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Alleged crypto-Ponzi operator arrested after failed sea-scooter escape

The alleged ringleader of a Ponzi scheme that solicited $35 million for crypto mining and other investments has been arrested after attempting to flee FBI agents using a “sea scooter.” Matthew Piercey, the accused operator of two fraudulent firms that solicited tens of million to ostensibly invest in cryptocurrency mining, life insurance, and other assets, has been apprehended by authorities after a failed attempt to escape FBI agents using a sea scooter. According to Californian media outlet The Sacramento Bee, the 44-year-old Shasta County man evaded agents seeking to arrest him for an hour. He first fled in his truck…

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Brazen Nigerian Crypto Scam Inksnation Still Operational Three Months After Regulator Warning

One of Nigeria’s most brazen crypto scams, Inksnation remains operational and still invites new investors some three months after the country’s Securities and Exchange Commission (SEC) deemed its activities illegal. The SEC has previously warned Nigerians against investing with the scam saying doing so would be at own risk as there is no legal recourse in event of the scam collapsing. False Blockchain claims The SEC warning had been prompted by fears that Nigerians are falling victim to yet another giant scam that rides on the growing popularity of cryptocurrencies. Described as the “World’s First Charitable Trust DAO”, the Inksnation…

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A Spain Based Crypto Ponzi Scheme Abruptly Freezes Accounts of 120,000 Investors

A Spain based crypto Ponzi scheme, Arbicorp abruptly froze accounts of more 120,000 investors on September 12, after the discovery of an error that causes one of its cryptocurrency trading bots to overpay. Arbicorp claims that the error, which went unnoticed for almost a year, led to its trading bot called Community Bot, to pay 28% more in profits than were due. Interestingly, despite incurring severe financial losses, Arbicorp management said they still went ahead with the overpayments for more than a month. However, Arbicorp assures investors in a statement that “no one will lose” and management even suggests that…

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$625,000 Bounty For Anyone Who Can Crack Lightning And Monero, Offers IRS

The US tax agency, the Internal Revenue Services (IRS), has recently offered up a bounty of up to $625,000. This bounty is for anyone that can break the supposedly untraceable privacy coins, such as Monero. Alongside this, the bounty extends to being able to trace transactions within the Lightning Network of Bitcoin. The Task At Hand The official proposal was published last week, and details that the IRS will accept submissions by way of working prototypes until the 18th of September, 2020. Should these prototypes be accepted, the applicants will receive an initial patent of $500,000 Through eight months, it’s…

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6 Members of the Multi-Billion Dollar Plustoken Scam Charged With Fraud in China

Following the arrest of 109 accused members of the $6 billion Ponzi scheme called Plustoken, six alleged members of the team were prosecuted according to a court filing submitted on Monday. The prosecutors say the individuals are “suspected in organizing and leading criminal pyramid schemes.” The Plustoken scam was a large heist that managed to gather a large number of crypto assets during the scheme’s short tenure. Essentially Plustoken was a pyramid scheme that pretended to offer high-yield returns after people deposited funds into the system. The system promised rewards in its native token eponymous token (PLUS) and managed to…

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Reports Claim UK’s Financial Conduct Authority ‘Pressurized’ to Remove Onecoin Scam Warning

A recent episode of the popular BBC Sounds podcast the “Missing Cryptoqueen” has shown the public a very interesting view of the powerful Onecoin Ponzi. According to two witnesses the BBC interviewed, a London law firm and a reputation management company allegedly managed to get the UK’s Financial Conduct Authority (FCA) to take down a Onecoin warning. The Bulgaria-based Ponzi scheme Onecoin was once described by The Times as “one of the biggest scams in history” managing to net $4 billion from operations. The pyramid scheme has become a hot topic over the years, and it’s invoked the BBC Sounds…

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