Police Arrest 20 in Digital Currency Pyramid Scheme

Police Arrest 20 in Digital Currency Pyramid Scheme

Spanish police have arrested 20 individuals in connection with a pyramid scheme that used a fake digital currency called the unete to attract unwitting investors. The Spanish National Police Corp announced the arrests on 16th July, which took place in Madrid and other parts of the country. Police estimate that the scheme resulted in as much as €50m in losses, ensnaring roughly 50,000 victims worldwide - with 6,000 in Spain alone. Spanish police seized over €5m and approximately $22m from related bank accounts. Two luxury cars and 18 computers were also taken into custody. According to....


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Quotes

The traditional financial services industry is basically stagnant, using 1950’s technology for most things. No innovation, no competition, it’s stagnant! Even things like Apple Pay are running on top of the same failed credit-card based, identity-laden, easy-to-steal, easy-to-compromise technology. There’s no innovation there. Bitcoin is the invention of radio, and Apple Pay is taking smoke signals and adding colored smoke signals!

Andreas Antonopoulos, Security expert, tech-entrepreneur and the author of “Mastering Bitcoin: Unl