SEC Charges 4 People in $295M Global Crypto Ponzi Scheme That Duped Over 100,...

The U.S. Securities and Exchange Commission (SEC) has charged four founders and seven promoters of Forsage, which it described as “a fraudulent crypto pyramid and Ponzi scheme.” The scheme allegedly raised more than $300 million from millions of retail investors worldwide, including in the U.S. SEC Takes Action Against Forsage Crypto Scheme The U.S. Securities and Exchange Commission (SEC) announced Monday that it has “charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme.” The securities....

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....

Indian police have arrested 11 people so far in connection with a fraudulent cryptocurrency scheme that has duped about 2,000 investors out of $5.4 million. 11 People Arrested so Far in Cryptocurrency Scam in India Indian police have cracked down on a cryptocurrency investment scheme that has duped over 2,000 investors out of 40 crore rupees ($5.4 million). The number of arrests reached 11, seven of whom were arrested on Sunday in Maharashtra’s Nagpur, according to PTI. The main accused, Nishid Wasnik, and his wife Pragati, along with two other....

The US Securities and Exchange Commission (SEC) filed fraud charges against the operator of an alleged digital currency Ponzi scheme. The US regulator also froze the assets of individuals connected with this purported scam. According to the SEC press release, California resident Steve Chen and 13 California-based entities, including the US Fine Investment Arts, Inc (USFIA), are at the center of the alleged scheme. The complaint filed in the federal court in Los Angeles indicated that USFIA and Chen's other entities have raised more than $32 million from investors in and outside the U. S.....

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....