Tag Archives: Scheme

Bitcoin is ‘a ponzi scheme’

He is hardly the first to take a negative stance on the digital token. Eventually, Gledhill predicted, bitcoin pricing will become “very cheap because that’s how it will scale,” adding that there’s no current pricing advantage for DBS. DBS is Southeast Asia’s largest lender and a big believer in emerging technologies. Earlier this year, the […]

The Writing’s on the Wall for Alleged Cryptocurrency Ponzi Scheme BitConnect

The cryptocurrency Bitconnect (BCC) has rallied from less than $1 in January to reach an all-time high of over $286 in early November 2017. However, Bitconnect’s impressive year-to-date rise in value did not occur without controversy. The cryptocurrency “investment” platform has increasingly come under fire for allegedly being a Ponzi scheme. This criticism of the […]

Wall Street Exec Sued for Role in Fraudulent Cryptocurrency Mining Scheme

Four investors in GAW Miners have sued Stuart A. Fraser for his role at the defunct crypto business, following a guilty plea of wire fraud by his longtime partner, Josh Garza. In a complaint first filed in the U.S. District Court for Connecticut last year, the plaintiffs accused Fraser, GAW Miners, and ZenMiner of violating federal and […]

Florida programmer sentenced to 16 months for bitcoin exchange scheme

NEW YORK (Reuters) – A Florida software engineer was sentenced to 16 months in prison on Friday after being found guilty of scheming to help an illegal bitcoin exchange avoid having banks and regulators look into its activities. Yuri Lebedev was sentenced by U.S. District Judge Alison Nathan in Manhattan, according to Nicholas Biase, a […]

Brazil Central Bank Chief Compares Bitcoin to Pyramid Scheme

The head of Brazil’s central bank took a harsh stance toward bitcoin earlier this week, comparing the cryptocurrency to a pyramid scheme. According to RttNews, central bank president Ilan Goldfajn was dismissive of recent price appreciation in the bitcoin market. And while he said it was key to “separate” bitcoin from other applications of its underlying […]

Bitcoin in Africa is driven by MMM Mavrodi ponzi scheme — Quartz

“Welcome to the System! Together we will change the world!” These are the words I found scrawled at the bottom of a web page, right next to a picture of Sergei Mavrodi, a convicted Russian fraudster infamous for operating Mavrodi Mundial Moneybox (or MMM), one of the world’s largest ponzi schemes. Two decades after MMM […]

U.S. Government Files Suit Over Bitcoin Ponzi Scheme

According to a report by CNN Money, the U.S. Commodity Futures Trading Commission (CFTC) announced this week that it would file suit against a man and his New York-based company over an alleged Ponzi scheme involving bitcoin. This marks a historic (or perhaps notorious) first: the first time that the U.S. government has filed a […]

CFTC Sues New York Man Over Alleged $600k Bitcoin Ponzi Scheme

The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against a New York-based man and his company for allegedly running a bitcoin-based Ponzi scheme. Nicholas Gelfman and his firm, Gelfman Blueprint Inc (GBI), are accused of procuring over $600,000 from 80 people between January 2014 and approximately January 2016. According to the CFTC, the […]

U.S. government sues over alleged bitcoin Ponzi scheme

Bitcoin is a relatively new currency, but that doesn’t mean investors are safe from old school fraud. The U.S. Commodity Futures Trading Commission said Thursday that it’s suing a New York man and his company over an alleged bitcoin Ponzi scheme. It’s the agency’s first fraud suit involving bitcoin. ‘; var storytext = document.getElementById(‘storytext’); var […]

A trader is being accused of running a bitcoin Ponzi scheme

Ethan Miller/Getty Images The US government is going after a New York man for allegedly operating a bitcoin Ponzi scheme. The US Commodity Futures Trading Commission said Nicholas Gelfman, a Brooklyn resident and head trader at Gelfman Blueprint, a New York-based firm, “fraudulently solicited” $600,000 from 80 clients in a bitcoin Ponzi scheme.  Investors, according to […]

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