The Anatomy of a Bitcoin Pyramid Scheme – The BTCSolar Story
As the saying goes, there’s a sucker born every minute. This is the primary rule on which pyramid schemes operate – there will always be enough people to make a scam work. BTCSolar was a bit different than most pyramid schemes these days. It had some funding at the start, as evidenced by it having been advertised on CCN briefly. As our legalese goes, we’re not responsible for what you do when you leave our site, but we still want to report on these things as they come to our attention. This reporter has been trying to find someone responsible for the BTCSolar pyramid scam for a couple of....
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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....
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....
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....
Dan McCrum was only mostly wrong in his factual assertions about Bitcoin recently. It was a bit sad to see someone demonstrate such little actual understanding, but deliver such an offensive opinion about Bitcoin. To his credit, McCrum did interview at least one mining pool operator for his article, but nevertheless managed to even get that person consider the idea that Bitcoin is a pyramid scheme. This idea has been debunked for so many years that it's irrelevant. But here we are: Bobby Lee, head of BTCC, the largest bitcoin exchange in China, argues its use for everyday transactions....