The Brazilian operators of a suspected crypto scam reportedly fled the country just before the police launched a probe into the company behind the project.

Police think that the company raised some $178 million in investments from around 7,500 people.

The Brazilian media outlet Livecoins reported that five individuals left the country, with some destined for Dubai and others heading to the USA.

The alleged scam’s masterminds promised victims returns of up to 40% on their investments.

Police in the southern state of Santa Catarina said they had raided a number of addresses, and “seized 15 luxury cars.”

They described the outfit as a “cryptocurrency pyramid” that offered “monthly fixed returns” of “20% to 40%” on “crypto investments.”

The individuals are believed to have operated a company in Florianópolis, Santa Catarina’s capital and second-largest city.

In an operation codenamed Crypto X, police swooped along with the Fraud Office and the Money Laundering Investigation Office, as well as public prosecutors.

Some 18 properties were searched, but no arrests were made.

Officers added that the alleged masterminds had likely committed “money laundering” offenses.

Police said the alleged scammers had likely “hidden assets” with the help of “intermediaries.”

A prosecution official was quoted as stating:

“The operation was important. It provided a way of retaining the assets of those being investigated in order to try to recoup the damages suffered by the victims.”

The official confirmed that a search for the alleged perpetrators was now underway, and that they would be “held accountable” for their actions.

Increase in Brazilian ‘Crypto Scams?’

Crypto scams have been on the rise in Brazil in recent months.

In March, the sporting world was rocked by news of a purported scam allegedly involving some of the nation’s top football (soccer) players.

Police also moved to bust a suspected sex-tortion ring that made use of crypto.

And a company suspected of being at the center of a large-scale pyramid-style crypto scam apparently emptied its offices amid a police investigation.

#crypto2023 #SCAM #crypto #Binance

OneCoin was one of the most ambitious and audacious cryptocurrency projects ever conceived. Its founder, Dr. Ruja Ignatova, claimed that OneCoin would surpass Bitcoin and revolutionize the global financial system. She attracted millions of investors from around the world, who poured billions of dollars into her scheme. But behind the glamorous facade, OneCoin was nothing but a massive Ponzi scheme that defrauded its victims and left them penniless.

The Rise of OneCoin

Dr. Ruja Ignatova launched OneCoin in late 2014, riding on the wave of Bitcoin’s popularity and success. She presented herself as a visionary leader and a financial expert, with impressive credentials and awards. She traveled the world, delivering charismatic speeches and dazzling audiences with her promises of wealth and empowerment.

OneCoin claimed to be a new generation of cryptocurrency, based on a proprietary blockchain technology that was faster, safer, and more scalable than Bitcoin. Dr. Ruja also boasted that OneCoin had a huge supply of 120 billion coins, which would ensure its stability and growth. She said that OneCoin would soon be listed on public exchanges and accepted by merchants worldwide.

To join OneCoin, investors had to buy educational packages that supposedly taught them about cryptocurrency and finance. These packages ranged from €100 to €118,000, and included tokens that could be used to mine OneCoins on the company’s platform. Investors were also encouraged to recruit new members and earn commissions through a multi-level marketing (MLM) system.

However, most of the educational materials were plagiarized from other sources, and the tokens had no real value. The company did not have a functioning blockchain or a transparent ledger. The price of OneCoin was arbitrarily set by the company, and there was no way to sell or exchange OneCoins for other currencies. The only way to cash out was to request a withdrawal from the company, which was often denied or delayed.

The Fall of OneCoin

In 2016, authorities and regulators from various countries started to investigate OneCoin and warn the public about its fraudulent nature. Several media outlets also exposed the lies and inconsistencies behind OneCoin’s claims. Some of the red flags included:

The lack of evidence or verification of OneCoin’s blockchain, mining, or transactions.

The unrealistic and unsustainable returns promised by OneCoin, which violated the basic principles of economics and market dynamics.

The legal troubles and criminal records of some of OneCoin’s key figures, including Dr. Ruja herself.

The use of fake endorsements, awards, and partnerships to boost OneCoin’s credibility and legitimacy.

The censorship and intimidation of critics, whistleblowers, and dissidents who questioned or challenged OneCoin.

In 2017, Dr. Ruja disappeared without a trace, leaving behind a crumbling empire and a trail of lawsuits. She was later charged by the US authorities with wire fraud, securities fraud, and money laundering. Her brother, Konstantin Ignatov, who took over the leadership of OneCoin after her disappearance, was arrested in 2019 and pleaded guilty to several charges. He is currently cooperating with the prosecutors as a witness.

The Impact of OneCoin

OneCoin is considered one of the biggest scams in history, having raised an estimated $4 billion from millions of investors across 175 countries12 Many of these investors lost their life savings, pensions, or properties to OneCoin. Some even faced legal consequences or threats for promoting or participating in OneCoin.

The victims of OneCoin came from diverse backgrounds and cultures, but they shared a common desire to improve their lives and achieve financial freedom. They were lured by OneCoin’s sophisticated marketing campaigns and persuasive recruiters, who exploited their emotions, fears, and hopes.

The story of OneCoin is not only a cautionary tale for cryptocurrency enthusiasts, but also a reminder for regulators and policymakers to protect consumers from such scams. It also highlights the need for more education and awareness about the risks and opportunities of the emerging digital economy.

