In Kazakhstan, verdict handed down to the founders of the Sincere Systems Bitcoin pyramid

In Astana, a court has considered the criminal case against the leadership of the Sincere Systems financial pyramid. The local Financial Monitoring Agency reports this.

According to the agency, since 2020 the organisation claimed to cooperate with cryptocurrency exchanges and attracted investments from citizens in various fictitious projects.

The pyramid had a website with the ability to create a personal account and top up a wallet.

The total damage from Sincere Systems’ activities amounted to 215 million tenge (more than $480,000 at the time of writing).

The head of Sincere Systems received a six-year suspended sentence with a five-year ban on investment activity.

Earlier in May, four residents of Kazakhstan were suspected of organizing the MetaGo cryptocurrency pyramid worth more than 124 million tenge (more than $280,000).