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A lot of cryptocurrency users, especially new investors have been scammed left right and center to invest their funds in fake projects related to digital currencies. There is an ongoing cryptocurrency project called “The Billion Coin” that has or continues to milk massive profits from innocent investors.

The UK Financial Conduct Authority (FCA) recently issued well-filtered recommendations to the public especially the investors not to participate in cryptocurrency investments related to Covid19 through an official website.

A British digital payment platform halted operations after the Financial Conduct Authority (FCA) suspended its license, which cost its clients over $128 million.

American attorney Mark Scott, who used to work for one of the biggest digital currency Ponzi schemes, OneCoin, is now trying to get an exoneration just three months after his conviction by a U.S court of illicit operations, money laundering and scams.

A merchant in Genoa, Italy, bought fake cryptocurrency and lost more than €30,000. The complaint was presented at the offices of the postal police. With the inspector who took charge of the complaint, explained that the merchant had bought Bitcoins for 30 thousand euros from a self-styled trader who contacted her on her cell phone.

Cloud mining provides an established system to mine a digital asset like Bitcoin, Ethereum, Ripple, etc. without installing all the hardware and other necessary equipment. There are some firms which enable people to create accounts with them and go ahead to take part in the practice of mining for a simple cost. The practice enables the process to be globally accessible by massive participants. There are so far 3 models including hosted, virtual host and leased hashing power.

Another Ponzi scheme, dubbed Bitcoin Wallet, left investors with nothing, according to the Ladysmith Gazette. The investment scheme was one of the most lucrative projects in South Africa that saw many potential people, investors and companies willingly put their money in it, with the hope of acquiring abnormal returns in the shortest time possible.

The financiers of the Special Antitrust Unit in Verona, Italy, have managed to seize around 93 social pages and 7 websites where cryptocurrencies including OneCoin were offered to people while promising them quick massive returns and earnings.

The long-awaited arrest of Konstantin Ignatov, one of the founders of OneCoin, by the American authorities is being discussed in Ticino, Italian-speaking canton of Switzerland. In the past few months, some investors in Ticino bought this Bulgarian crypto founded in 2014.