A U.S. court imposed a $130 million fine on the founders of EmpiresX for cryptocurrency fraud, the promise of fictitious high returns, and the wrongful use of funds ⚖️

An American court imposed a fine of over $130 million on the founders of EmpiresX from Brazil for cryptocurrency fraud. The platform deceived investors by promising high returns, but used the funds to buy cryptocurrency and for personal expenses. The founders, Emerson Pires and Flavio Gonçalves, were charged with fraud and misappropriation of funds. As a result, the court ordered them to pay fines and prohibited the accused from participating in trading on U.S. financial markets.