PHOENIX, AZ – The U.S. District Court for the District of Arizona has issued a default judgment against Debiex, a digital asset platform accused of defrauding customers out of over $2 million. The judgment, issued March 13, 2025, finds Debiex liable for fraud related to digital asset commodity trading and the misappropriation of customer funds.
The court order permanently bans Debiex from trading on any CFTC-regulated markets and from registering with the Commission. In addition to the trading ban, Debiex is required to pay a $221,466 civil monetary penalty and $2.2 million in restitution to its victims.
The Commodity Futures Trading Commission (CFTC) investigation revealed that Debiex operated a fraudulent scheme targeting individuals through online platforms. The scheme involved three groups: “Solicitors” who initiated contact via social media, “Customer Service” representatives who created fake trading accounts, and “Money Mules” who facilitated the misappropriation of funds. Zhāng Chéng Yáng, identified as a “Money Mule,” allegedly used his digital asset wallet to divert at least one customer’s funds. The court has ordered the return of approximately $120,000 in digital assets held in Zhang’s wallet to the defrauded customer, pending transfer fees. Zhang is believed to be a Chinese national.
“This judgment demonstrates the CFTC’s ongoing commitment to protecting U.S. citizens from online scams,” stated Brian Young, Director of Enforcement. The case originated from a complaint filed on January 17, 2024, alleging that Debiex’s websites mimicked legitimate trading platforms, and that no actual trading occurred on behalf of customers.
The CFTC cautions that victims may not fully recover their losses, as the wrongdoers may lack sufficient funds or assets. The agency states it will continue to pursue accountability for those involved. The FBI’s Phoenix Office assisted in the investigation. CFTC staff involved in the case include Jenny Chapin, Dmitriy Vilenskiy, and former Deputy Director Joan Manley, along with additional staff from the International Enforcement Cooperation Unit.
Source: CFTC.gov
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