The UK Insolvency Service and the FCA are still warning investors after the High Court wound up Key Coin Assets Ltd, company number 11621809, on 11 August. The firm promised returns of 40% to 100%, and at least one online post claimed "0 Fees, 0 Risks." Investigators found no evidence of genuine crypto trading. Nine people who complained to Action Fraud had paid more than £300,000 between them. Funds were moved into the director's personal account, often within hours of arriving. New money appears to have been used to pay earlier investors. The Official Receiver is liquidator. A winding-up order closes the company. It does not put coins back in a wallet.
The hallmarks were textbook. Fake customer testimonials posted without permission. Instructions to avoid words such as "crypto" or "investment" on bank payment references. Repeated changes of registered address, including to a flat whose occupants said they had never heard of the firm. Companies House filings claimed assets of up to £42 million, far above what the bank activity showed. Accounting records were not handed over when requested. Mark George, chief investigator at the Insolvency Service, said the behaviour displayed all the hallmarks of a Ponzi-style scheme. The FCA still only regulates cryptoassets for anti-money laundering and financial promotions. Most crypto activities become fully regulated from 25 October 2027, after the new authorisation gateway.
A court order is not a recovery
Anyone who sent pounds or coins into Key Coin Assets should keep bank statements, chat logs, the payment references they were told to use, and their Action Fraud crime number. The liquidator will deal with whatever cash can still be traced in the UK company. Coins that left for wallets the director controlled, or for an offshore desk, need a wallet map and a court that can freeze what is left. That work is separate from the winding-up. Legitimate practices do not invoice in Bitcoin first, do not ask for AnyDesk or seed phrases, and do not guarantee a refund. Swiss-registered counsel such as Sarah Legal start with evidence and a forensic pack. For the sequence, see how crypto recovery works and why a Bitcoin invoice before a bank recovery is the scam.
Check the register before the next offer
The live consumer test has not changed. Search the FCA Firm Checker and the warning list of unauthorised firms before handing over money. Be sceptical of guaranteed returns, of a request to recruit others, and of any instruction to disguise a payment reference. The same factory floor showed up in Interpol's Jackal IV romance and investment raids: conversion agents, retention agents, and a dashboard that is not an asset. If someone cold-calls this week offering to unlock a freeze or file a free petition for a fee, hang up. The government's page, not a Telegram handle, is the source.