Elon Musk and Joe Rogan’s latest podcast sparked a debate on meme coins, drawing parallels to casinos and the “greater fools theory.” Rogan stressed the need to regulate meme coin pumps and dumps, citing their “bananas” nature. He worries investors risk real money on volatile assets, hoping to “dump” before the crash. Musk responds, comparing […]
Ponzi Scheme
Las Vegas Man Faces 330 Years in Prison for Alleged $24M Crypto Ponzi Scheme
A Las Vegas businеssmаn is fаcing sеrious lеgаl troublе аftеr аuthoritiеs аccusеd him of dеfrаuding ovеr 400 invеstors out of $24 million through а crypto mining scаm. Brent Kovar, 58, аllеgеdly mislеd victims by clаiming his compаny, Profit Connеct, usеd аrtificiаl intеlligеncе to minе cryptocurrеncy аnd vеrify trаnsаctions whilе guаrаntееing fixеd rеturns аnd full rеfunds. […]
Australian Man Pleads Guilty to $3.6B Crypto Ponzi Scheme, Faces Sentencing in July
John Bigatton, a Sydney man, has admitted guilt to promoting a cryptocurrency Ponzi scheme that swindled investors out of a staggering $3.6 billion. Bigatton, from Carss Park in New South Wales, pleaded guilty in Sydney District Court to acting as an unlicensed financial advisor while spruiking BitConnect’s Lending Platform in late 2017 and early 2018. […]
SEC Exposes $191M Cattle Ponzi Scheme And Seeks Justice For Investors
The U.S. Securities and Exchange Commission (SEC) has taken swift action to stop a massive cattle fraud scheme that defrauded investors of more than $191 million. The SEC secured a short-term hold order and froze assets. The company’s owners, Arizona’s Josh Link and Jed Wood from Fort Worth, were appointed a trustee to handle the […]
Crypto Ponzi Scheme: Ohio Man Arrested For $10 Million Worth Of Scam
An Ohio man was arrested for allegedly running a Crypto Ponzi scheme, from which he raised at least $10 million from investors, according to a press release by the Department of Justice published on November 18th. As the allegations state, Rathnakishore Giri has been accused of deceiving investors by lying to them about his experience […]
Over an Alleged $1M NFT Scheme, the Department of Justice Sued Two 20-Year-Olds
For their roles in a $1.1 million NFT scam, the Department of Justice charged two 20-year-olds with fraud and money laundering. It is one of the first steps taken by federal authorities to rein in the burgeoning asset class. The project was dubbed “Frosties” by Ethan Nguyen and Andrew Llacuna, both of Los Angeles, and […]
BitConnect founder accused of Ponzi scheme has vanished
Satish Kumbhani, the founder of BitConnect, has gone missing a week after being charged in a $2.4 billion Ponzi scheme that allegedly deceived investors in the United States. The US Department of Justice (DoJ) indicted Kumbhani, an Indian citizen, with criminal charges last week. In September 2021, the Securities and Exchange Commission (SEC) filed a separate lawsuit against […]
Bitcoin Compared To ‘Ponzi’ By Black Swan Author
The world’s first and largest cryptocurrency, Bitcoin [BTC] has garnered several fans across many industries from all around the world. Just as the price of the king coin shot up, the craze with regard to it also witnessed a massive surge. BTC hasn’t lost a lot of fans, however, prominent author, Nassim Taleb went on […]
DoJ Arrested Five People for Allegedly Running a $20 Million Crypto Mining Scam
According to a statement by the United States Department of Justice (DoJ) on August 18, five individuals were detained in connection with a crypto mining scam that ended up defrauding investors to the tune of $20 million. The suspects allegedly urged investors to invest in their cryptocurrency trading and mining firm, AirBit Club, which in […]
Dutch blockchain gaming company CEO on the run as fraudulent activities come to light
New companies are being built on the blockchain daily, and one of the most significant contributors to that are gaming firms. In between the cutthroat crypto world, some companies have taken steps to gain unfair advantages, which have now been called out. One example of such a company is Komodore64, a Dutch blockchain organization that […]