Ponzi Schemes | ForkLog

ForkLog 4 22.04.2022

Number of defendants in the Finiko case reaches 22

On 22 April, during a court hearing on the selection of a measure of restraint for the Finiko site curator, the surnames of 22 people who attracted money into a financial pyramid were announced.

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ForkLog 8 21.04.2022

Russia detains six Finiko pyramid executives

On April 20, the Ministry of Internal Affairs and the National Guard detained six leaders and active participants of the Finiko financial pyramid.

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ForkLog 13 23.03.2022

In Russia, organisers of a cryptocurrency pyramid with losses of over 1 billion rubles were detained

FSB officers in Dagestan and the local interior ministry identified suspects behind a financial pyramid that offered investments in digital assets yielding up to 500% per year.

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ForkLog 7 01.03.2022

BitConnect founder could not be served with $2.4 billion fraud indictment

The BitConnect founder, accused of $2.4 billion in fraud through a Ponzi scheme, could not be served because his whereabouts are unknown. This comes from an SEC filing.

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ForkLog 8 26.02.2022

BitConnect founder indicted for $2.4 billion crypto fraud

A federal grand jury in San Diego indicted BitConnect founder Satish Kumbhani for $2.4 billion Ponzi-scheme fraud.

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ForkLog 8 24.02.2022

Chinese police dismantle cryptocurrency pyramid scheme and seize $5.4 million in XRP

In Gansu province, law enforcement officers arrested seven organizers of a multilevel financial pyramid and seized more than 8.46 million XRP (~$5.4 million).

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ForkLog 7 16.02.2022

Every other Ponzi scheme in 2021 drew Russians in with cryptocurrencies

In 2021, the Bank of Russia identified about 2,700 companies with signs of illegal activity. The number of Ponzi schemes rose from 222 to 871 compared with the previous year.

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ForkLog 6 15.02.2022

Creator of Bitsonar pyramid released on house arrest

On 14 February, the Primorsky District Court of Odessa released from custody the creator of the Bitsonar pyramid, Alexander Tovstenko, who was accused of organizing the murder-for-hire of a former colleague. ForkLog reported, citing participants in the proceedings.

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ForkLog 30 04.02.2022

Mining Express data centre in Ukraine had mining equipment seized

In late January, in Kropyvnytskyi, officers of the Security Service of Ukraine (SBU) seized an unspecified amount of equipment for cryptocurrency mining from premises belonging to the Mining Express data centre.

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ForkLog 8 19.01.2022

Kirill Doronin denies siphoning funds through the Finiko pyramid scheme

The founder of the Finiko financial pyramid, Kirill Doronin, said that his project accepted only cryptocurrencies from investors, not fiat funds.

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ForkLog 13 10.01.2022

Brazilian police arrest organizer of Mirror Trading International Bitcoin pyramid

The Brazilian military police arrested the founder and CEO of the Mirror Trading International cryptocurrency pyramid, Johann Steynberg, who had been sought by Interpol and the FBI in 2019.

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ForkLog 8 10.12.2021

Former BitConnect director barred for life from participating in ICOs

The United States District Court for the Southern District of New York issued a verdict against former BitConnect director and promoter Glenn Arcaro, and the affiliated company Future Money Ltd., through which he attracted potential investors.

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