Another PONZI scheme money frozen in bank account revealed

[magneto]

Cryptographic money worth $1.2 million that was seized from a Ponzi plot by Indian police can't be gotten to and came back to dazed financial specialists since Indian financial laws deny the treatment of virtual monetary forms.

Linke to full news
https://www.cryptoglobe.com/latest/2019/10/seized-ponzi-funds-remain-stuck-in-frozen-indian-bank-account/?amp=yes

This is cause for concern.

If you are going to invest anything into cryptos in a country which has explicitly stated that institutions are not allowed to handle crypto transactions, and you choose to dumbly trust a third party to be holding your investments - then you should be prepared for the risks.

I do think that the Indian government should make some exception to the legislation in order to refund the victims, though. Because after all, even though getting scammed is somewhat their fault, a ponzi scheme at the end is illegal and its victims should be reimbursed.

[coinfinger]

The Indian government is treating Bitcoin as illegal money at the moment and I would be really annoyed if I was one of the victims there. Imagine the relief you they got upon hearing the good news and then the disappointment that you can't have it.

I know about this, but the question here is how could they be able to run the Ponzi Scheme if the government is banning it there?

I can only guess. Maybe there are people who are too greedy and wanted to make quick money by fooling others? The best way to find out is personally asking the scammers.

I would not really call those investors fools, seems you have very less activities when it comes to investment, because if you really do invest, and you come across some of these projects every day, you will realize that it is not so easy to actually discern some of these projects, pay less attention to the fact that the news is just calling it Ponzi scheme now, they are calling it Ponzi scheme because it has already turned scammed project, but the project itself would never come as form of Ponzi at the initial stage.

When you read some of their whitepaper, you could see that they have very strong product to offer, and talking of team, they have very strong team which is why government could even catch up on them easily, but it is a good thing though that government is active now in going after these known scammers.

[passwordnow]

I do think that the Indian government should make some exception to the legislation in order to refund the victims, though. Because after all, even though getting scammed is somewhat their fault, a ponzi scheme at the end is illegal and its victims should be reimbursed.

This should be the action that the Indian gov't would do. But I don't think that they will do it, returning "illegal" money on their perspective won't work. They have all the rights to do with the seized money like what happened to the funds that were seized during the Silk Road days.

Well, great! Here is a prime example of what the lack of regulation can lead to.
Although in this case, it seems to me that the victims themselves need to take the initiative. To demand the return of funds not stolen from them, but to demand the return of information stolen from them. After all, do not forget that blockchain is a database, i.e. information.

The question, Is the Indian gov't will cooperate?

[Hypnosis00]

Well, great! Here is a prime example of what the lack of regulation can lead to.
Although in this case, it seems to me that the victims themselves need to take the initiative. To demand the return of funds not stolen from them, but to demand the return of information stolen from them. After all, do not forget that blockchain is a database, i.e. information.

Does regulation place a big role in crypto? Cause even though we have that kind of regulation but couldn't say that we are free from those scamming and Ponzi scheme in here. Definitely, they still are existed as long as these scammers want to do it. They have a smart ass, as we know it and they are smarter to think that regulation could stop them either in the future that is why they take advantage first.

Indian government makes it right and what they do is the benefits of the entire market as well.