Judge Rules in Favor of CFTC, Declares Two Altcoins as Commodities in $120M Crypto Ponzi Scheme

An Illinois district court judge has ruled in favor of the United States Commodity Futures Trading Commission (CFTC) in a crypto Ponzi scheme case, declaring two lesser-known altcoins as commodities. The scheme involved Sam Ikkurty from Oregon and several of his companies. Ikkurty defrauded victims by promising “steady returns” of 15% per year from investments in “digital asset commodities,” which included Bitcoin, Ether, Olympus (OHM), and KlimaDAO (KLIMA). The court’s order stated that OHM and KLIMA are also qualified as commodities. “Those virtual currencies fall into the same general class as Bitcoin, on which there is regulated futures trading,” said