The CFTC has filed a lawsuit against Aipu Ltd. and its associates for fraud involving digital assets and futures totaling $3.6 million 💸 32 investors of Asian-American descent were affected 🌐

The U.S. Commodity Futures Trading Commission (CFTC) has filed charges against Aipu Ltd., Qian Bai, Lan Bai, Fidefx Investments Ltd., and Chao Li for defrauding Asian American investors out of $3.6 million. The defendants misled 32 investors into believing their funds, both in fiat and digital assets, would be traded in commodity futures and forex contracts, but instead, the funds were funneled to offshore accounts for personal gain. No actual trading took place. The CFTC is seeking restitution, civil penalties, and a permanent trading ban against the defendants to prevent further violations. This case highlights the growing risks of online investment fraud in the digital asset space.