"Better than bitcoin" altcoin sellers arrested for stealing $340 million

[b!z]

things like this would not be endless, if one group were arrested will appear two or more groups of similar

The news still acts as a deterrent for would-be criminals.

[samson]

Wow, they are must be genius, it's should be the biggest scam in the history of crypcurrence.

Utoken is not a cryptocurrency.

That's right, it's a straight up ponzi.

The vast majority of people of Thailand have ZERO idea what crypto currency is but they have probably seen an article on the news mentioning Bitcoins so these asshats at utokens jumped on that idea to scam greedy ignorant fools out of their money.

It worked though.

[Hazir]

Wow, they are must be genius, it's should be the biggest scam in the history of crypcurrence.

Utoken is not a cryptocurrency.

That's right, it's a straight up ponzi.

The vast majority of people of Thailand have ZERO idea what crypto currency is but they have probably seen an article on the news mentioning Bitcoins so these asshats at utokens jumped on that idea to scam greedy ignorant fools out of their money.

It worked though.

The worst part of that story is not that those people who invested in Utoken lost their money. (It is really good imo to be honest. They will learn.) But the idea general public will develop from this news. Bitcoin is already associated with terrorist, thieves and extortionists. People will think that bitcoin is just a scam and it will soon fall like the others 'crypto related' ideas.

[b!z]

Wow, they are must be genius, it's should be the biggest scam in the history of crypcurrence.

Utoken is not a cryptocurrency.

That's right, it's a straight up ponzi.

The vast majority of people of Thailand have ZERO idea what crypto currency is but they have probably seen an article on the news mentioning Bitcoins so these asshats at utokens jumped on that idea to scam greedy ignorant fools out of their money.

It worked though.

The worst part of that story is not that those people who invested in Utoken lost their money. (It is really good imo to be honest. They will learn.) But the idea general public will develop from this news. Bitcoin is already associated with terrorist, thieves and extortionists. People will think that bitcoin is just a scam and it will soon fall like the others 'crypto related' ideas.

They're not the type of people who would be likely to buy Bitcoin anyways, if they can't be bothered to look up the difference between Bitcoin and a ponzi scheme.

[Kprawn]

We have to be clear on this point... Alt coins and Bitcoins are different flavors of Crypto currencies. Utoken is a fancy Ponzi type digital token system, and not part of the Crypto currency group.

Bitcoin cannot be blamed for the failure of any Scam coin in this group of Crypto currencies ..... there are 100s of them... some purely created to scam people.

The media like to sensationalize these events, by linking Bitcoin to these Scam coins, purely based on the fact that they fall in the group of Crypto currencies. 

[bryant.coleman]

A few people in Thailand invested a whooping $340 million in some shitcoin, and we are having difficulty in attracting any interest to Bitcoin recently. This is despite the fact that Bitcoin is the most established crypto, and has been around for more than 6 years. 

That number may be a bit inflated like when Mycoin was busted, the first number that popped out was something like 400 million dollars, later articles point to a much lower number, around $10 million.

Still, $10 million is a huge number. We need to learn from the marketing techniques of these conmen. It will definitely help the Bitcoin sector. 

[Lauda]

This is why I advise people to stay away from 99% of the altcoins. There is no reason to get involved in them. Sure some may offer a few "features" that are better, but it is not worth it. Compared to the infrastructure behind Bitcoin, userbase and the number of merchants adopting it, altcoins are too tiny to be even bothered with. This is especially true in the current times. Sure in the past there were a few honest tries at real altcoins, but with the insane number of them being released daily they've become obsolete.
Bitcoin should be our primary focus, but the law enforcement should focus on catching criminals on both ends.

[3x2]

340Million  i haven't even heard about this coin. People should realize that its not easy to get rich fast and stop losing there money in these scams.

[shogdite]

340Million  i haven't even heard about this coin. People should realize that its not easy to get rich fast and stop losing there money in these scams.

Problem is greed blinds people, that's how scammers like this keep pulling the same stunts over and over again. The positive part of the story is that it will hopefully deter more scams like this in the future.

[manfred]

340Million  i haven't even heard about this coin. People should realize that its not easy to get rich fast and stop losing there money in these scams.

Problem is greed blinds people, that's how scammers like this keep pulling the same stunts over and over again. The positive part of the story is that it will hopefully deter more scams like this in the future.

Dont think it will deter other scammers.

[M28MmickT]

340Million  i haven't even heard about this coin. People should realize that its not easy to get rich fast and stop losing there money in these scams.

Problem is greed blinds people, that's how scammers like this keep pulling the same stunts over and over again. The positive part of the story is that it will hopefully deter more scams like this in the future.

Dont think it will deter other scammers.

No there is almost 0 chance of it deterring other would be scammers, if anything it will actually make more would be scammers. I mean if you are in fairly bad financial conditions and you think you could pull something like this of for even just 1% then i think there will be many money hungry criminals about to set up shop. 340million on a shitcoin/token! 

[pedrog]

A few people in Thailand invested a whooping $340 million in some shitcoin, and we are having difficulty in attracting any interest to Bitcoin recently. This is despite the fact that Bitcoin is the most established crypto, and has been around for more than 6 years. 

That number may be a bit inflated like when Mycoin was busted, the first number that popped out was something like 400 million dollars, later articles point to a much lower number, around $10 million.

Still, $10 million is a huge number. We need to learn from the marketing techniques of these conmen. It will definitely help the Bitcoin sector. 

Indeed it is, not many start up companies are able to get that kind of funding, and referring to legit ones, of course.