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Tag: ponzi

Two Individuals Arrested in South Korea For Running $30 Million Cryptocurrency Ponzi

Category: Altcoins, Bitcoin, Crime, Finance, News

Two Individuals Arrested in South Korea For Running $30 Million Cryptocurrency Ponzi

Two South Korean individuals, whose names remain anonymous, were arrested this week for running a $30 million cryptocurrency Ponzi scheme in Busan, the second largest city in South Korea behind Seoul. Ponzi Schemes Have Become a Major Issue Over the past nine months, the two individuals established an office in Busan without the approval of local authorities and received more…

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Busted: Indian Police Crush $15 Million Crypto-based Ponzi Scheme, Seize Ethereum Miners

Category: Crime, Mining, News

Busted: Indian Police Crush $15 Million Crypto-based Ponzi Scheme, Seize Ethereum Miners

The war against the illicit use of cryptocurrencies by bad actors to perpetrate crime may not come to an end anytime soon. In the latest development, the Indian police force has crackdown a massive MLM operation that generated almost INR 100 crore ($15 million) from gullible crypto greenhorns. According to local news outlet Times of India, the police in New…

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Texas Authorities Sling out Cease and Desist Order to DavorCoin

Category: Altcoins, News, Regulation

Texas Authorities Sling out Cease and Desist Order to DavorCoin

Texas regulatory authorities have issued a cease and desist order to another scam crypto investment scheme just a few weeks after sending BitConnect packing. Authorities are Busy in Texas Barely a few weeks after issuing a similar order to the BitConnect, the Texas State Securities Board on February 2 released another emergency cease and desist order against DavorCoin. The self-proclaimed…

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International Securities Board Reminds Public to be Wary of Initial Coin Offerings

Category: News, Regulation

International Securities Board Reminds Public to be Wary of Initial Coin Offerings

  The International Organization of Securities Commissions Board (IOSCO) released an advisory calling for increased vigilance and discretion with regards to initial coin offerings. Legal Recognition for Initial Coin Offerings Given that the digital token industry received several billion dollars worth of funding in 2017 alone, scams have begun to pop up quicker than can be acted upon by regulatory…

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OneCoin Prosecution gains Momentum as Bulgarian Prosecutors join Investigation

Category: Altcoins, Commentary, News, Regulation

OneCoin Prosecution gains Momentum as Bulgarian Prosecutors join Investigation

Apart from bitcoin, there are over 1,200 other cryptocurrencies in the virtual currencies ecosystem. While some of these altcoins have a lot to offer to their users, many have been accused of being pyramid schemes or pump-and-dump projects. Uncovering an Altcoin’s Fraudulent Behavior According to a Bulgarian news source, the country’s special prosecutors have joined the international operation to neutralize…

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BCC Price Drops 90 Percent as Bitconnect Shuts Down Exchange Platform

Category: Altcoins, Business, Commentary, News, Regulation

BCC Price Drops 90 Percent as Bitconnect Shuts Down Exchange Platform

The controversial cryptocurrency, Bitconnect, has once again landed in the spotlight for the wrong things. According to the company’s website, it has officially announced to shut its lending and exchange service following warnings from US State regulators.   Identifying Malicious Intent Due to the announcement, the Bitconnect (BCC) price in USD plunged over 90 percent according to Coin Market Cap…

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Ponzi Schemes GAW Miners and ZenMiner Fined $10 Million Each

Category: Bitcoin, News, Regulation

Ponzi Schemes GAW Miners and ZenMiner Fined $10 Million Each

Connecticut-based companies, GAW Miners and ZenMiner, have been ordered by the U.S. District Court for the District of Connecticut to pay $10 million each as fines for their fraudulent activities. The two companies were fronted by Homero Joshua Garza but ceased their operations when accusations leveled against them reached a crescendo. Both GAW Miners and ZenMiner operated as bitcoin cloud…

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GAW Miners’ Josh Garza Pleads Guilty to Fraud, Settles a Deal

Category: Bitcoin, Commentary, News, Regulation

GAW Miners’ Josh Garza Pleads Guilty to Fraud, Settles a Deal

At last, Josh Garza, the founder of the PayCoin Ponzi scheme and CEO of GAW Miners pleaded guilty to wire fraud following an official complaint by the SEC filed in 2015. The US Department of Justice’s letter read: “We are currently negotiating an agreement with defendant Homero Joshua Garza to enter a plea of guilty to one count of wire…

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