India, Aug. 19 -- UK's Insolvency Service has warned potential crypto investors to check if crypto investment firms are registered, after customers lost hundreds of thousands of pounds to a "Ponzi-style" scheme.
Key Coin Assets Ltd. promised investors it could guarantee returns of up to 100 percent, with one online post claiming "0 Fees, 0 Risks", but investors lost hundreds of thousands of pounds.
However, the Insolvency Service acted swiftly to have the company shut down when it found no evidence that any trading actually took place.
Nine investors who complained to Action Fraud paid more than £300,000 to the company between them, investigations revealed.
Key Coin Assets Ltd. was wound up at the High Court in London last week.
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