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On April 18, 2026, Ohio securities regulators announced a major crackdown on a cryptocurrency scam that has been operating in the state. The scam, known as "CryptoProfits," promised investors high returns on their investments in digital currencies but turned out to be a Ponzi scheme.The Ohio Division of Securities first became aware of the scam after receiving a series of complaints from investors who had lost their money. The division launched an investigation into CryptoProfits and found that the company was not registered with the state and was not licensed to sell securities.According to the division, CryptoProfits lured investors with promises of guaranteed returns of up to 10% per month on their investments in various cryptocurrencies. However, instead of investing the money as promised, the company was using new investors' funds to pay returns to earlier investors.After uncovering the fraudulent scheme, Ohio securities regulators obtained a court order to freeze the assets of CryptoProfits and its operators. The division is now working to recover the funds for the investors who were defrauded by the scam.In a statement, Ohio Securities Commissioner Jane Doe warned investors to be wary of schemes that promise high returns with little or no risk. She emphasized the importance of conducting due diligence and verifying the credentials of any investment opportunity before committing funds.The crackdown on CryptoProfits comes as part of a broader effort by Ohio securities regulators to protect investors from fraudulent schemes in the rapidly growing cryptocurrency market. The division is urging investors to report any suspicious investment opportunities to help prevent future scams.