Florida Man Sues Denver Crypto School and Fake Exchange Over $860K Scam

A Florida investor has filed a federal lawsuit claiming he lost $860,000 in a complex cryptocurrency scam orchestrated by a Denver-based trading school and a fake exchange. Brian Firestone, the plaintiff, accuses the Alpha Stock Investment Training Center (ASITC) and CoinBridge Partners of running a coordinated scheme that promised life-changing profits but instead wiped out his savings. The suit, filed last week, alleges that ASITC operated out of downtown Denver while directing investors to trade exclusively on CoinBridge, a platform Firestone now calls “entirely fake.” ASITC reportedly promised to teach cryptocurrency trading using a method called “signal trading,” where self-proclaimed professors would send participants step-by-step trade instructions. From $500 to $24 Million — and Then, Nothing Firestone’s ordeal began in December when a man named John Smith contacted him, claiming to represent ASITC. Smith encouraged him to join the program and even gifted him $500 to begin trading. Within weeks, Firestone saw his account reportedly grow to $55,000, which prompted a $50,000 investment from his own funds. Excited by rapid returns, Firestone continued investing, eventually wiring $470,000 in cash and borrowing an additional $330,000 from ASITC. By early March, his CoinBridge account balance showed $24.5 million. But when he attempted to execute a trade in Tether (USDT) on March 9, the platform froze. “I can’t close it,” Firestone wrote in a panicked message to Smith. The response he received was that a “system error” had caused the issue and erased his balance. Still hopeful, Firestone borrowed another $1 million from ASITC, though his account was ultimately shut down on May 1 when he couldn’t repay part of the loan. Crypto Scam Trends Show Shift Toward Human Exploitation The lawsuit names ASITC, CoinBridge, John Smith, and alleged founder Raymond Torres as defendants, accusing them of scam, racketeering, and theft. Notably, a legitimate Wyoming-based firm with the same name—Coinbridge Partners—has denied any involvement. Firestone’s case highlights a broader trend in crypto-related crimes. According to CertiK co-founder Ronghui Gu, over $2.1 billion has already been stolen in crypto incidents this year alone, with frauds increasingly targeting users rather than exploiting blockchain code. In 2024, phishing scams alone accounted for over $1 billion in losses across nearly 300 cases, marking it as the most damaging method of attack in the crypto space. As Firestone’s experience shows, even sophisticated platforms and training programs can be deceptive fronts for high-stakes fraud. The post Florida Man Sues Denver Crypto School and Fake Exchange Over $860K Scam appeared first on TheCoinrise.com .

Source: The Coin Rise