The CFTC Unravels a $147M Crypto Ponzi Scheme Called Control-Finance

The CFTC Unravels a $147M Crypto Ponzi Scheme Called Control-Finance

The crypto boom of 2017 gave rise to a number of fraudulent crypto schemes who pretend to be legit crypto projects but are, in fact, nothing more than mere Ponzi schemes. Their usual game is to deceive unsuspecting crypto enthusiasts and investors into investing with them and then disappearing with the funds once the cryptocurrency’s price hits a peak. The same technique was used by a deceitful scam called Control-Finance, a supposed crypto venture based…

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New Zealand Probes Samoan Church Connection to the Crypto Ponzi Scheme OneCoin

New Zealand Probes Samoan Church Connection to the Crypto Ponzi Scheme OneCoin

As published on Radio New Zealand, New Zealand’s Department of Internal Affairs (DIA) is investigating the Auckland branch of the Samoan Independent Seventh Day Adventist Church (SISDAC) over its connections to the shady cryptocurrency venture OneCoin whose leader is already indicted in court. One investigation was carried out by Samoa’s Central Bank into the church. However, a separate investigation (carried out by DIA) was conducted under the Charities Act 2005, and was not focused on…

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A Cryptocurrency Scam in South Africa Robs $130,000 Every Day from Bitcoin Investors

A Cryptocurrency Scam in South Africa Robs $130,000 Every Day from Bitcoin Investors

With a promise of 100 percent return in fifteen days, the South African cryptocurrency investment scheme ‘Bitcoin Wallet’ is raking in hundreds of thousands of dollars on a daily basis. The scandal was brought into the spotlight after a report by the South African news media website, The Citizen. According to the report, Sphelele ‘Sgumza’ Mbatha has built a celebrity-like reputation for himself. Because of his bold claims about the astronomical return-on-investment, folks are lining…

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CEO of $3.8B Crypto Ponzi Scheme OneCoin, Konstantin Ignatov, Pleads Not Guilty

CEO of $3.8B Crypto Ponzi Scheme OneCoin, Konstantin Ignatov, Pleads Not Guilty

The CEO of the multi-billion-dollar crypto Ponzi scheme OneCoin, Konstantin Ignatov, has pleaded not guilty to wire fraud as per court documents. He entered the plea on May 28 preliminary hearing via a conference call. Ignatov and his sisiter Ruja Ignatov were charged with wire fraud, securities fraud and money laundering through their cryptocurrency OneCoin. The U.S. Department of Justice indicted the Bulgarian national for defrauding investors through a multinational Ponzi scheme masked by his…

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Poland-Base Crypto Exchange Coinroom Vanishes Into Thin Air with Customers’ Coins

Poland-Base Crypto Exchange Coinroom Vanishes Into Thin Air with Customers’ Coins

One of the largest crypto exchanges in Poland, Coinroom, has reportedly disappeared into thin air with all of the funds gathered over the years. The crypto exchange that was established just three years ago took down all of its social media handles and official website, and went underground on the 2nd of April 2019. Aggrieved customers reported that they got a brief email notifying them of the termination of their contracts. The email was also…

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SEC Ends a $30M Cryptocurrency Ponzi Scheme Supposedly Backed by Diamonds

SEC Ends a $30M Cryptocurrency Ponzi Scheme Supposedly Backed by Diamonds

The U.S. Securities and Exchange Commission (SEC) has announced on May 21 that it has secured a court order from U.S. District Court for the Southern District of Florida to halt an ongoing diamond-backed crypto Ponzi scheme which has targeted more than 300 investors in the U.S. and Canada, and estimated to be worth around $30 million. South Florida-based Jose Angel Aman is reportedly the mastermind behind the cryptocurrency scheme and claimed to allegedly use…

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OneCoin Denies Being a Hybrid Ponzi-Pyramid Scheme; Puts the Blame on Victims

OneCoin Denies Being a Hybrid Ponzi-Pyramid Scheme; Puts the Blame on Victims

OneCoin has been in the news ever since it was launched in 2014 – mostly in a negative light, and justly so – as a myriad of countries have already banned OneCoin and labeled it as a fraudulent cryptocurrency and a pyramid scheme. OneCoin has recently been censured by the Central Bank of Samoa, regarding it as a “hybrid Ponzi-pyramid scheme” that “laundered money through New Zealand to Samoa” and that it has duped many…

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Exposé Reveals that RepuX and JoyToken Stole $8 via Fraudulent ICOs

Exposé Reveals that RepuX and JoyToken Stole $8 via Fraudulent ICOs

Blockchain startups RepuX and JoyToken have reportedly pulled a joint initial coin offering (ICO) exit scam and said to have stolen $4.7 million and $3.3 million from investors respectively, as reported by The Next Web on May 16. It is said to be one of the major ICO scams reported in 2019. Further investigation by Hard Fork had also revealed that their UK offices disappeared this week which was confirmed by the official legal registrar…

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U.S. Crypto Investor Michael Terpin Won Nearly $76 Million in Cryptocurrency Theft Case

U.S. Crypto Investor Michael Terpin Won Nearly $76 Million in Cryptocurrency Theft Case

U.S. based cryptocurrency investor and entrepreneur Michael Terpin has won $75.8 million in a civil case against a 21-year-old man who defrauded him of his cryptocurrencies last year, Reuters reports. According to court documents presented at California Superior Court, Manhattan resident Nicholas Truglia was part of a cryptocurrency scheme that duped Terpin; Truglia was ‘arrested in November for six other crimes and law enforcement is continuing to investigate the case.’ Now, he was ordered to…

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Europol Reveals a Multinational Takedown of a Crypto-Based Dark Web Marketplace

Europol Reveals a Multinational Takedown of a Crypto-Based Dark Web Marketplace

“Double blow to dark web marketplaces” is the title of the press release by Europol that details the events which led up to the shutdown of a website on the dark web as well as the arrest of suspects involved in maintaining it. In the press release, Europol announced that with assistance of the German police, they have shut down the servers of a dark web marketplace. The marketplace was used for a plethora of…

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