CoinVoice has learned that, according to The Block, the Federal Trade Commission (FTC) and the state of Nevada have filed a lawsuit against a company named "IML", accusing it of $1.2 billion in fraudulent activities. The company provides investment training services for young investors in crypto assets, binary options, forex, and the stock market.

According to the lawsuit documents, IML falsely advertised investment returns while attracting consumers. In fact, the company was aware that its sales personnel were either losing money or earning very little, with only one in five able to make over $500.