[12-04-2018] Vietnam Responds To $660 Million Cryptocurrency Fraud

[bitzamp.com]

Earlier today, officials in Vietnam called for more scrutiny against those who invest or carry out transactions using cryptocurrencies. The Prime Minister’s statements could be the biggest case of fraud involving digital currencies in the nation.

The Vietnamese Prime Minister addressed several government and financial bodies in a directive on Wednesday in light of the latest massive ICO scams.
Nguyen Xuan Phuc instructed the State Bank of Vietnam, the Ministry of Public Securities amongst other institutions to ensure greater “management of activities related to Bitcoin and other cryptocurrency”. According to Reuters, the official government website supported this by stating:

Read More: https://bitzamp.com/vietnam-responds-to-660-million-cryptocurrency-fraud/

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[BitHodler]

Sigh. I seriously don't know what to think anymore about how stupid people are. It's mind boggling how one could not see any threat in these "high paying" and "risk free" investment options. I don't feel sorry for people.

This is pure stupidity and greed that only results in yet more bad publicity, while it's the people that should be blamed here, and not the general crypto market. One can't even blame the lack of regulations.

I'm afraid that we'll be reading about more +$100 million schemes go down this year. It's a domino effect because a lot of these schemes were set up last year, where it's just a matter of months before the next in line goes down.

[Xavofat]

Sigh. I seriously don't know what to think anymore about how stupid people are. It's mind boggling how one could not see any threat in these "high paying" and "risk free" investment options.

A lot of people are used to a more heavily regulated banking system in which different types of scams are prevalent.  Crypto is a new space with scams in unexpected places.

I expect that if awareness increases in the coming years, less people will get scammed.  In the meantime though, I really don't think the victims should be blamed.  Sometimes anyone is susceptible to manipulation - in the same way that intelligent people can end up joining cults, anyone can be a victim of scams in certain circumstances.

It's also difficult to underestimate what the effects of poverty can be.  Some people can just end up desperate, and whatever little money they have left ends up going to whatever they think could help.

[Termin4tor]

Sigh. I seriously don't know what to think anymore about how stupid people are. It's mind boggling how one could not see any threat in these "high paying" and "risk free" investment options. I don't feel sorry for people.

This is pure stupidity and greed that only results in yet more bad publicity, while it's the people that should be blamed here, and not the general crypto market. One can't even blame the lack of regulations.

I'm afraid that we'll be reading about more +$100 million schemes go down this year. It's a domino effect because a lot of these schemes were set up last year, where it's just a matter of months before the next in line goes down.

This is what happens when people think of cryptocurrency as some kind of revolutionary technology of doubling or creating money out of thin air. Aren't these investors who are savvy enough able to research properly the technology behind these ICO's and mainly the potential risks of investing into it?

Its Honestly just sad seeing most of these scammers get away with millions and billions easily by just making up some bullshit ideas online and exploiting people out of their hard earned money. Hope the law is seriously investigating into these crimes and catch the criminals behind it.