Trident Crypto Fund emerged in April 2018 as yet another MLM cryptocurrency Ponzi scheme.
Built around the recently launched TDC ICO, Trident Crypto Fund solicits investment in bitcoin on the promise of daily ROIs of up to 1% in TDC points.
Following an Operation Crypto-Sweep internal investigation, New Jersey has issued Trident Crypto Fund with a securities fraud cease and desist.
Although New Jersey doesn’t go into specifics regarding it’s investigation, it’s easy enough to put two and two together.
Outside of Trident Crypto Fund TDC points are worthless.
The business model sees bitcoin transferred to Trident Crypto Fund’s anonymous owners, in exchange for TDC.
TDC is withdrawn internally until invested funds are exhausted. The company’s anonymous owners meanwhile make off with what’s left.
According to New Jersey, Trident Crypto Fund is an illegal unregistered securities offering.
Trident is fraudulently offering unregistered securities in violation of the Securities Law.
The TDC Coins were not registered with the Bureau to be sold in New Jersey.
Trident further violated the law by failing to disclose key material facts to prospective investors, including the identity of its principals; its physical address and principal place of business; its assets and liabilities, or financial information about the business; the persons or entities that developed the TDC coins; and the persons or entities that are buying and selling the cryptocurrency in the Trident Crypto Index Fund.
The Bureau also found that Trident made untrue statements of material facts, including a statement on its website that in 2017 the Trident Crypto Index Fund had a return of more than 1400 percent but there is no evidence provided of these returns; and a statement on its WhitePaper that since the beginning of 2016 TDC coin has “gained by a factor of 154” but the Trident Website indicates that Trident was not founded until 2017.
As per the May 21st cease and desist, Trident Crypto Fund has three days to submit a written application to lift the cease and desist.
They have fifteen days from the 21st to respond and request a hearing.
As of yet Trident Crypto Fund has yet to make a public response to the cease and desist notice.
Typically upon receiving a cease and desist, the admins of MLM cryptocurrency scams trigger a collapse.
As would be the case with an organic collapse, this allows the admin to do a runner with invested funds.
At the time of publication Alexa estimate the US is the largest source of traffic to the Trident Crypto Fund website (14%).
Should the admins pull the plug and disappear, potential investor losses are unknown.