Turkish authorities have confirmed the arrest of a cryptocurrency Ponzi scheme worth $1 billion💲
The FBI #FBI reported a 53% increase in cryptocurrency scam losses in 2023 to $3.94 billion.🔻
Türkiye plans to impose a transaction tax on stocks and crypto assets to enhance financial discipline.💰
Turkish law enforcement authorities have successfully dismantled a criminal organization accused of running an illegal cryptocurrency Ponzi scheme. The gang reportedly convinced unsuspecting citizens to invest US$1 billion, promising them high returns.✅
#LaStNeWs🗞️ #Binance #LifeInBinance💹
There is a huge campaign to catch similar scammers
Turkish authorities arrested 127 people linked to a fake cryptocurrency investment scheme, and confiscated 238 assets worth more than $31 million.✍️
Last month, Beijing police solved a case involving a cryptocurrency pyramid scheme. Ironically, the complainant, Xie, emerged as the prime suspect. Seeking quick financial gains, Xie invested in cryptocurrencies through an organization called “Hua.” He eventually recruited more than 300 individuals across nine levels and became the leading figure in the scheme.🌋
Losses from cryptocurrency-related scams rose 53% in 2023, totaling $3.94 billion, according to the FBI. The FBI's 2023 Internet Crime Report notes a broader increase in investment fraud, reaching $4.57 billion. Cryptocurrency-related scams make up a large portion of this total. The report said:💹
Scammers frequently used custodial accounts held at financial institutions for cryptocurrency exchanges or third-party payment processors or had targeted individuals send funds directly to these platforms where the funds were quickly distributed.🧲
In a separate development, Reuters reported that Turkey is set to implement a transaction tax on stock and crypto asset trades.📥
Reuters reported, "This step is part of strict measures being pushed by Finance Minister Mehmet Simsek to enhance financial discipline and price stability after years of unrest that fueled high inflation."⚠️
Simsek recently indicated the government's intention to impose a minimum corporate tax to ensure a more equitable tax framework. Meanwhile, President Recep Tayyip Erdogan's ruling party submitted a draft law proposing licensing and registration requirements for crypto-asset service providers. This move underscores Türkiye's commitment to regulating the cryptocurrency sector rather than growing concerns about investor protection and financial stability.🫶
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