Police Crackdown on €50 Million Spanish Virtual Currency Ponzi Scheme 'Unete'

Police Crackdown on €50 Million Spanish Virtual Currency Ponzi Scheme 'Unete'

Spanish national police have arrested 20 people involved in massive Ponzi scheme, Unetenet. The investment company has reportedly swindled 50,000 investors out of €50 million, according to major national news outlet El Pais. Unetenet, an alleged alternative investment firm, promised affiliates annual ROIs of over 350% paid in the company's homemade virtual currency, 'unete.' "I have 8,000 unetes that I cannot convert to euros," Carmen Ramírez, a pensioner from Córdoba and a victim of the scheme, told the news service. "José Manuel told us he was setting up a unete bank, and we believed....


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Quotes

Digital currencies have immense potential to improve human welfare by strengthening the capacity of governments to deliver more responsive services and secure the rights of their citizens to property, identity and increased financial inclusion.

Brian Forde, Director of Digital Currency, MIT Media Lab