Kazakhstan opens pre-trial investigation into a ‘mining’ financial-pyramid scheme.

The Department of the Financial Monitoring Agency of Kazakhstan began a pre-trial investigation into a financial pyramid scheme.

\n\n

According to the agency, Bincloud operated under the pretense of renting mining equipment. The organizers attracted investors through WhatsApp and Telegram.

\n\n

«According to the Bincloud program, individuals acquire the lease of virtual mining equipment for a set amount, from which they receive a daily investment income of 5-6% of the invested amount,» the agency said.

\n\n

However, when withdrawals of funds were made by clients of the project, 16% of the total amount was withheld, the agency stressed.

\n\n

Earlier in March, Kazakh law enforcement authorities identified a mining farm at a railway station.

\n\n

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, rates and analytics.