Nigeria’s proposed Investments and Securities Bill, which proposes jail terms for Ponzi scheme operators, has been welcomed by crypto industry players who hope this will help clean up the sector’s reputation. 10-Year Jail Terms Proposed for Ponzi Operators Some members of Nigeria’s digital asset industry have hailed a draft bill proposing hefty fines and jail…
A cryptocurrency promoter was sentenced to 20 years in prison for running a Ponzi scheme that defrauded thousands of investors, particularly in Spanish-speaking U.S. communities. The scheme, disguised as a crypto mining operation, promised guaranteed returns but left victims unable to withdraw funds while promoters pocketed millions. The fraudster was ordered to forfeit over $3.6…
Analysts have begun to try to explain the weak performance of HMSTR, the Hamster Kombat official game token, since its token generation event and subsequent airdrop. Neomarkets chief analyst Oleg Kalmanovich assessed that one of the key problems for the projects included the dilution of HMSTR, calling its airdrop a time Ponzi scheme. Hamster Kombat…
The U.S. Securities and Exchange Commission (SEC) has frozen the assets of Jonathan and Tanner Adam, alleging they ran a $60 million Ponzi scheme under the guise of a crypto trading bot. Over 80 investors were defrauded by promises of high returns, while the funds were allegedly used for personal luxuries. The SEC seeks injunctions,…
Yang Bin, a 61-year-old Dutch national, was sentenced by a Singapore court to six years in prison and fined S$16,000 Singapore dollars for orchestrating a cryptocurrency Ponzi scheme. Yang’s company, A&A Blockchain Innovation, falsely claimed to own 300,000 cryptocurrency mining machines, promising investors a daily return of 0.5%. In reality, the company had no such…