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Turning losses to wins: How a Ponzi victim became a crypto evangelist
21.3.2022
Mark Manansala entered the world of crypto through an unfortunate experience but didn’t let that stop him from learning more about Bitcoin
Kenyans Lose Millions of Dollars to yet Another Cryptocurrency Scam: Bitstream Circle
20.3.2022
The masterminds behind the alleged cryptocurrency Ponzi scheme called Bitstream Circle are believed to have stolen more than $10 million in investor funds. The alleged theft became apparent on March 13, 2022, when some of the scheme’s investors encountered problems making withdrawals....
CFTC Brings Charges Against 4 Alleged Operators of $44M Bitcoin Ponzi Scheme
8.3.2022
Tuesday’s charges are just the latest in the CFTC’s efforts to regulate the crypto industry
SEC unable to locate BitConnect founder convicted in $2.4B fraud case
1.3.2022
BitConnect founder is being sued for illegally raising funds and defrauding American investors of over $2 billion
BitConnect Founder Indicted in $2.4B Ponzi Scheme Has Disappeared
1.3.2022
Attorneys said efforts to locate the convicted founder could remain unfruitful
US Charges Indian Citizen in $3.4 Billion Crypto Ponzi Scheme Bitconnect
27.2.2022
The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States. “If convicted of all counts, he faces a maximum total penalty of 70 years in prison,” said the U.S. Department of Justice. Bitconnect’s Founder Could Go to Prison for 70 Years...
DOJ indicts BitConnect’s Indian founder for $2.4B crypto Ponzi scheme
26.2.2022
A San Diego-based federal grand jury charged Kumbhani for orchestrating an alleged Ponzi scheme via BitConnect’s “Lending Program” among other allegations
RBI Deputy Governor: Banning Crypto Is ‘Most Advisable’ for India, Regulation Is ‘Futile’
15.2.2022
A deputy governor of India’s central bank, the Reserve Bank of India (RBI), likens cryptocurrencies to Ponzi schemes, emphasizing that they cannot be regulated. “It would be futile to regulate cryptocurrencies,” he claims, stating that they should be banned. RBI’s Deputy...
Nigerian Lawmakers Urged to Consider Regulating Crypto Industry After Proposal to Jail Ponzi Operators
27.1.2022
The leader of the Nigerian blockchain association, Senator Ihenyen, has implored the country’s lawmakers — currently pushing for the securities law to be revamped — to consider crafting laws that regulate the crypto industry. Proposed Law Does Not Expressly Mention...
Indonesia’s Regulator Prohibits Financial Firms From Facilitating Crypto Trading
26.1.2022
Indonesia’s Financial Services Authority (OJK) has prohibited financial firms from using, marketing, and/or facilitating crypto trading. The financial regulator also cautioned the public to always beware of fraudulent Ponzi schemes under the guise of crypto. Indonesian Regulator’s...
‘Ponzi Schemes Have Created a Negative Reputation for the Industry’ — Uganda Blockchain Advocate
24.1.2022
Education and awareness campaigns are still viewed as important channels that draw people to cryptocurrencies and blockchain. This has been particularly true in some parts of Africa where bitcoin and other cryptocurrencies are proving to be a useful alternative to fiat currency. Blockchain...
MTI Mastermind Arrest: Lawyer Points to Agreement Relating to Johann Steynberg’s Extradition to South Africa
16.1.2022
With Johann Steynberg now in custody in Brazil, a lawyer has suggested that South Africa may have to resort to an existing legal assistance agreement with Brazil if it wishes to have the CEO extradited. However, the success of any such extradition will depend on the next steps taken by authorities...
Battle of the bots: WTF token launch drains 58 ETH
14.1.2022
The WTF token airdrop got off to a wild launch. Users reportedly lost thousands of dollars while one bot disappeared with 58 ETH
Crypto Tops Investor Threats for US Securities Regulators
11.1.2022
U.S. state securities regulators have revealed that cryptocurrency investments are their top investor threat this year. “Before you jump into the crypto craze, be mindful that cryptocurrencies and related financial products may be nothing more than public facing fronts for Ponzi schemes...
Investors in Collapsed South African Crypto Platform Push for Jailing of Africrypt Directors
8.1.2022
A group of investors in Africrypt are reportedly pushing to have criminal charges pressed against directors of the now-defunct cryptocurrency investment platform. Opponents of the move have argued that this push is unlikely to succeed because many of the investors have already been reimbursed part...
CEO of Mirror Trading International Bitcoin Ponzi Scheme Arrested in Brazil
8.1.2022
Johann Steynberg, the wanted CEO of Mirror Trading International was recently arrested by Brazilian law enforcement after he was caught using a fake document. The arrest, which took place in the country’s Goiás province, was carried out by the Brazilian military police. Fake...
Investors in Collapsed South African Crypto Platform Reimbursed a Portion of Invested Funds
26.12.2021
Investors in Africrypt, the now-defunct South African crypto platform, were recently reimbursed a portion of their invested funds. The payments were made by Pennython Project Management LLC as part of a settlement offer that potentially ends claims against Africrypt’s runaway directors....
Beware of sophisticated scams and rug pulls, as thugs target crypto users
24.12.2021
The year 2021 has seen an increase in “rug pulls,” a new scam capable of luring both early adopters and new crypto investors
Central Bank of Argentina Scrutinizes Companies Offering ‘Extraordinary Returns’ on Crypto Asset Investments
22.12.2021
The Central Bank of Argentina has announced it is making inquiries regarding cryptocurrency investment companies. Specifically, the bank stated they are investigating companies that are offering extraordinary returns with cryptocurrency investments, which are not reasonable. These companies could...
Another Unnamed Investor Offers to Bail Out Collapsed South Africa Crypto Firm
8.12.2021
A new unnamed investor has offered to bail out Africrypt, the collapsed South Africa-based crypto investment company, with $5 million. The offer, which does not require criminal charges against Africrypt directors to be dropped, must be accepted within seven days. A Better Offer A new mystery...