
$47M blockchain pyramid scam busted in China
The group allegedly played on the hype surrounding cryptocurrencies to lure in potential victims, anxious to invest in blockchain technology.
The group allegedly played on the hype surrounding cryptocurrencies to lure in potential victims, anxious to invest in blockchain technology.
An Incheon District Court judge has fined two men accused of using a pyramid scheme involving fake virtual currencies to reap $20 billion from South Korean investors.
Authorities in China have arrested four people in the city of Xi’an in connection with a suspected cryptocurrency pyramid scheme, according to local media reports.
One of the schemes that has had quite a bad press is the one run by Dubai-based USI Tech, which has already abandoned operations in the U.S. and Canada.