#REXBOX #crypto #ONECOIN #SCAM

SCAM is a revolutionary much needed movement in the blockchain industry. We aim to expose fraudulent behavior and raise awareness of scamming activities. We are committed to unveiling the unethical acts of malicious actors in the cryptocurrency industry. With a unique model of raising awareness and providing reimbursements. SCAM will disrupt the industry and alter the narrative around the vulnerability of the crypto market to scams.

Why SCAM?

Launch 24 Hours before.

Listed on CMC & TRUSTWALLET SWAP

Listed on first CeX POLONIEX

SCAM Coin groundbreaking cryptocurrency project aimed at exposing fraudulent behavior and raising awareness of scamming activities, launched on Monday, June 19, at 06 PM UTC. With a mission to create a safer environment in the blockchain and cryptocurrency industry, SCAM Coin seeks to disrupt the industry and establish a new standard of trustworthiness.

The core principles of SCAM Coin are centered on transparency, community, and vigilance. The project is determined to expose malicious actors in the cryptocurrency industry and counteract the pressing issue of fraudulent projects. SCAM Coin's unique approach includes raising awareness and providing partial reimbursements to scam victims, fostering a safer environment for investors and enthusiasts.

I have shared this coz I think it's undervalued and worth some attention only thing is needed to Have some beleivers and good big influencers onboard who can share about them.

You can join their telegram "Scamcoin_ETH" and know more about them. Admins are active whole day and can answer for your questions anytime.

This is just my opinion not financial advice. Do your own research before any investment and also let me know what do u think about this in comments. Love to hear your opinion on it.

This article is sponsored

#SCAM

It is unbelievable and unfortunate that the blockchain industry’s scammers keep on doing their shady business and, sadly, thriving on it. In this article, I write about three incidents that came across to me lately, and here they are.

I assume you all heard about the Kucoin hack, but I’ll collect some bits and pieces about this mystery hack in Singapore 26th of September. It was a colossal scale hack, which resulted in around 280 million theft from the respectable Kucoin trading company based in Singapore. The good news is that approximately 160 million of the stolen assets have been frozen.

This hack tells us lots of different things about the cryptocurrency world in general. The first thing that comes to mind is exchanges and trading platforms volumes have multiplied lately to gigantic proportions. This kind of rapid growth makes platforms more vulnerable to hacks and or information breaks. I think the Kucoin hack proves me right. Even hackers didn’t get cold wallets. They took the coins from the hot ones.

In any case, this kind of hack raises questions, one being the clearest: was there inside man with the hackers, or was somebody indeed so sloppy at Kucoin headquarters that slipped safety keys accidentally to someplace where they could get into the thieves hands? Let’s see how the investigation on Kucoin hack proceeds and let’s do after that conclusion to this Huge scale theft of the year 2020.

A few days ago, I stumbled upon 1 of the rudest and meanest scam I have ever seen. It was, I hope, that it is not anymore there on the net when I’m writing this. Curve.fi, you all know it’s an open-source-based pool, with over 1.5 billion USD in assets and counting. I am registered there, which is the ONLY reason I didn’t get compromised by the villains. I googled curve just because I didn’t remember the .fi ending, and the search engine shows me the result of the copied curve as a paid advertisement, and therefore it is number one on the first page of my search. I was so sure and ignorant that the domain under it was fake, so I DID click myself to 100% similar curve—fi copy site.

I almost start to do operations on this magnificent pool, until it asks me to give it my ethereum wallet address. The alarm clock in my head stopped me, and I started to investigate this. And after few checks on the web, it was undeniably truth: the devious con artists had copied the page, and not only that, they had paid with cash to Google that their paid add could jump to 1st position in Google search. How fcked up is that? I have to write about this here. And please, dear readers, keep on sharing this because this one was indeed executed quite flawlessly, I have to admit.

I took my responsibility to inform the curve. Fis staff and other places I could know, and I did get some results I hope, curve.fi, the real one, told google about this crime, and they were hoping that google acts fast, but sometimes it is not fast enough. I hope my messages were sent early enough. What arrogance and ruthless, devious mind could achieve this kind of misrepresentation, and how colossal damage could have been to hundreds or thousands of people? Let us knock on wood and pray that I was acting fast enough.

Last but not least, at least in the magnitude of the scams was coming to my eyes when I was studying Etherscan.io and learning how to get as much data from transactions in ERC-20 as possible. It is called forsage.io. Maybe it will give you the magnitude of this company’s fraud when I put to numbers: 958.000 participants joined in total. Yes, it is a pyramid scam, almost a million people lured into it.

The third biggest ethereum GAS spender in the last 30 days was a well-known Ponzi scheme and calculated by other Etherscan.ios numbers, and massive damage will be thrown upon the victims of their fraud.

The company had spent on GAS, according to ETHERSCAN: io, almost 26 million USD in the last 30days, being the third-biggest gas user in that time, in that massive volume, we can only speculate what are, or will be the volumes of their con in total? From the bottom of my heart, I hope that all readers, all authorities, all those of you there, who cares, will raise to the barricades with me, against the evil villain hackers, scammers, con artists, or phishing masters out there. This blog post is Call to Arms, joining me to fight this terrible threat to cryptocurrency and blockchain blooming stopping force now.

Please share this article with anyone who you think might need it.

#REXBOX #KUCOIN #SCAM #ALERT #Ethereum

$ETH