More than two years have passed since a complaint has been registered with SEC (United States Securities and Exchange) against the PlexCoin scam. In this PlexCoin review, we will try to understand what kind of scam it has done with the investors.
What Is PlexCoin?
PlexCoin is a virtual currency (private internet money) with a market value determined by the present state of the cryptocurrency market. Put another way, PlexCoin is an open-source international currency that is completely decentralized and does not rely on any central authorities. Your activities will not be supervised or validated by any traditional financial institutions due to this arrangement. Users can now take charge of their finances in the privacy of their own homes.
The PlexCoin intends to increase the reach by streamlining maintaining cryptocurrency to the greatest extent possible, hence expanding the options for cryptocurrency use and increasing the number of users.
On 19 February 2019 amended complaint was filed with SEC to reveal the details of the PlexCoin scam.
According to the complaint, PlexCoin sold tokens at inflated prices to investors to show that the PlexCoin ICO was far more successful than it was. PlexCorps allegedly promised large returns that it was unlikely to fulfill, according to the complaint. It stated that the returns were about $15 million, although the actual figure is around $8.5 million.
Who Is The Founder Of PlexCoin?
The founder of PlexCoin is Dominic Lacroix. He already has a financial fraud history and is under investigation in Canada to defraud investors in a micro-loan venture.
The complaint also says that PlexCorps promised “outlandish rewards,” like a 1,354 percent return in less than a month. Lacroix and his partner, Sabrina Paradis-Royer, are accused of taking more than $200,000 from the investments and spending it on “expensive personal things.”
The cryptocurrency market is lucrative, but many scammers are looting the investors who do not have enough knowledge of this sector. The best approach is to research before investing. In the case of PlexCoin, if the investors had done the research, they would have known about the allegations on its founder, and it would have saved them a lot of money and misery.