Victims lured with "smart contracts" on Ethereum, Tron, and Binance blockchains.
Read the whole story
Read the whole story
SEC: Crypto fraudsters raised $300M with “textbook pyramid and Ponzi scheme”
- Thread starter JournalBot
- Start date
Upvote
81
(91
/
-10)
Legal question: Did they have to wait until after the crash to start bringing all these charges so they could show actual damages? Or is the timing just coincidental?
Upvote
-12
(17
/
-29)
The news is that the SEC is actually doing something, even if a lot of the named suspects are overseas.
Upvote
113
(114
/
-1)
All of crypto is a pyramid scheme. Get in early. Recruit idiots to spread the word and raise the price. Cash out.
Upvote
181
(189
/
-8)
Excellent news. Regardless of how you feel about crypto overall, I think we can all agree that crypto-based scams have become a major problem. Hopefully, cases like this will be the first step in having accountability for scammers.
Now can you investigate influencers like Jake Paul? Folks like him continue to scam followers out of millions in shitcoin pump and dumps.
Now can you investigate influencers like Jake Paul? Folks like him continue to scam followers out of millions in shitcoin pump and dumps.
Upvote
63
(63
/
0)
If crypto has proven anything, it's that it's a perfect investment vehicle - for fraud and fleecing people.
It's astounding that it continues to elicit venture capital.
It's astounding that it continues to elicit venture capital.
Upvote
91
(94
/
-3)
For those that haven't seen it and want to rage quit this planet. You can follow the spiral down the drain here
https://web3isgoinggreat.com/
https://web3isgoinggreat.com/
Upvote
79
(80
/
-1)
Upvote
45
(52
/
-7)
"SEC sues 11 people for crypto pyramid scheme that fooled millions of investors" So just regular crypto then?
Upvote
103
(107
/
-4)
VelvetGlove
Ars Tribunus Militum
Every investor stands to make money. Until the music stops. Venture capitalists are just weighing the risk / reward balance.
Upvote
22
(25
/
-3)
Really a rather old-style con— with references to Mr. Ponzi, pyramids, and so forth. The Russian angle is somewhat novel.
Upvote
24
(25
/
-1)
Yeah, there's got to be at least one porn star somewhere who is now pissed off that their name is being associated with something as unsavory as crypto....
Upvote
79
(79
/
0)
I'll bet these "founders" made the twin mistakes of not incorporating in Delaware and not bribing a few senators.
Upvote
9
(12
/
-3)
"Lolo Ferrari was a French dancer, actress, and singer billed as "the woman with the largest breast implants in the world"
The story of her life is actually pretty tragic.
Upvote
47
(47
/
0)
Just like during the Great Recession - as the tide goes out of this bubble we'll likely see more of this (and just maybe some action on SPACs)
Upvote
13
(14
/
-1)
OldLadyJosie
Ars Tribunus Militum
I can't wait for the cryptobros to show up on this thread and explain to us how the SEC suing these guys is actually a good thing, because proof steaks or whatever the hell it is they always bring up.
Upvote
59
(60
/
-1)
Upvote
54
(55
/
-1)
But how else will I send someone money across the world at 8pm on a Sunday? Crypto is the future!
An actual argument I heard from a cryptobro on here a while ago. This was the only point they had left after all the others being dismantled. Acted as if this was some major huge problem that only crypto can solve and it makes all the hurt and suffering that's been caused is just the price of progress!
The way people have internalized cryptocurrencies DEEP in their personal identites is just flat out sad and pathetic.
Upvote
66
(66
/
0)
It does boggle the mind, that in this day and age, people still fall for pyramid schemes.
Upvote
12
(14
/
-2)
I struggled with the same. But then again I cannot see how this is different from an unprofitable unicorn merging with a SPAC and going public.
Upvote
9
(9
/
0)
Upvote
27
(31
/
-4)
Generally speaking, the crash is what unveiled these schemes. Most of the clients that bought in, as long as the fund was making money, were perfectly happy to remain ignorant of what was actually going on, and would want the fund to continue operating. Once the curtain was pulled back, however, they had to face what was going on.
Upvote
54
(54
/
0)
See informative comments like this are why I hang out here.
Anyway, my next rap album is gonna be titled “Jane Doe a/k/a Lola Ferrari”.
Upvote
15
(15
/
0)
It is actually *WAY* past time for that. It has been getting exponentially worse since day one.
Upvote
30
(30
/
0)
See also: housing bubble, financial crisis, c. 2008. Srsly, VC guys, Wall Street banks, they have no problem with fraud or unsustainable schemes. They always believe someone else is going to take the fall.
Upvote
31
(33
/
-2)
I've said it before and I'll say it again: people who frequently say "I've said it before and I'll say it again" usually are nowhere near as smart or clever as they think.
Upvote
44
(46
/
-2)