If it sounds too good to be true, it might just be.

PlexCoin was supposed to be the next big cryptocurrency, like Bitcoin but faster and better. The returns were supposed to be amazing. It was like the crypto dream come true until it was exposed that the entire thing was just one big scam.

Quebec resident Dominic Lacroix was the creator of PlexCoin. Lacroix made many claims about PlexCoin, but they turned out to be false. The US Securities and Exchange Commision (SEO) stated claims made by Lacroix, such as having a global team of experts were entirely false, among many other false promises.

Lacroix went as far as setting up an Initial Coin Offering (ICO), which is a fundraiser for a new coin, which basically allows for investors to buy in earlier at usually lower prices in order for the new coin to have capital and get started in the market. Due to all the false promises of great returns among other things, many investors saw it as a great buy and went ahead and invested in it. Unfortunately, it turned out to be a big scam which was able to get almost $15 million from investors.

Quebec was the first to take authority and step in and order Lacroix to stop the launch of PlexCoin, which he refused and went ahead with anyway. This allowed the province to charge him with a contempt of court charge and freeze his assets. However, in November the SEC stepped in and filed a complaint against PlexCoin, Lacroix and Sabrina Paradis-Royer (Lacroix's partner). This allowed the SEC to go ahead and freeze the pair's assets in the US.

In Canada, Lacroix has been served justice by being ordered to pay $10,000 CAD and serve 2 months of jail time. His company DL Innov will also have to pay a fine of $100,000 CAD.

This is not the end of the story for PlexCoin though, as it still has to worry about the legal trouble within the US.

via Motherboard