Crypto Scam Alert: Bitcointopia Land Fraud Revealed, Entrepreneur Pleads Guilty
Crypto entrepreneur, Morgan Rockcoons supposedly shared a business proposal in which crypto fanatics around the world can come together to create a crypto land dubbed, “Bitcointopia” in Nevada.
This endeavor has supposedly become a court case, to which Rockcoons pleaded guilty in San Diego Federal Court on Thursday, March 7, 2019 reports The San Diego Union-Tribute.
In addition to the Bitcointopia scam, Rockcoons also plead guilty for operating a “money transmitter business” for which he did not have the appropriate licenses. Federal agents were attracted to Rockcoons as early as 2015, where the entrepreneur “openly advertised” about his bitcoin services. A year later, a particular agent faked to transact with Rockcoons, which led to catching him red-handed and eventually, put behind bars.
Bitcointopia, which revolved around real estate, was an endeavor that Rockcoons supposedly started while he was on bail from the aforementioned case. His business plan noted that nearly 500 to 1000-acre plots would be used to create the land of crypto!
This story has since surfaced all around Twitter, namely via a Twitter user named, “Crypto Euclid”. He has since shared the following tweet:
Please tell me none of my friends on here fell for this scammy shit https://t.co/fNEQXo7vnI
— Crypto Euclid (@CryptoEuclid) March 8, 2019
After exploring the comments, it seems like Rockcoons had managed to lure in consumers, up until the “fraud” aspects were revealed. One user might have been offered a potential job, which required him to “power over WiFi, ASIC testing, breaking and designing some scary stuff later.”
Crypto Euclid claims to have been lured in as well, but more so by the “cool music stuff”. As per his viewpoint, Rockcoons’ plans were unrealistic, especially where he mentions, “selling land to build a city,” which hinted of a potential scam in the making.
Most of the comments following the “seriousness” of this issue appear to be sarcasm. This implies that not many fell for the scam, which is always reassuring.