Tag: TrustToken

The U.S. Securities and Exchange Commission (SEC) has charged TrustToken and TrueCoin with defrauding investors over their stablecoin, TUSD, which they falsely claimed was fully backed by U.S. dollars. The companies secretly invested over half a billion dollars in risky offshore funds, exposing investors to hidden risks. This case highlights the urgent need for regulatory scrutiny in crypto-asset markets.

Invictus Asset Management Limited in the British Virgin Islands (BVI), authorized by the BVI Financial Services Commission, operates the scheme. The website also informs that Invictus Capital Financial Technologies SPC in the Cayman Islands has applied for a Virtual Asset Services Provider license at CIMA. Invictus Capital offers investments in various crypto funds, such as the CRYPTO10 Hedged (C10) smart index fund. The scheme is open to retail investors in the UK, Europe, Australia, and Asia.