mining and Novatechfx for running crypto pyramid schemes that defrauded over 11,000 New Yorkers of over a billion dollars in cryptocurrency.
The firms targeted vulnerable immigrants and religious communities, promising them “financial freedom.” The AG seeks to ban their illegal operations in New York and bring sanity to the sector. The AG accused the firms and their founders of making false promises to investors, causing New Yorkers to lose out on their investments.
Investors deposited over a billion dollars worth of cryptocurrency with Novatech between August 2019 and April 2023, yet the platform only traded a small fraction of this amount. The AG seeks to rid the city of unscrupulous businesses and secure financial restitution for the victims of pyramid schemes.
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