pyramid scheme

China's Pingnan District People's Court has begun public hearings in the trial of five people accused of setting up a fraudulent scheme to mine the cryptocurrency Filecoin. Prosecutors accused defendant Lai Mouhang and his accomplices of creating a 600 million yuan (about ...

Police in South Korea announced the elimination of two fraudulent cryptocurrency schemes whose organizers managed to lure investors for about $360 million. Suwon County Prosecutor's Office said the originators of one of the scams positioned themselves as a P2P site for tr ...

DeFi project Fintoch was accused of. that it may be a pyramid scheme, and its creators stole $31.6 million from users. This was reported by blockchain researcher @ZachXBT. Millions of users were withdrawn to BNB Chain (formerly Binance Smart Chain) via Tron and Ethereum n ...

The U.S. Commodity Futures Trading Commission (CFTC) imposed a $3.4 billion fine on the CEO of cryptocurrency pyramid scheme Mirror Trading, Cornelius Johannes Steinberg. A statement from the regulator alleges that Cornelius Johannes Stey ...

Two Brazilian football players were lured into a crypto scam promising a monthly income of 5%. In May of last year, Mayke of Palmeiras Football Club and Gustavo Scarpa of Nottingham Forest invested around R$11 million ($2 million) in WLJC, a company claiming to provide consulting services and inv ...

The Forsage investment platform, founded by four Russians, has been charged by the US Department of Justice for operating a pyramid scheme that has allegedly defrauded investors of $340 million. The accused individuals include Vladimir Okhotnikov, who used the pseudonym Lado, Olena Oblamskaya (al ...

The U.S. Commodity Futures Trading Commission (CFTC) has taken legal action against Vista Network Technologies, a California-based company, alleging that the firm defrauded investors and embezzled over $7 million worth of cryptocurrencies. According to the complaint filed in the District Court for t ...

Ruja Ignatova, co-founder of the infamous OneCoin cryptocurrency pyramid and dubbed as the "Crypto Queen," reportedly met a gruesome end in 2018 at the hands of a drug lord, according to Bulgarian media. Ignatova and her accomplices launched the OneCoin scheme in 2014, promising investors that th ...