Ponzi scheme

The Central Bank of the Russian Federation has revealed a fraudulent financial system called Cashberry. The project was aimed at inducing people to invest their money in the scam scheme, offering highly lucrative returns on fiat and crypto investments.

From July this year, things resembling Ponzi schemes, fraudulent schemes where earlier investors are paid with the money taken from new investors, giving the impression that the scheme is a viable investment, have flooded the charts among decentralised applications (dapps) operating on the global's second-biggest Blockchain, exceeding even the pace of famous CryptoKitties.

The mastermind behind the detestable bitcoin Ponzi GainBitcoin has proposed to reimburse thousands of victims who encountered losses during the blueprint that consisted of an initial of almost $150 million in cryptocurrency.

Bitconnect is suspected of being a hybrid of a pyramid and a Ponzi-scheme

The fact that the Bitcoin price is moving up so fast surprises cryptocurrency and Blockchain experts. We know that Bitcoin is a promising investment tool, yet the price has doubled in just half a year, from $850 in December up to its latest maximum of $1,750 in May. Could good news like world governments accepting cryptocurrency play a role in the Bitcoin and altcoins price race? Or are we observing another ponzi scheme? Should we expect corrections soon?

Mmmglobal is a pyramid scheme authored by Russian fraudster Sergei Mavrodi. The scheme has numerous localized websites for every country or region where it operates. Recently, BCC authored a warning on mmmnigeria, the Nigeria chapter of mmmglobal citing it’s a scam aimed at stealing funds.