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The investment in cryptocurrency seemed almost too good to be true.
An Arkansas resident invested $500 with MyCapital, an online company that claims to be headquartered in the United Kingdom and operates the website mycapitaltradefx.com.
It promised high returns and little risk. Within weeks, the value of the Arkansan’s investment in bitcoin ballooned to a purported $13,500, according to an Aug. 4 cease-and-desist order from the Arkansas Securities Department. But it was a scam, and the investor lost his $500, the order said.
The investigation of MyCapital led to and a cease-and-desist order directed at eight similar websites for “engaging in illegal internet schemes to advertise, hype and sell fraudulent cryptocurrency and [foreign exchange]investments.”
The order marks the latest example of the rising number of frauds…