Texas ICO Exterminators: Cryptocurrency Frauds Prosecuted as U.S. Crackdown Continues

Because of the hard-to-trace nature of cryptocurrency, fraudsters have been able to slip away with hundreds of millions of investor funds.

The company, purportedly a cryptocurrency mining and trading operation, was defrauding investors of tens of thousands.

BitQyck Inc. was a cryptocurrency startup founded on the "Principles of integrity, honesty, and management experience." The company issued an ICO for a coin called bitqy.

"Mark Royer joined the company as early as May 2017. He participated in offering bitqy to the public, encouraging investors who"missed out" on Bitcoin to invest in Bitqyck, claiming that it would "create a new digital economy and provide a "Lucrative compensation plan."

After successfully conning investors, Royer went on to found another company in an attempt to do it all again.

The con artist Royer claimed to investors that he worked over 30 years in information technology and in crypto for the last 10 years.

Royer then told investors that My Crypto Mine had been operating for more than six years and employed 8 full-time cryptocurrency traders.

At the time, he claimed that the investment "Has no risk," that "Returns are guaranteed" and that "Investors' capital will never lose its value."

What's even more sickening is that the company geared its advertising towards small-time investors and retirees.

In statements from the company, Royer advertised that investment in the company was a way to "Help small investors build a nest egg for retirement," for parents and grandparents "Create-six figure college funds for their children and grandchildren," and to help people "Eliminate their credit card and tax debts while building retirement funds."