A Texas regulator has recently issued an ”Emergence Cease and Desist order” in an effort to stop three cryptocurrency-related schemes that were deemed to be fraudulent.

The cease and desist order was levied by the Texas State Securities Board against the companies ”Coins Miner”, ”DigitalBank”, and ”Ultimate Assets”.

The first of the companies, Coins Miner, reportedly used manipulated elements in its online media presence in order to solicit funds under the guise of being the well-known Californian cryptocurrency exchange platform Coinbase.

Although Coins Miner alleges to be a UK-based venture, it operates in the Volgograd in Russia, lending credence to the notion that Russian hoaxers are behind the organization.

Moreover, Coins Miner has also used stolen pictures of CoinTelegraph’s Vice President, and falsified emails to make it appear as if these came from Coinbase. Furthermore, Coins Minder is said to have made a number of false claims on its website.

Coins Miner reportedly also used video footage of a journalist for Fortune magazine and superimposed a Coins Miner logo on it, in order to give the appearance that the journalist promoted Coins Miner – although the footage was filmed for Fortune’s general coverage on cryptocurrency, and not related to Coins Miner.

In addition to this, Coin Miner is not registered to sell securities, even though the Coins Miner investments are considered securities under Texas law.

DigitalBank, on the other hand, is based in Belize and supposedly develops a ”hack-proof device to store and transfer cryptocurrencies”. In addition to this, DigitalBank has tried to attract funding for a digital cryptocurrency wallet that utilizes biometric security measures.

More specifically, DigitalBank is also advertising returns of 1,900% for those investors who purchase so-called ”DGBK tokens” in an upcoming ICO next year.

DigitalBank is also using a video clip of former US President Barack Obama talking discussing new technological security advances to advertise itself, stating that viewers should ”try to understand what Obama in 2016 already understood about the company”.

Just like Coins Miner, DigitalBank is offering securities without being regulated or approved to sell securities in the state of Texas.

The third company involved, Ultimate Assets, has been touting that investors could see an investment of $1,000 grow to $10,000 in a mere three weeks. Furthermore, the company says that ”a refund will be issued in cases where [the] investment could not yield profits”.

Ultimate Assets has subsequently been charged with offering securities without complying with the Texas Securities Act, as well as engage in fraud due to not informing investors of the risks associated with cryptocurrency trading.

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