US CFTC Sues Cash FX Group Over $950 Million Crypto Forex Scam

The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit in the U.S. District Court for the Middle District of Florida against Cash FX Group and three key individuals, including CEO Huascar Jose Lopez Castillo, for orchestrating a $950 million crypto-related forex investment fraud. The defendants allegedly used a multi-level marketing scheme, falsely claiming that funds were managed by professional traders and AI algorithms while promising weekly returns of up to 15%. In reality, the group misappropriated new investor funds to pay fake profits and diverted millions to personal accounts, resulting in at least $406 million in losses for participants.