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.
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.
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.
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.
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.
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.
A digital asset pyramid scheme that allegedly defrauded over RMB 100 million from 60,000 Chinese investors has been busted by police in Shanghai.
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.
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.
Headed by Lado Okhotnikov, the Philippines-based Forsage allegedly targeted unsuspecting victims who were lured with promises of zero-risk investment, authorities said.
The Texas State Securities Board ordered Mind Capital to cease and desist from targeting state residents immediately.