Pyramid Scheme sees Vietnamese Government Warn Against Bitcoin Usage
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....
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The Vietnamese government is working toward building and introducing a comprehensive legal framework surrounding virtual currencies like bitcoin, a report has revealed. As a country that has seen its fair share of mainstream pyramid schemes misusing bitcoin – leading to regulators and authorities warn against the use of the digital currency – Vietnam is working toward enforcing legal frameworks for virtual currencies and properties, choosing to regulate the innovation rather than ban it. According to a report in regional publication VnEconomy, the Vietnamese government has begun a project....
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....
Chinese authorities in Rong County recently said they have prosecuted eight individuals accused of being the masterminds behind the Magic Data Chain (MDC) pyramid scheme. The pyramid is thought to have handled transactions with a total value of over $147 million.
Virtual Currency Pyramid Scheme
Authorities in China’s Rong County, Zigong City, recently prosecuted eight people accused of orchestrating the MDC virtual currency pyramid scheme, a local report has said. According to the report, the prosecution of the case was handled by the Rong County People’s....
According to the National Consumer Commission, about 4,000 South Africans who invested in a bitcoin mining equipment supplier, Obelisk, may have participated in a pyramid scheme. The commission said participants in the pyramid scheme may have lost as much as over $6 million. Obelisk Used Social Media Platforms to Lure Victims A South African consumer watchdog, the National Consumer Commission (NCC) recently announced that Obelisk — a purported bitcoin mining equipment supplier — is in fact a pyramid scheme which has swindled millions of dollars from unsuspecting investors. The watchdog....
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....