$7.8B lost in crypto ponzi and pyramid schemes in 2022: Report
Illicit activities related to crypto increased across the sector in 2022 despite an overall market downturn. This post was originally published on this site
Louisiana Senator Compares Modern Banks to ‘Sophisticated Ponzi Schemes’
Louisiana Republican senator John Kennedy recently stated in an interview published on Wednesday that the U.S. Federal Reserve may need to increase the federal funds rate to 8-10% to address the country’s inflationary pressures. Kennedy’s remarks come after he criticized the Biden administration in mid-March for bailing out Silicon Valley Bank and Signature Bank, emphasizing […]
Report: Egyptian Police Arrest 29 Alleged Masterminds of Crypto Mining App Scam
The Egyptian police are reported to have recently arrested 29 individuals associated with the Hoggpool cryptocurrency mining app scam. In addition to seizing 95 mobile phones and 3,367 SIM cards, the police said domestic and foreign currency valued at $194,000 was recovered during the arrests. According to a lawyer representing over 1,000 victims, as many […]
Forsage founders indicted over $340M DeFi ‘Ponzi scheme’
According to the Department of Justice, Forsage employed smart contracts which were coded in ways consistent with a Ponzi scheme.This post was originally published on this site
Onecoin Cryptoqueen’s Ex-boyfriend Gets 5 Years in Prison
A former boyfriend of Ruja Ignatova, the mastermind of the Ponzi scheme Onecoin, has received five years in prison. The sentence is for the laundering of hundreds of millions of dollars’ worth of proceeds from the notorious crypto scam which defrauded investors around the world. Ruja’s Former Boyfriend Sentenced for Money Laundering Linked to Onecoin […]
Another Member of Russian Crypto Pyramid Finiko Arrested in UAE
Law enforcement authorities in the United Arab Emirates have detained a top Finiko representative, sought for his role in the crypto Ponzi scheme which defrauded thousands of investors around the world. This is the second arrest in the Gulf state of a high-ranking member of the pyramid announced in the past month. Finiko Fraudster Caught […]
EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’
Two other associates that helped run the U.S.-based fraudulent crypto platform EmpiresX left the country early this year and are believed to be in Brazil.This post was originally published on this site
Co-Founder of Russia’s Largest Crypto Pyramid Finiko Arrested in UAE
One of the founders of Russia’s most notorious Ponzi scheme in recent times, Finiko, is in detention in the United Arab Emirates, according to a Russian media report. The close associate of the crypto pyramid’s mastermind left the Russian Federation as the scam collapsed last summer. UAE Authorities Review Russian Extradition Request for Top Finiko […]
A Crypto Rewards Platform That Promised 40% APY Halts Withdrawals, Citing ‘Market Fluctuations’
A crypto rewards platform called Freeway.io has notified users that it decided to reallocate capital in order to “manage exposure to future market fluctuations and volatility.” In doing so, users are unable to withdraw funds from the platform, and the Freeway team explained that amid the reallocation process, the team could not comment further. Crypto […]
California Launches Crackdown on 11 Crypto Firms Accused of Operating Ponzi Schemes
The California Department of Financial Protection and Innovation (DFPI) has cracked down on 11 cryptocurrency companies that are accused of violating California securities laws. Nine of the firms reportedly solicited funds from investors in order to trade cryptocurrencies on the customer’s behalf. One of the accused companies pitched an alleged metaverse software development scheme, and […]