The British court shut down the encryption company Key Coin Assets. Nine investors lost over £300,000

On 24 August, Bitcoin.com reported that British courts had closed down the encryption company Key Coin Assets. The company has been investigated for over £300,000 in damages filed with the Fraud and Cybercrime Reporting Centre by nine investors. The British Financial Conduct Regulatory Authority (FCA) had included the company in the list of unauthorized companies as early as September 2024. The company did not have any real evidence of the encrypted transaction. The company promised investors a rate of return of 40-100 per cent and promoted “0 per cent cost, 0 per cent risk”, with a typical Ponzi scheme. Client funds are often transferred to the personal accounts of company directors within hours of their arrival, which is then difficult to track; the company has not provided complete accounting records. The company changed its registered address, misrepresented its assets (declared to be up to £42 million, well above actual bank flow) and used unauthorized false customer evaluations。