Chinese Government Warns Bitcoin Investors About MMM Global Ponzi Scheme
Bitcoin has worn many different labels throughout the years, ranging from “fake internet money” to ‘ponzi scheme” and various other not-so-nice things. The Chinese government warned the public about the MMM Global Ponzi scheme that accepts Bitcoin payments, in an attempt to ensure consumer funds is kept safe from harm at all times. Such risky investments should be avoided at all costs, and this warning is a positive sign for Bitcoin itself. Anyone who is active on social media may have noticed a strong influx of posts related to this new “money making program” called MMM Global. As the....
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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....
Chinese officials have warned its country’s citizens about MMM Global, a Ponzi scheme that has been plaguing the internet for some time now. In fact, this operation has been running since the early 90s and continues to run rampant after regenerating a few times. The MMM Global Company, which originated from Russia, is attempting to sign up as many people....
The U.S. Securities and Exchange Commission (SEC) has charged four people for their roles in a global cryptocurrency Ponzi scheme that duped more than 100,000 investors worldwide. The scheme raised more than $295 million in bitcoin. SEC Says ‘Trade Coin Club’ Is a Crypto Ponzi Scheme The U.S. Securities and Exchange Commission (SEC) announced charges against four people for their roles in a fraudulent crypto Ponzi scheme Friday. Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor, and Jonathan Tetreault were allegedly involved in Trade Coin Club, “a fraudulent....
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....
A Chinese court has confirmed the sentencing of the masterminds behind the 7.7 billion yuan Chinese Ponzi scheme Wotoken, which had over 715,000 investors. Wotoken Scammers Sentenced to Prison The Intermediate People’s Court of Yancheng city, Jiangsu province, denied an appeal by four convicts involved in the billion-dollar Ponzi scheme Wotoken on Tuesday, several local media reported. The court upheld the original sentences for Gao Yudong, Li Qibing, Wang Xiaoying, and Tian Bo who were dissatisfied with their original sentencing and filed an appeal. They believe they had minor roles....