Type to search

$575M crypto Ponzi scheme gets two men jailed


$575M crypto Ponzi scheme gets two men jailed


Another day, another crypto scam revealed. Call me a Luddite disruptophobe, but I like having rules surrounding what money I have. And as evil as banking institutions can be, I at least know where I stand with them, even if that’s only because I was awake in ‘08.

This time, the play run by Messrs, Sergei Potapenko, and Ivan Turõgin was like a quick-change act of a crime, evolving at every step to keep people from withdrawing and funneling more marks in.

They pivoted from ‘we’re selling mining equipment,’ except it was crappy pre-used stuff to ‘we’re making our own mining biz and you’ll get a percentage, and then again to create a fake virtual currency bank (how is that not counter to the whole point of…nevermind).

These crypto schemes were fueled through a combo of shell companies, uninvestigated press releases, and of course…people blinded by dollar signs. What interests me most is that it went on for over four years. It makes me wonder if people who invest without already being wealthy actually like having money at all.

Advertisement. Scroll to continue reading.

I have to ask, one Cautious Carla to the rest of you Daring Dinesh-es. When you invest, whether it’s in crypto, traditional business, or even property – how is it that you’re conducting your research?

Have you looked at a physical location in person? Have you done any cursory research on the state of the market for a certain product?

Have you got a good handle on…

Read more…

Leave a Comment

Your email address will not be published. Required fields are marked *