In a turn of events that many in the crypto community are calling a scam, PGI, a UK-based crypto firm, has been dissolved after allegedly bilking investors out of millions of dollars. This story is still developing, but here’s what we know so far: PGI reportedly raised $10 million from investors under the guise of launching a cryptocurrency trading platform. However, instead of using the funds to build the platform, the company’s directors allegedly pocketed the money and dissolved the company. If this story is true, it would be yet another black eye for the crypto industry, which has already been dealing with its share of scandals and fraud. Invest your hard earned money on trusted crypto platforms like Tesler software.
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What is a Crypto Firm?
A crypto firm is a type of financial institution that specializes in cryptocurrency-related services. Crypto firms typically offer a range of services including brokerage, trading, and storage. Some crypto firms also offer other financial services such as loans and credit products. Crypto firms often cater to institutional investors and high net worth individuals.
Why PGI dissolved in UK after alleged scam
In 2018, alleged scammer Ryan Gilbertson founded PGI, a crypto firm that claimed to offer investors exposure to the cryptocurrency market. However, it is believed that instead of investing in cryptocurrencies, Gilbertson used investor funds to pay for personal expenses, including luxury cars and vacations. In 2019, the UK’s Serious Fraud Office (SFO) launched an investigation into PGI after receiving complaints from investors. The SFO froze Gilbertson’s assets and froze PGI’s bank accounts. PGI was unable to continue operating and was dissolved by the UK government in 2020.
How PGI Scam Worked?
When PGI first started advertising its services, it promised investors that they could earn a return of 1.5% per day by investing in its cryptocurrency trading program. To sweeten the deal, PGI also promised to pay out referral commissions to people who convinced others to sign up for the program. Initially, it appeared that PGI was living up to its promises. Investors who put money into the program did see their accounts grow. However, it soon became apparent that something was not right.Many people who tried to withdraw their money from PGI found that they could not do so. When they attempted to contact customer support, they were either ignored or given the runaround. Meanwhile, the people who had referrals were still being paid out, leading some to suspect that the whole thing was a pyramid scheme. Eventually, the truth came out: PGI was not actually investing its clients’ money in cryptocurrency trading. Instead, it was using new deposits to pay out old ones, and the whole thing was about to collapse. Thousands of people lost their life savings when PGI collapsed, and the company’s directors fled the country. The UK government is now working on returning as much money as possible to the victims of this scam.
Reactions from the Crypto Community
The crypto community has been quick to react to the news of PGI’s dissolution. Some have called it a scam, while others have said it’s a sign of the times. PGIForever (@PGI_Forever) tweeted: “RIP #PGI. You will be missed. Thank you for all the good times. CryptoBarter (@CryptoBarter) tweeted: “Another one bites the dust. #PGI is no more.” Some have even called PGI’s demise a sign of the times. Cypherpunk (@Cypherpunk) tweeted: “The writing was on the wall for #PGI. This is just another example of how the crypto industry is full of scammers and fraudsters. Others, like @crypto_rand, believe that this is just another case of an exit scam. PGI promised the moon and delivered nothing. This is yet another case of an exit scam in the crypto industry. Be careful who you trust!”
Conclusion
As Crypto firm PGI dissolved in UK after alleged scam. The team behind the company has denied any wrongdoing. Saying that they are “heartbroken” by the turn of events. In a statement released on the company’s website, the team said. We are heartbroken by what has transpired and would like to thank everyone who has supported us along the way. It is unclear at this time what will happen to the money that was invested in PGI. But it is likely that investors will not see any of it returned.
