A Des Moines financial institution is suing an Arizona company over an alleged “bitcoin scheme” that has misled consumers into investing hundreds of thousands of dollars.
BTC Capital Management, which provides investment management services, is suing Domains by Proxy in U.S. District Court for the Southern District of Iowa, alleging unfair competition and false advertising. The lawsuit claims Domains by Proxy, based in Scottsdale, Arizona, has played a role in a scheme to promote bitcoin trading through the unauthorized use of the names and likenesses of BTC Capital Management’s executive team.
The lawsuit alleges an unknown individual — identified in the lawsuit as John Doe — has solicited business in Iowa through a highly interactive website for an entity called Bitcoin Capital. The website is hosted by Domains by Proxy, and displays an address for Bitcoin Capital that is the actual Des Moines address of BTC Capital Management.
The Bitcoin Capital site also displays the names and photos of BTC executives exactly as they appear on BTC’s own website, and displays a fraudulent business registration certificate that suggests BTC’s address is home office of Bitcoin Capital.
BTC’s lawsuit says the company became aware of the scheme last fall when it began receiving phone calls from consumers about their Bitcoin Capital account. BTC then reported the website to the FBI’s Cyber Crime Division and made five separate requests to Domains by Proxy, asking that the BTC-related...
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