SEC Charges Bitqyck Inc. for Fraud

August 29, 2019 By: Lorenzo Stroe

Bitqyck is a cryptocurrency investment company founded by Bruce Bise and Sam Mendez. Bitqyck claimed that each one of their Bitqy tokens provided frictional shares of Bitqyck using a smart contract. The SEC has stated that this is false and that Bitqyck didn’t even own a mining facility as they claimed.

The SEC order says:

Bitqyck also consented to an order requiring that it pay disgorgement, prejudgment interest and a civil penalty of $8,375,617.  Bise and Mendez consented to the entry of an order that they each pay disgorgement, prejudgment interest and a civil penalty of $890,254 and $850,022, respectively.

A lot of crypto users warned others about Bitqyck long before the SEC did anything.  The shady past of the owner as well as a ”too good to believe” compensation plan set off a lot of alarms.

Bitqyck really had no products or services, the whole platform was basically an affiliate market. Bitqyck was offering a 50% return on the commission of a sale through the Bitqyck e-commerce platform, however Bitqyck never had any products for sale. Bitqyck was basically operating a sort of ponzi scheme based on affiliates.

 

 

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