United States of America: Announced New York State AG lawsuit into NovaTechFx and AWS Mining over alleged misuse of invested cryptocurrency

On 6 June 2024, the New York Attorney General (AG) announced a lawsuit against cryptocurrency trading company NovaTechFx, its founders, and cryptocurrency mining company AWS Mining. The lawsuit claims these entities defrauded investors, including over 11’000 New Yorkers, of more than a billion dollars worth of cryptocurrency by promising high returns on investments through deceptive practices. A previously conducted investigation revealed that from 2019 to 2023, over USD 1 billion was deposited with NovaTech, but less than USD 26 million was actually used for trading on its platform. The AG's action aims to ban the involved companies and individuals from operating in New York and seeks disgorgement and damages for the defrauded investors.