Investigations Ongoing for Bitcoin Ponzi Scheme in Thailand
Bitcoin has been subject to a lot of fraudulent activity, owing partly to the decentralized and anonymous nature of cryptocurrency transactions. In addition to hacking attacks and bitcoin wallet theft, the digital currency has also been used as a means of money transfer in Ponzi investment schemes. In Thailand, local news reports showed that the police have conducted a raid on a condominium building at Ratchadaphisek Road on allegations that an investment scheme was being conducted in the area. The suspect, who is Malaysian, has been blocked access to 13 rooms in the building. Bitcoin....
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The US Securities and Exchange Commission (SEC) filed fraud charges against the operator of an alleged digital currency Ponzi scheme. The US regulator also froze the assets of individuals connected with this purported scam. According to the SEC press release, California resident Steve Chen and 13 California-based entities, including the US Fine Investment Arts, Inc (USFIA), are at the center of the alleged scheme. The complaint filed in the federal court in Los Angeles indicated that USFIA and Chen's other entities have raised more than $32 million from investors in and outside the U. S.....
Police in Thailand have raided 13 rooms in a Bangkok apartment complex in connection with an alleged Ponzi scheme called UFUN that may have promoted a fraudulent type of digital currency. The raid, reported by local source The Star, follows a number of searches and arrests across the Asia-Pacific region as part of a crackdown on UFUN led by Thailand's assistant police chief Suwira Songmetta. The group's controversial business model focuses on UToken, a so-called bitcoin rival that UFUN claimed was backed by a
This particular Ponzi Scheme in Vietnam will give Bitcoin a bad reputation in the country. Cryptocurrency is not regulated by the banks, and the local government is not too keen on Bitcoin either. Ever since the inception of Bitcoin, there have been individuals and companies trying to discredit cryptocurrency. Some of them even go as far as setting up deliberate Ponzi Schemes to defraud Bitcoin investors. Such a scheme seems to be on the brink of collapse in Vietnam. Hundreds of people have been burned by this pyramid scheme, which seemed to rely on an MLM structure. It is not the first....
Ponzi scheme: A fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator. Many of the under-informed, the under-educated, and the under-control masses have lobbed this parting shot at Bitcoin over the years. People tend to fear things that they don't understand, and will hide behind that fear with blind attacks that sound right, but are just as ignorant, if not more so. Bitcoin clearly does not fall into the definition of a "Ponzi....
The modern financial system is a debt-based pyramid scheme and an investment-based Ponzi Scheme with extra steps.