Tagged: ponzi scheme

$5.7 Billion+ Cryptocurrency related Scam, Plus Token, Targeting Millions of Investors, Leads to Over 100 Arrests

Authorities in China have reportedly arrested 27 suspects who are allegedly responsible for conducting one of the largest cryptocurrency related scams, which is now well-known as the Plus Token Ponzi scheme. The arrests were made following extensive investigations by local agencies including China’s Ministry of… Read More

New York District Judge Says Multi-Billion Dollar Lawsuit Targeting OneCoin Cryptocurrency Ponzi Scheme May Proceed

Judge Valerie Caproni has lifted the stay on a lawsuit filed against OneCoin, one of the largest cryptocurrency Ponzi schemes. An order recently signed by the New York District judge requires all concerned parties to provide a schedule, which will request the defendants to submit… Read More

US Federal Court Unseals Indictment Against Billion Dollar OneCoin Cryptocurrency Pyramid Scheme Promoter

In February 2018, US prosecutors had indicted Karl Sebastian Greenwood, who allegedly promoted the fraudulent OneCoin digital currency scheme. OneCoin was one of the largest cryptocurrency pyramid schemes. As noted in a recently unsealed complaint, Greenwood was charged with committing wire fraud, securities fraud and… Read More

Wealthroll Owner Xu Qin Confesses Ponzi Scheme: Online Lender Defrauded $6.1B. World Capital Market Caught in Pyramid Scheme

As Chinese authorities continue their hunt for unregulated online lending and investment firms, more fraudulent fintech platforms are bound to be nabbed for unseemly and illegal behavior.  Today Bloomberg News reported the latest Ponzi scheme that separated 39.9 billion yuan ($6.1 billion) from 25,000 investors. Crowdfund… Read More

Details on Ezubao P2P Platform Shutdown are Out: Ponzi Scheme with 95% of Projects Labeled Fake

As reported in December, the Chinese peer to peer lender Ezubao (Ezubo), launched by Yucheng in 2014,  was shuttered by authorities as employees were questioned and managers were arrested by police.  Now Xinhua and other news outlets are providing details that are shaking up the… Read More

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