12 people have been arrested for allegedly involved in $1.78 million worth of cryptocurrency fraud. 2 CEOs and ten members have been detained by the South Korean authorities by executing their fraud schemes through a members-only online shopping website and mainly targeted with the people that have minimum knowledge about cryptocurrencies.
The Brothers (Vivek and Amit Bhardwaj) who have been charged for running a ponzi scheme on Bitcoin have been granted interim bail by Supreme Court of India. Their lawyer Deepak Prakash clarified “While Amit Bhardwaj has been granted interim bail based on his health ground, the Supreme Court granted bail to his brother, purely based on the merits of the case.”
Crypto scammers use the fabricated images and videos of Aussie celebrities in Facebook by promising amateurs lucrative profit for their investment. Major issue is that Facebook has refused to take any action against them. Few fake ads have been using photos of Waleed Aly and Karl Stefanovic, two of Australia’s best-known TV presenters for their ponzi scheme.
A man was arrested in New York and faces 20-year sentence for allegedly convincing the others to invest in cryptocurrency via Facebook and Twitter. The Attorney of United States, Richard Donoghue: “As alleged, the defendant defrauded investors by making false promises and sending them fraudulent balance statements, hiding the fact that he was stealing their money for his personal use.”
A 28-year-old, Brenton Tarrant responsible for rampage and massacre on Christchurch mosques, which he live-streamed. In his 74-page manifesto for the attack he wrote “I worked for a short time before making some money investing in BitConnect, then used the money from the investment to travel.” However U.S. regulators identified Bitconnect as Ponzi scheme and closed during early 2018.
The numbers of cryptocurrency scam in Instagram are growing in Sweden targeting the youths and migrants. The cryptocurrency Ponzi scheme uses selling of luxurious products at cheap rates as bait to gain victim where they require the potential sellers to convert their fiat into cryptocurrency and transfer it directly to the seller and vanish away with the money and the products.
The FBI has recently published in its website that they’re currently looking for the victims of the Bitconnect scheme to help with their investigation. FBI explains in the website, “The entire market for BCC crashed in late January 2018, after two U.S. state-level securities regulators issued public letters warning investors of the Ponzi-type nature of Bitconnect.”
Complaints against a cryptocurrency mining platform ‘CryptoMining.Farm’ has been filed in Bangkok Thailand which has affected 30 people with fake promises of getting a high return from their investment. Thai’s authorities believed that approximately 140 people are in the actual victim of the cryptocurrency scam although only 30 people have made the complaint to the Technology Crime Suppression Division.
The Texas State Securities Board have recently entered 16 administrative orders for 16 cryptocurrency scams. The state regulator then confirmed, “The emergency action effectively shut down the scam, as BitConnect almost immediately lost 99% of its market capitalization of $2.6 billion. None of the individuals or firms was registered to sell securities in Texas.”
The Chinese authorities have busted a gang of cryptocurrency scammers in the Jian’an District of Xuchang City which have confiscated up to $193 million. They said that, “The main suspects are hiding outside the country, remotely manipulating the network platform, using high returns as a bait, and developing a large number of off-line personnel to engage in pyramid schemes.”