The US CFTC has filed a lawsuit against a $3.6 million digital asset fraud scheme targeting Asian Americans.

Odaily Planet Daily News According to the US CFTC, it recently announced fraud and misappropriation of funds charges against a counterfeit commodity trading platform, which is an online eyewash targeting Asian Americans. Specifically, the CFTC has taken legal action against Aipu Ltd., Qian Bai, Lan Bai, Fidefx Investments Ltd., and Chao Li, filing a civil enforcement action in the US District Court for the Western District of Washington. The defendants are accused of ‘fraudulently soliciting and misappropriating at least $3.6 million from at least 32 customers as part of a fraudulent investment scheme.’ The CFTC said the program solicits funds from customers, including Fiat Currency and digital asset, to trade commodity futures and forex contracts. The defendant falsely stated that the assets would be traded through leverage or marginaccount. However, no transactions took place and the funds were transferred to overseas entities. Regulators are seeking multiple forms of relief, “The CFTC seeks to compensate defrauded customers, forfeit ill-gotten gains, and impose civil penalties, trading bans, and permanent injunctions for further violations of the Commodity Exchange Act (CEA) and CFTC regulations.” ”（Bitcoin.com）