Notorious Crypto Pyramid Creator With Over 300 Fraud Cases Nabbed By Russian Police
Crypto Pyramid Creator With Over 300 Fraud Cases Nabbed By Russian Police
The Russian Police has arrested the creator of a crypto pyramid scheme. Accused of defrauding investors through his scam scheme, the pyramid creator the country’s ministry of internal affairs reports that he has over 300 fraud cases leveled against him.
The scammer who lures investors mainly by promising high short term returns on investments. They scammers have been largely successful with a scam of $36,700 from just one of the victims. Fleeing from Kazahstan, the criminal has been declared wanted by Interpol since he left the town in early 2019 and has confessed to migrating illegally to Russia after being arrested.
This is one of the cases of pyramid schemes in this year. Earlier this month, the Australian Securities and Investment Commission (ASIC) raised an alarm concerning a crypto-related scam project that was set up in the country. The scammers allegedly operated using two names that were clearly traceable back to them. One of the websites, GFC Investments offered investor trading opportunities in cryptocurrency and other stocks.
Also shortly after that, Brazil reportedly shut down another crypto pyramid scheme. The scheme had reportedly defrauded 55,000 investors of over $200 million. Victims were promised 15% interest payout after a month of investing. At the time of arrest, the scammers had used the money from victims to acquire luxury items like 30 cars and precious stones.
These are just examples of the crypto-related crimes that have been reported in May 2019 alone. America, though not mentioned here has over half of crypto scam cases in the world and these cases are likely to increase as the bull market continues to flourish as crime rate has been proven to increase with cryptocurrency bull markets.