• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Ledger CTO Warns Of Crypto Clipper Malware Following Major NPM Breach
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Ledger CTO Warns Of Crypto Clipper Malware Following Major NPM Breach
Debiex

CFTC Files Lawsuit Against Debiex Over $2.3 Million Romance Scam

Semilore Faleti
by Semilore Faleti
1 year ago
·
Posted in Crypto scam
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The US Commodity Futures Trading Commission (CFTC) is filing charges against crypto exchange Debiex over allegations of a $2.3 million romance scam. The US regulator announced this civil lawsuit on January 19 after filing for an enforcement action in the US District Court for the District of Arizona. 

Related Reading: Michael Saylor Warns Public: Avoid Scams Promising Free MicroStrategy Bitcoin

Debiex Alleged Romance Scam Explained

According to the CFTC’s statement, Debiex presented itself as a crypto exchange that offered US citizens access to digital assets trading features. However, the entire set-up was a ruse targeted at ripping Asian Americans of their investments using the blueprint of a romance scam. 

The CFTC describes Debiex’s operations as a “sophisticated fraudulent scheme” that involved three groups of actors. These included “solicitors,” who were individuals who established contacts with potential victims via a US-based social media platform. 

In a similar fashion as most romance scams, these “solicitors” gained the trust of their victims by “befriending or romancing” them before urging them to open an active trading account with Debiex. A statement from the Commission’s announcement read:

The CFTC’s complaint alleges Debiex’s unidentified officers and/or managers cultivated friendly or romantic relationships with potential customers by communicating falsehoods to gain trust and then solicited them to open and fund trading accounts with Debiex. 

The second set of actors involved in Debiex’s scam were the “customer service,” which were supposedly employed to manage trading accounts for the exchange’s customers. “Money mules” represent the last and most important group in Debiex’s purported lavish scam. This set of people provided digital wallets, which were utilized by the crypto exchange to receive and misappropriate users’ funds. 

According to the CTFC’s announcement, one of these potential mules goes by the name Zhang Chéng Yáng (Zhang), whose digital wallet was used to embezzle funds belonging to at least one customer. 

Related Reading: Crypto Phishing Scams Decimate $300 Million From Users In 2023, Key Insights Revealed

CFTC Targets Multiple Penalties Against Crypto Exchange

Through an elaborate romance scam, the CFTC alleges that Debiex was able to defraud five Asian Americans for a total of $2.3 million. 

The US regulator has now approached the court seeking compensation for all victims and recovery of all “ill-gotten gains” by the crypto exchange. The Commission will also be looking to impose fines and trading restrictions as well as secure a court order that prevents the exchange from future violations of CFTC regulations and the Commodity Exchange Act (CEA). 

In other news, Bitcoin has now gained by 1.1% in the past day, attaining a value of $41,590. However, the crypto market leader still leaves much to be desired on the larger scale with a decline of 2.9% and 5.2% on the seven and 14-day chart, respectively.

Debiex

BTC trading at $41,601 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from CNC Intelligence, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Semilore Faleti

Semilore Faleti

Follow

Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

Full Profile

Related Posts

phishing

Crypto Phishing Attacks Surge In August As Losses Hit $12 Million

2 days ago
crypto

Crypto Ponzi Scheme Ruling: EminiFX Founder Ordered To Repay $228 Million

2 weeks ago
crypto

New Zealand Man Arrested In $265 Million Crypto Scam

3 months ago
crypto

Crypto Scam: Brazilian Judge Issues 128-Year Sentence To $190-M Ponzi Mastermind

4 months ago
Crypto

Crypto Podcaster Jailed For 45 Months In Fraud Case – Details

5 months ago
Crypto

Crypto Scam: US Authorities Indict Las Vegas Man In $24 Million Ponzi Scheme

6 months ago

Premium Sponsors

Press Releases

  • miner

    Ripple (XRP) is attracting investor interest: ALL4 Mining...

    4 hours ago
  • MINER

    2025 Free Crypto Cloud Mining Sites Detailed Guide: No...

    6 hours ago
  • BAY Miner’s

    BTC Swings? BAY Miner’s USD Contracts Yield $85,777...

    6 hours ago
  • Bitcoin

    BTC’s surge doesn’t wait! GMO Miner helps you...

    6 hours ago
  • Cloud Mining

    Compliance and High Returns: ALR Miner Cloud Mining, with...

    8 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.