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International Business Times
International Business Times
Business
Marvie Basilan

New York AG Files $1B Lawsuit Against NovaTech, AWS Mining Over Crypto 'Pyramid Schemes'

AG Mining Crypto Letitia James New York Lawsuit Cynthia Floyd Mayweather DCG
The founders of AWS Mining and NovaTech are faced with a billion-dollar lawsuit for allegedly scamming investors out of more than a billion dollars. (Credit: Bybit/flickr.com)

KEY POINTS

  • The defendants allegedly defrauded investors out of over $1 billion within a period of four years
  • Millions were already lost when AWS Mining collapsed, but the Petions started NovaTech to further defraud investors
  • James has asked the court to order the defendants to pay back "all" amounts or assets taken from investors

New York Attorney General Letitia James on Thursday filed a lawsuit against cryptocurrency exchange NovaTechFx and crypto mining firm AWS Mining Pty. Ltd. for allegedly engaging in "illegal pyramid schemes" that defrauded investors for over $1 billion.

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