Philippines SEC issues warning vs yet another digital asset pyramid scam
Just days since it issued a warning against Leefire, the SEC says that the same activities are now being propagated through Sengre, which sells SGC Coin.
Latest pyramid scheme News
US SEC, DoJ halt $62M Mining Capital Coin pyramid scheme
Mining Capital Coin lured investors with promises of guaranteed returns but ended up defrauding them of over $62 million, according to U.S. federal authorities.
Philippines SEC issues warning vs Leefire digital asset pyramid scheme
The SEC warned that Leefire, which is issuing an ICO and promising lucrative returns, isn’t licensed to service the local market with its pyramid-like products.
Brazil’s Senate approves digital asset regulation bill
The draft bill, which received a green light from a Senate committee in February, is now headed to the Chamber of Deputies and, if approved, to the country’s president.
Bitcoin 2022 Miami: Mike Novogratz likens BTC holdings to pyramid scheme
What Mike Novogratz said on stage at the BTC 2022 Miami event was a representation of how a pyramid scheme works—telling the audience that BTC was a tent, and they have a job to get as many people in so it could grow.
Smart contract-based pyramid scheme on bitcoin
A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products.
Shanghai police bust $16M digital currency pyramid scheme
A digital asset pyramid scheme that allegedly defrauded over RMB 100 million from 60,000 Chinese investors has been busted by police in Shanghai.
V Global scam: South Korean prosecutors call for life sentence in $1.9B case
The prosecutors believe that the life sentence is appropriate given the severity of the act, which they say destroyed families of the 52,000 V Global victims.
Qoin token faces $100M class-action lawsuit over pyramid selling and fraud
An Australian law firm accuses Qoin of conspiring to frustrate investors who attempted to trade their coin and lying over its acceptance at 35,000 merchant stores.
Montana regulator issues cease and desist order against Forsage scam
Headed by Lado Okhotnikov, the Philippines-based Forsage allegedly targeted unsuspecting victims who were lured with promises of zero-risk investment, authorities said.
MCcoin promoters ordered to halt alleged pyramid scheme in Texas
The Texas State Securities Board ordered Mind Capital to cease and desist from targeting state residents immediately.
Thailand crypto scam prompts government probe
The alleged pyramid scheme known as Khung Nong Cryptocurrency Trading became popular with investors in 2018.