How to tell if a cryptocurrency project is a Ponzi scheme
Crypto Ponzi schemes have increased over the past couple of years. This is how to spot them. The crypto world has experienced an increase in Ponzi schemes since 2016 when the market gained mainstream prominence. Many shady investment programs are designed to take advantage of the hype behind cryptocurrency booms to beguile impressionable investors.Ponzi schemes have become rampant in the sector primarily due to the decentralized nature of blockchain technology which enables scammers to sidestep centralized monetary authorities who would otherwise flag or freeze suspicious transactions.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....
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....
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 movie is being made about Onecoin’s cryptocurrency Ponzi scheme starring Oscar winner Kate Winslet. This Hollywood MGM movie is based on a true story told by a victim of the cryptocurrency fraud scheme. Onecoin Movie Starring Kate Winslet Oscar-winner Kate Winslet will be starring in an upcoming movie about the cryptocurrency Ponzi scheme Onecoin, according to Deadline publication which specializes in entertainment and Hollywood news. The movie is called “Fake!” and it is based on the book by Jen McAdam and Douglas Thompson which tells the true-life story of....
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....