Tagpyramid scheme

Brazilian Police Take down 'Digital Currency' Pyramid Scheme

On September 21, according to local publication G1, Brazil’s Civil Police took down a pyramid scheme based on a fake digital currency dubbed Kriptacoin. In Goiâna and Distrito Federal, 11 suspects were arrested for commercializing the false currency, and two are still at large. 18 search warrants have been issued. Civil Police took down the pyramid scheme, which involved over $79 million in...

5 Ways The Financial Times Has Referred to Bitcoin in Five Years

Bitcoin price

The first step in any recovery, even an economic or political one, is the admittance of an actual problem. In the grand scheme during our present day, this is politically or economically impossible due to the fickle nature of markets and the increasingly fast nature of the press media. Were Bitcoin or something like it to eventually, as it were, take over the economy, this would inflict both...

China Cracks Down on $1.5 Billion Virtual Currency Pyramid Scheme

People’s Daily, the most popular newspaper in circulation in China, has recently published a story about a virtual currency pyramid scheme, named EGD. The pyramid scheme involved over 500.000 members, and 1.09 billion Chinese yuan ($1.5 billion). EGD even had a clone named Wanfubi, with over 120.000 registered members, and 1.2 billion yuan ($173 million) involved. At the end of the operation, 77...

Bitcoin Scam MyCoin Investigation Yields Multiple Arrests in Hong Kong

One of the largest stories in the Bitcoin universe in February was the bitcoin exchange that wasn't. The MyCoin pyramid scheme in Hong Kong defrauded a small number of very high rollers; people who were investing millions of US Dollars each. This created a reported cache of almost $400 million before the computer bandits made their getaway. Now, it seems that some headway has been made in the...

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