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Indian authorities have seized nearly $190 million in cryptocurrency linked to Bitconnect in an ongoing investigation into a crypto Ponzi scheme that busted in 2018, resulting in losses of around $2.40 billion to 4,000 investors in 95 countries. Bitconnect, which launched in 2016, collapsed in 2018. It is reported that Bitconnect founder Satish Kumbhani (who was charged by the Department of Justice in February 2022) established a global network of promoters, paying them commissions to promote Po...
A California court has ordered five individuals involved in IcomTech's "Ponzi scheme" to pay more than $5 million for fraud and embezzlement of stolen funds through a fake bitcoin trading scheme. The U.S. Commodity Futures Trading Commission (CFTC) said in a statement on Dec. 11 that the default judgment order found David Carmona, Juan Arellano Parra, Moses Valdez, and David Brend liable for all violations of the Commodity Exchange Act and the Commodity Futures Trading Commission (CFTC) as alleg...
Nigeria's proposed Investment and Securities Bill, which proposes prison sentences for Ponzi scheme operators, has been welcomed by cryptocurrency industry players who hope the move will help cleanse the sector of its reputation.
According to on-chain analyst @ErgoBTC, 7,000 ETH related to Ponzi scheme PlusToken were transferred to the exchange in the past 24 hours, worth $16 million, which may indicate an intention to sell these assets.
