Bitcoin Ponzi Scheme Collapse Looms in Vietnam
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....
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An MLM-based investment scheme that used bitcoin as its transactional currency has gone bust, in Vietnam. A Vietnamese investment scheme that used multi-level-marketing (MLM) and bitcoin as its currency to promise investors returns of 144% a month has come to an end. MLM trading is illegal by law in Vietnam, as deemed by the Vietnam Competition Authority (VCA), but that didn’t stop unsuspecting users from pouring money into the scheme. The Ponzi scheme first surfaced in January this year. It used the domain “fxmt4.us”, seeking participants to register with an account before demanding a....
Vietnam has had a particularly rocky relationship with bitcoin. Just a few months ago, the country was shattered by an alleged Ponzi scheme surrounding bitcoin activity. Promises were made that ultimately weren’t kept, and several people lost money that could have otherwise gone to much smarter and loftier purposes. There have been several warnings about bitcoin in Vietnam since it first arrived on the scene. Like Russia, the nation has sought to keep a safe distance, believing it likely stirs up trouble and related criminal activity, though remittance systems via bitcoin are present all....
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.
Three companies allegedly running a large-scale cryptocurrency Ponzi scheme are being investigated by Indian police. The scheme promises extraordinary returns to investors. The police have registered a case against the alleged CEO of the companies. Large-Scale Indian Crypto Ponzi Scheme Indian police are reportedly investigating three Bengaluru-based companies over a cryptocurrency investment scheme that has lured investors from all over India. The companies are Long Reach Global, Long Reach Technologies, and Morris Trading Solutions. They are allegedly connected to “a multi-crore....