Texas State Securities Board Exposes Arkbit Capital’s Fake Crypto Mining Scheme

The Texas State Securities Board has uncovered a fraudulent crypto mining scheme operated by Arkbit Capital, a fake company claiming to run cloud mining operations out of Arkansas. The investigation revealed that Arkbit Capital and its affiliates were luring investors with promises of high daily returns on crypto investments, using a restricted payment platform to accept funds.

The mastermind behind this Ponzi scheme is believed to be from India, with a person named Paras Khivesara identified as the owner of the Arkbit CoinPayments account. The scheme was so elaborate that Arkbit Capital even created fake videos of their CEO speaking at a cryptocurrency conference in Texas to deceive potential investors.

The Texas State Securities Board has issued a cease and desist order against Arkbit Capital, putting an end to their fraudulent activities. This incident is just one of many recent cases of crypto scams being uncovered, including a $300 million Ponzi scheme exposed by the SEC and the conviction of individuals involved in the fake crypto mining and trading scheme IcomTech.

These incidents serve as a reminder to all crypto investors to thoroughly research and educate themselves before investing in any project. With bad actors continuing to operate in the crypto sector, caution and due diligence are essential to avoid falling victim to scams.