AGCM Bans OneCoin’s Alleged Pyramid Scheme Activities in Italy
The Antitrust authority in Italy has suspended the activities of OneCoin in the country for following pyramid scheme-like practices. OneCoin, the controversial altcoin of recent times has been suspended from operating in Italy. The Italian Antitrust Authority — Autorita Garante Della Concorrenza e Del Mercato (AGCM) in a recent release has stated that its actions are part of a precautionary measure against the potential pyramid sales scheme followed by OneCoin. Earlier this year, the digital currency operated and managed by OneCoin Limited was under investigation by the Financial Conduct....
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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 antitrust authority in Italy, Autorità Garante della Concorrenza e del Mercato - or the Italian Competition Authority - has announced that it has adopted an interim injunction against the activities of One Network Services Ltd., the company which has been promoting OneCoin in Italy. This follows an investigation launched to assess the system designed and operated by One Network Services Ltd. and its representatives in Italy to promote a program for OneCoin which they claim involves the purchasing of training packages “which should enable consumers to achieve significant economic....
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 CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization and money laundering. Fuentes, who has been in hiding since September, was arrested at one of his properties in the south of Tenerife. The Arbistar Pyramid Scheme Fuentes’ arrest stems from lawsuits filed by Arbistar clients who allege pyramid fraud after the bitcoin trading company abruptly froze accounts leaving 32,000 families affected. During a hearing, the Investigating Court Number 3 of Arona (Tenerife) described....
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....