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Ciaran Lyons
Dec 01, 2024


SEC SUES TOUZI CAPITAL FOR ALLEGEDLY DEFRAUDING OVER 1,200 CRYPTO INVESTORS

The SEC claims Touzi Capital misled investors by stating their funds would
finance crypto mining operations, but instead used them for unrelated expenses.

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The United States regulator has taken legal action against investment firm Touzi
Capital over allegedly misleading investors about the liquidity and
profitability of its crypto asset mining fund.

Touzi Capital allegedly defrauded over 1,200 US investors through security
offerings of its crypto asset mining fund, raising “almost $95 million,”
according to a statement published by the US Securities and Exchange Commission
(SEC) on Nov. 29.


FALSE PROMISES MADE TO CRYPTO MINING FUND INVESTORS

The investment was allegedly pitched to investors as funding crypto mining
operations. However, the SEC claims this wasn’t true. 

Instead, Touzi Capital reportedly “commingled investor funds” across its
subsidiary businesses, funneling money into ventures that had “nothing” to do
with crypto mining.

The SEC also accused Touzi Capital of misleading investors about the risks
involved and the profitability of its crypto mining asset fund.


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> “The SEC alleges that the defendants made materially false and/or misleading
> statements as to the stability of these investments – comparing them to
> high-yield money market accounts.”

The SEC stated the fund was “risky and illiquid” and continued accepting new
investors even after its investments started “failing.”


MOST SEC CRYPTO CASES MAY BE “DISMISSED” IN THE FUTURE

It comes after a US federal judge declined an appeal to dismiss a SEC lawsuit
against a promoter of an allegedly fraudulent crypto mining firm that carried
out an $18 million scheme.

Kristoffer Krohn unsuccessfully argued in his appeal that the SEC had not
established that the Green Boxes were securities offerings or investment
contracts in its complaint.

Related: Bitwise files for 10 Crypto Index Fund ETF with the SEC

However, the ongoing legal battles between crypto firms and the SEC will likely
fade away with Donald Trump reelected as the 47th president of the United
States, according to Consensys CEO Joe Lubin.

“Maybe not all the cases, maybe not all elements of the case, but I have a
feeling that our industry is going to save hundreds of millions of dollars going
forward,” he told Cointelegraph at DevCon 2024 in Thailand. 

Magazine: 5 incredible use cases for Based Agents and Near’s AI Assistant

Explore more articles like this

Subscribe to our Crypto Biz newsletter

Weekly snapshot of key business trends in blockchain and crypto, from startup
buzz to regulatory shifts. Gain valuable insights to navigate the market and
spot financial opportunities. Delivered every Thursday


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