The Commodity Futures Trading Commission announced that the US District Court for the District of Arizona entered a default judgment against Debiex, a purported digital asset platform, finding it liable for fraud related to digital asset commodity trading and for misappropriating more than USD 2 million in customer funds. The order bars Debiex from trading in CFTC-regulated markets or registering with the CFTC, and requires payment of a USD 221,466 civil monetary penalty and more than USD 2.2 million in restitution. The enforcement action stems from a Commission complaint filed on January 17, 2024, alleging a scheme involving “solicitors” who befriended or romanced victims via at least one US-based social media platform, “customer service” personnel who purported to manage trading accounts, and “money mules” whose digital asset wallets were used to accept and misappropriate customer funds. The court also issued a separate order on March 12 requiring remaining digital assets in relief defendant Zhang Chéng Yáng’s digital asset wallet, valued at approximately USD 120,000 before transfer fees, to be returned to the customer from whom they were fraudulently taken.

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