A U.S. federal court has ordered the founders of EmpiresX, Emerson Pires and Flavio Goncalves, to pay over $130 million in penalties and restitution for operating a fraudulent cryptocurrency investment platform. The Commodity Futures Trading Commission (CFTC) announced that the court imposed permanent injunctions and financial penalties after the defendants failed to respond to the charges. EmpiresX falsely promised high returns to investors, misappropriating at least $40 million for personal expenses and luxury purchases. Investigators recovered approximately $22.8 million in digital assets. The court also banned the defendants from trading in U.S. financial markets.
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