Law enforcement in the Russian republic of Tatarstan have made new arrests in connection with the crypto Ponzi scheme Finiko. Two women detained this week are believed to have attracted millions of dollars to the pyramid. The now collapsed Finiko lured investors from a number of countries in the post-Soviet space and around the world,…
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A slew of late court filings by lawyers representing Mirror Trading International (MTI) investors has forced a South African judge to postpone the hearing of the liquidators’ application to have the online bitcoin scam declared an illegal business.
Concern Over Implications of Declaration Order
As a Mybroadband report explains, the investors’ belated decisions…
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A high-ranking representative of Russia’s notorious Finiko Ponzi scheme has been arrested in Tatarstan. Ilgiz Shakirov, a businessman from Kazan, rose to the rank of vice president of the crypto pyramid which is believed to have defrauded millions of investors in the Russian Federation and surrounding regions. Kazan Police Detain Finiko Vice President Police in…
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Of all funds sent to illicit cryptocurrency addresses from Eastern Europe, scams attract the greatest amount, according to a new report. In the past year alone, crypto addresses based in the region have sent the fraudulent schemes a staggering $815 million in crypto. Eastern Europe Leads by Volume of Illicit Crypto Transactions Among the world’s…
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Former BitConnect promoter Glenn Arcaro has pled guilty to his role in the saga, but the whereabouts of the firm’s founder Satish Kumbhani is unknown. Former director and promoter of the notorious Bitconnect Ponzi scheme, Glenn Arcaro, has pled guilty to fraud charges related to his role in the now-defunct crypto exchange and lending platform…
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Kraken Bitcoin strategist Pierre Rochard debates professor of computer science Jorge Stolfi on whether Bitcoin meets the definition of a Ponzi scheme. Does Bitcoin meet the definition of a Ponzi scheme? This is the subject of the latest Cointelegraph Crypto Duel, where Bitcoin strategist at Kraken meets professor of computer science at the University of…
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The Financial Sector Conduct Authority is demanding tighter regulatory control over cryptocurrency. South African regulators are seeking to exercise more control over cryptocurrency trading following the collapse of what was alleged to be the largest Ponzi scheme the country has ever seen. Self-proclaimed Bitcoin (BTC) trading firm Mirror Trading International was placed in provisional liquidation…
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The trader was both lying to investors and using an unregistered derivatives strategy on BitMEX. United States authorities have brought criminal charges against a crypto trader whom they say defrauded investors out of over $5 million. The Department of Justice announced on Tuesday that it had arrested Jeremy Spence. Between 2017 and 2019, 24-year-old Spence operated a…
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The SEC subpoenas the former owner’s bank accounts to find out what happened to investments into Crypto Traders Management. Dissolved limited liability company Crypto Traders Management is seeing its legal troubles multiply. Per a Friday legal filing in Utah, CTM and its former manager Shawn Cutting are trying to fight off a subpoena from the Securities…
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AirBit Club’s leadership have been gathered in New York City and will face charges for stealing “membership dues” to finance massive marketing events and lavish personal lifestyles. Per a Monday announcement, the U.S. Department of Justice and the Southern District of New York have extradited a leader of alleged ponzi scheme AirBit Club from Panama. …
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