Securities regulators announced during an event hosted by the North American Securities Administrators Association (NASAA) that there are currently “dozens” of investigations taking place on potential cryptocurrency investment frauds. This effort, dubbed the “Operation Crypto-Sweep,” is deemed as the largest coordinated crypto crackdown of its kind.
Fortune reports that the crackdown consists of “nearly 70 inquiries and investigations.” NASAA will be heading the task force alongside state and provincial regulators.
Among those targeted by the regulators are “suspicious” initial coin offerings (ICOs) and unregistered securities offerings that promise returns but neglect to make investors aware of the potential risks involved in the investments.
The move follows a Wall Street Journal analysis showing at least 271 out of a thousand ICOs with either plagiarized documents, fake executive teams, or promises of guaranteed returns.