Pyramid Scheme

Self-Help Firm That Mostly Took Bitcoin as Payment Mostly Just Helped Itself, SEC Charges

Ninety-two percent of Mindset 24 investors allegedly lost some of their funds. They'd paid in over a million dollars, mostly in bitcoin.

News  ·  2 September 2020

China Moves to Crack Down on Digital Currency Pyramid Schemes

China's public security ministry says it will take aim at pyramid schemes in the country, including those that purportedly involve cryptocurrencies.

Policy & regulation  ·  22 January 2018
Regulation

Bulgaria Joins ‘International Operation’ Against OneCoin

Bulgaria's government has revealed it is part of an international crackdown of OneCoin.

Policy & regulation  ·  19 January 2018
Brazil

Brazil Central Bank Chief Compares Bitcoin to Pyramid Scheme

The president of Brazil's central bank compared bitcoin to a financial scam, according to newly published statements.

Policy & regulation  ·  17 October 2017
Europe

OneCoin Promoters Fined €2.6 Million by Italian Consumer Watchdog

A consumer rights watchdog in Italy is fining a group of companies that have promoted OneCoin.

Policy & regulation  ·  14 August 2017
Crime

Buddhist Monks Said to Be Targeted by Bitcoin Pyramid Scheme

A bitcoin-focused pyramid scheme appears to have targeted Buddhist meditation practitioners in Thailand, according to a local news source.

Policy & regulation  ·  22 June 2017
Crime

India is Cracking Down on OneCoin

Reports are emerging that authorities in India are undertaking a broad crackdown on OneCoin.

Policy & regulation  ·  26 April 2017
Crime

Digital Currency Pyramid Scheme Operators Jailed in Spain

A Spanish court has remanded in custody the alleged operators of a pyramid scheme that used a fake digital currency called ‘unete’. Temporary imprisonment pre-trial is typically set as a precaution to avoid defendants from fleeing or destroying necessary evidence during a case. The court documents, dated 21st October, state that Jose Manuel Ramirez Marco and Maria del […]

Policy & regulation  ·  27 October 2015
Crime

Police Arrest 20 in Digital Currency Pyramid Scheme

Spanish police have arrested 20 individuals in connection with a pyramid scheme that used a fake digital currency called the unete.

Policy & regulation  ·  16 July 2015