Bitcoin Alternative LEOCoin Linked to Suspected Pyramid Scheme
LEOCoin representatives indicate that LEO founders Dan Anderson and Atif Kamran have denied taking part in any wrongdoing for their involvement at UNAICO. A formal statement on their association with the group can be found here. The latest bitcoin alternative to garner media attention, LEOCoin has so far trumpeted the more than 130,000 merchants that have allegedly signed on to accept it as payment. This claim, the headlines assert, suggests that LEOCoin is quickly gathering interest from an international community. However, representatives of the project have for more than a week been....
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The fallout from an alleged pyramid scheme in Vietnam that used digital money transfers has seen bitcoin come under the crosshairs of governmental authorities who have – once again – warned everyday Vietnamese citizens against using the cryptocurrency. This, despite the perpetrators running the website linked to the alleged pyramid scheme, not having actually used bitcoin in their illegal enterprise that is said to have netted over $100,000, according to a report on Bloomberg BNA. Regional publication Giadinh reveals the means through which a pyramid scheme works by exploiting the interest....
The much-publicized LEOCoin seems to have entered murky waters within weeks of its launch. According to the reports, LEOCoin, which claims itself to be the competitor of Bitcoin isn't coming clean about its operations. To make matters worse, questions are being raised about the history of LEOCoin's founders - Dan Anderson and Atif Kamran. LEOCoin is part of the UK based Learning Enterprises Organization. The company is involved in offering a suite of products and services related to business education and learning. LEOCoin claims to have already signed up over 130,000 merchants to the....
Another week has passed in the crypto sphere and once again we have provided you with a variety of stories, interviews and analysis from a diverse selection of what is happening out there. Beginning the week with “LEOcoin steps into the Ring to Challenge Bitcoin”, in which we covered the release of a new coin that was launched in London and began official trading on the 2nd of April. I left out important parts of the story around LEOcoin which were extremely important and make it look highly suspect as a pump and dump coin. The company behind the coin had claimed at the time of my first....
People’s Daily, the most popular newspaper in circulation in China, has recently published a story about a virtual currency pyramid scheme, named EGD. The pyramid scheme involved over 500.000 members, and 1.09 billion Chinese yuan ($1.5 billion). EGD even had a clone named Wanfubi, with over 120.000 registered members, and 1.2 billion yuan ($173 million) involved. At the end of the operation, 77 suspects were arrested, and $121 million were frozen. The pyramid scheme was first discovered by the Xuzhou Department of Public Security (DPS) back in March, 2016. The scheme was launched back in....
A Spanish court has remanded in custody the alleged operators of a pyramid scheme that used a fake digital currency called 'unete'. Temporary imprisonment pre-trial is typically set as a precaution to avoid defendants from fleeing or destroying necessary evidence during a case. The court documents, dated 21st October, state that Jose Manuel Ramirez Marco and Maria del Pilar Otero Sanchez are both suspected of fraud, participating in a criminal organisation and money laundering. Spanish police first arrested 20 individuals in connection to the pyramid scheme in July, estimating that 50,000....