Four residents of Kazakhstan are suspected of organizing a cryptocurrency pyramid, whose damage amounted to more than 124 million tenge (over $280,000). This was reported by the local Financial Monitoring Agency (AFM).
According to the agency, investors were urged to invest in the company’s own token, but the site did not specify how it earned revenue.
The pyramid operated in the city of Jezkazgan. It victimised more than 600 people.
A pre-trial investigation is underway.
Earlier this year, in March, AFM officers halted the activity of the illegal cryptocurrency exchange ABS Change, which had a turnover of $34 million. Law enforcement authorities seized $358,000 in cash and froze a further $23,000 in wallets on the Binance exchange.