BEAMSTART Logo

HomeNews

Crypto platform Debiex must pay $2.5M in CFTC ‘pig butchering’ case

Coin Telegraph LogoCoin Telegraph12h ago

Crypto platform Debiex must pay $2.5M in CFTC ‘pig butchering’ case - Coin Telegraph

Quick Summary:

The CFTC said in its January 2024 complaint that Debiex’s scheme saw its unknown managers target potential victims through social media to lure them to websites it had created marketing itself as a “Blockchain Network Decentralized perpetual contract trading platform” where users can conduct futures trading and “Mining transactions.”Related: Four suspects charged in home invasion of streamer Amouranth Debiex’s staff would present as females and built a rapport with victims through “continuous and repeated messaging and sharing purported pictures of themselves” while claiming to be “highly successful digital asset commodities traders,” the CFTC said.

Judge Rayes granted a CFTC motion for default judgment against Zhāng on March 12, finding it adequately alleged he controls a crypto wallet with OKX “that received digital assets to which he had no legitimate claim.”He said OKX was “voluntarily preserving” the crypto in Zhāng’s account and ordered its contents, consisting of $5.70 worth of Tether (USDT) and nearly 63 Ether (ETH) worth around $119,500, to be transferred to an unnamed victim.

Judge Rayes said there was no evidence that Debiex’s failure to respond to the CFTC was the result of “excusable neglect.”The CFTC sued Debiex in January 2024, saying its staff ran a so-called “pig butchering” scam, where they initiated romantic relationships with customers over social media to gain trust to convince them to invest in the platform.

or

Article Details

Author / Journalist: Cointelegraph by Jesse Coghlan

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-17 @ 02:11:07 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 467 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27070062

View Article Analysis

About Coin Telegraph

Coin Telegraph Logo

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 131 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #11

Publisher Details

Frequently Asked Questions

How long will it take to read this news story?

The story "Crypto platform Debiex must pay $2.5M in CFTC ‘pig butchering’ case" has 467 words across 15 sentences, which will take approximately 2 - 4 minutes for the average person to read.

Which news outlet covered this story?

The story "Crypto platform Debiex must pay $2.5M in CFTC ‘pig butchering’ case" was covered 12 hours ago by Coin Telegraph, a news publisher based in United States.

How trustworthy is 'Coin Telegraph' news outlet?

Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.

The outlet is headquartered in United States and publishes an average of 131 news stories per day.

It's most recent story was published 8 hours ago.

What do people currently think of this news story?

The sentiment for this story is currently Negative, indicating that people regard this as "bad news".

How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
  • News ID: #27070062
  • URL: https://beamstart.com/news/crypto-platform-debiex-must-pay-17421779586103

BEAMSTART

BEAMSTART is a global entrepreneurship community, serving as a catalyst for innovation and collaboration. With a mission to empower entrepreneurs, we offer exclusive deals with savings totaling over $1,000,000, curated news, events, and a vast investor database. Through our portal, we aim to foster a supportive ecosystem where like-minded individuals can connect and create opportunities for growth and success.

© Copyright 2025 BEAMSTART. All Rights Reserved.