Archive | ponzi

Josh Garza Sentenced to Prison and Fined $9M over GAW & Paycoin Scam

U.S. Attorney’s Office District of Connecticut has announced Homero Joshua Garza (Josh Garza) has been sentenced to “21 months of imprisonment, followed by three years of supervised release, the first six months of which [Mr. Garza] must spend in home confinement, for his role in his companies’ purported generation and sale of virtual currency.” The […]

Fomo3D and PoWH3D Dominate Ethereum DApp Volume

First sparked by CryptoKitties, the Ethereum community has taken a liking to a motley crew of decentralized applications (DApps) built on the network. Recently, the network has seen huge volume spikes due to an unlikely niche: Ponzi DApps. At the time of writing, Fomo3D and PoWH3D were leading 24-hour DApp activity by a massive margin, with approximately […]

Indian Ponzi Mastermind Offers to Pay Back Investments, but Not at Current Value

Amit Bhardwaj, the Indian Gain Bitcoin entrepreneur accused of being behind what has become one of the biggest Bitcoin scams in history, has reportedly offered to return initial investments in the scheme to investors. He is also the founder of Amaze Mining and Research Limited and one of the pioneers of Bitcoin in the Indian […]

Turcoin Revealed as $20M Ponzi Amid False Promises of Turkish National Crypto

Turcoin, hailed once as Turkey’s new alternative digital token and potential national cryptocurrency has been denounced as a Ponzi scheme, writes Bitcoin Exchange Guide. It appears that the founders have disappeared, apparently accused of fleeing Turkey, absconding with more than 100 million Turkish liras (about USD 20 million) collected from over 10,000 people in in […]

South African Police Investigate $80 Million Bitcoin Ponzi Scheme

The South African Police said today it has launched an investigation into an alleged fraud that has claimed more than one billion Rand ($80 million) in bitcoin from 30,000 investors. Funds manager of BTC Global, Steven Twain, disappeared on February 18 leaving admin staff and clients at a loss for funds. Ponzi Scheme Head Vanishes… […]

China Arrests 98, Recovers Record $266M from OneCoin Ponzi

The Zhuzhou County Procuratorate in Hunan Province, China has arrested and prosecuted 98 people associated with the OneCoin cryptocurrency pyramid scheme, and has recovered CNY 1.7 billion (approximately USD 266 million at time of writing) in the process. This is the largest number of people involved in an investigation and the largest amount of economic […]

Nigeria Can Be Empowered By Bitcoin Says Foundation CEO

Lady Victoria Walker, CEO of the United Digital Currency Reserve Foundation, has recently stressed that the understanding and deployment of bitcoin can kickstart the financial growth in Nigeria and Africa as a whole, reports Niger247News In a recent presentation Lady Walker, who is also a blockchain and cryptocurrency speaker, as well as Principal Consultant at Cryptoria […]

Vietnam Tightens Crypto Laws After ICO Scams 32,000 Investors

Vietnamese authorities are investigating two allegedly fraudulent initial coin offerings (ICOs) which may have affected as many as 32,000 investors, losing up to USD 660 million. The ICOs, Ifan and Pincoin, according to Vietnam’s Tuoi Tre News, are reported to bear some of the hallmarks of Ponzi schemes, alerting authorities and sparking an official investigation […]

South Korean Exchange Paying Users to Report Illegal Crypto Schemes

The Kakao-backed cryptocurrency exchange Upbit has launched a system to reward users for identifying fraudulent multi-level schemes related to cryptocurrencies. The exchange has already identified and reported 20 such schemes to the police. Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies Reporting Illegal Schemes South Korea’s largest cryptocurrency exchange Upbit has invited […]

US Court Shuts Down Promoters of Three Deceptive Crypto Schemes

A U.S. federal court has placed a restraining order on and frozen the assets of four alleged promoters of deceptive schemes involving cryptocurrencies at the request of the country’s Federal Trade Commission. Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies US Court’s Order The U.S. Federal Trade Commission (FTC) announced on Friday […]

MIGS Is Another Honest Ponzi-Style Ethereum ICO

Over the past few months, we have seen quite a few interesting ICO projects which are unlike what anyone would expect. These so-called transparent Ponzi ICOs have made quite an impact on the market, although it seems quite a few people are still investing in them as of right now. MIGS is another one of […]

Pewdiepie Pokes Fun at Youtubers Who Shilled Bitconnect

Pewdiepie may be late to the Bitconnect bashing party, but he’s made up for it in a searing 15-minute sketch. “Finally I can quit making Youtube videos, this is the answer BITCONEEEEEECT!” the world’s most popular Youtuber cries to his 60 million subscribers. In “How I Made My Millions! (and so can you)”, Pewdiepie also […]

Did BitConnect Shutdown Merely Redirect Funds?

Shortly after receiving cease-and-desist letters from the State of Texas and North Carolina, BitConnect (BCC) discontinued its lending platform, effectively shutting down the Ponzi scheme and leaving investors with stacks of worthless BCC tokens as compensation for their dollars lost. When BitConnect announced the shutdown, the coin instantly dropped 90% and has since continued to depreciate. […]