US Feds Raid Michigan based Tech Hub for Illegal Crypto-trading

Federal agencies of the United States have raided Michigan based tech hub -The Greek Group for illegal trading of cryptocurrencies.

The Greek Group, a Science and Tech center, founded by Chris Boden came under scrutiny last month when a crypto-related investigation was carried out by the US feds, a local news company Wood TV reported on Jan 5.

Boden made a public statement on Saturday through a Youtube live stream session, which subsequently was taken down. He claimed that the US Federal Bureau of Investigation(FBI) and the Department of Homeland Security(DHS) had raided his tech-based, non-profit organization on Dec 21. He also mentioned that the officials took away his computers and other equipments.

Boden publicly admitted that he had been trading commercially in cryptocurrency without proper authorization. He could be now facing federal prison time and would have to spend close to $100,000 in legal expenses.

On Jan 6, Boden posted this on facebook:

“On the advice of legal council I will not comment further on the Government’s ongoing investigation.”

The Greek Group started on 1st Jan 2014 as an organization that solely focused on providing people with programs designed to foster life-long education, vocational access and creativity in technology.

The company maintains a strong presence on YouTube with a subscriber count of over 94,000.

After this federal crime came into light, they are being constantly criticized by their audience and the crypto-community.

Last month, the CEO of Romania’s biggest crypto exchange -Coinflux, was arrested by the US Feds for money laundering and fraud.

Before that, South Korean police raided a firm dealing crypto-coins illegally, which promised its investors parts of a sunken Russian ship.

Such kind of scams have put all the exchanges under constant scrutiny by the government officials and have made the securities they deal in a bit unsecure for the crypto-enthusiasts.