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Vizag Fintech Festival • October 22-26, 2018

The Vizag Fintech Festival 2018 is poised to be the nation’s largest Financial Technology event. The week-long event will take place from…

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Tag: pyramid schemes

Chinese Authorities Clampdown on Billion Dollar Bitcoin Gambling Ring

Category: Bitcoin, Crime, News, Regulation

Chinese Authorities Clampdown on Billion Dollar Bitcoin Gambling Ring

On July 11, 2018, the Chinese police apprehended over 540 people for organizing an online soccer gambling game which involved the exchange of bitcoins. The illegal betting places were conducted in south China’s Guangdong Province. Squashing Gambling Rings in China The police in Guangdong Province said that the total amount involved was over 10 billion yuan (1.5 billion U.S. dollars)….

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Chinese Authorities Arrest Around 100 People, Recover $267 Million from OneCoin Pyramid Scheme

Category: Altcoins, Crime, Finance, News, Regulation

Chinese Authorities Arrest Around 100 People, Recover $267 Million from OneCoin Pyramid Scheme

Chinese authorities have taken a proactive approach in cracking down the OneCoin pyramid scheme, which has caused havoc since 2016. Nearly 100 people were arrested on May 29, 2018. OneCoin Pyramid Scheme and Crackdown In China, OneCoin followed the moniker Weika Coin and offered investors an opportunity to buy OneCoin in a bid to progress through 140 different membership levels….

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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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