Brazil court denies “Bitcoin Pharaoh” candidacy in upcoming elections
The so-called Bitcoin Pharaoh was arrested in August last year for defrauding over 27,000 Brazilians in a pyramid scheme that promised guaranteed 10% monthly returns.
Latest pyramid scheme News
Philippines securities regulator issues warning against investing with Peak Finance
A lengthy prison term and a hefty fine await individuals affiliated with and promoting Peak Finance, an unlicensed platform that piqued the interest of many due to a promise of mouthwatering returns.
Won’t get fooled again
Investment schemes have been around for a very long time. Modern investment fraud goes back into the 1800s, and fractional reserve bank runs go back to at least the 1600s.
‘Dogecoin pyramid scheme’ promotion lands Elon Musk in $258B lawsuit
A Dogecoin investor has sued the Tesla and SpaceX boss, alleging that Elon Musk engaged in a pyramid scheme by promoting DOGE on Twitter and through his firms.
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.
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.