UK court shuts crypto firm after £300,000 losses
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- A UK court has wound up Key Coin Assets Ltd after nine investors lost more than £300,000.
- Investigators found no evidence the firm carried out genuine crypto trading.
- Authorities said the company showed hallmarks of a Ponzi-style scheme.
A London court wound up Key Coin Assets Ltd on 11 August after a government investigation.
Nine investors who reported the firm to Action Fraud paid more than £300,000 between them.
Investigators found no evidence that Key Coin Assets carried out the crypto trading it advertised.
The company promised returns of 40% to 100% and advertised itself with claims including “0 Fees, 0 Risks.”
“Key Coin Assets Ltd promised guaranteed returns but delivered nothing,” said Insolvency Service Chief Investigator Mark George.
Investigators also found customer funds were often transferred into the director’s personal account within hours.
The Financial Conduct Authority had already listed Key Coin Assets as an unauthorised firm in September 2024.