Ponzi Scheme News

What is a Ponzi scheme? An illegal endeavor, Ponzi schemes essentially aim to attract and take advantage of unsuspecting investors by touting untrue claims of low risk and significant reward. Ponzi schemes typically stay afloat by using money from newer participants to pay older ones, thus making the endeavor seem profitable — so long as new participants continue flowing in.  

The endeavor is named after Charles Ponzi, an Italian con artist who performed such a scheme in the 1920s in the United States, costing his investors about $20 million. Ponzi’s scam wasn’t the first of its kind, although it was one of the largest. Ponzi schemes share some commonalities with pyramid schemes, and neither of the two is legal in the United States. Bitcoin (BTC) has been called a Ponzi scheme at times over the years, although its performance and structure have proven otherwise.

Markets News
The crypto market is down today as Bitcoin and stocks correct and investors await Powell’s comments on the size of the next interest rate hike and the health of...
Why is the crypto market down today?
Kyle White
2023-02-01T17:45:36+00:00
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News
Senator Elizabeth Warren claims the Trump Administration “gave a green light” to a cryptocurrency market full of junk tokens, rug pulls and Ponzi schemes.
Crypto industry leaders ‘scared of a strong SEC’ — Senator Warren
Brayden Lindrea
2023-01-26T05:28:32+00:00
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News
The millions will be distributed among the select number of victims, but thousands more were impacted by the $2.4 billion fraudulent scheme.
800 victims of ‘massive’ Bitconnect fraud to receive $17M restitution
Jesse Coghlan
2023-01-13T04:42:59+00:00
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News
The latest court action now takes the number of V Global execs behind bars up to seven, as the CEO was previously sentenced to a 22-year prison term.
Executives from $1.5B South Korean crypto exchange fraud jailed
Brian Quarmby
2022-12-28T05:49:35+00:00
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News
The co-founder of the fraudulent scheme is set to be sentenced in April 2023 on charges relating to wire fraud and money laundering.
$4B OneCoin scam co-founder pleads guilty, faces 60 years jail
Jesse Coghlan
2022-12-19T05:41:25+00:00
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News
Various creators and promotors of two allegedly fraudulent crypto companies are facing a litany of charges that could land them 20 years in jail.
Charges laid over alleged ‘crypto mining’ Ponzis that netted $8.4M
Jesse Coghlan
2022-12-16T05:57:35+00:00
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Newsletter
Bitcoin price aims for support at $17,000, while LTC follows a pre-halving narrative and ETH looks somewhat bullish in its BTC pair.
Ethereum and Litecoin make a move while Bitcoin price searches for firmer footing
Big Smokey
2022-12-09T21:30:00+00:00
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News
Two other associates that helped run the U.S.-based fraudulent crypto platform EmpiresX left the country early this year and are believed to be in Brazil.
EmpiresX ‘head trader’ to face 4 years of prison over $100M crypto ‘Ponzi’
Jesse Coghlan
2022-12-01T02:29:38+00:00
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