[2018-04-20] Bitcoin Pyramid Scheme Amassed $20 Million In South Korea

[tyz]

Bitcoin Pyramid Scheme Amassed $20 Million In South Korea
On April 19, a judge from Seoul's Incheon District Court issued fines of $15 million and $8 million, respectively, to the two fraudsters, according to local news source Yonhap.
The report said the two men started the scheme in 2015 and subsequently built a multi-level company by promising investors high returns through investing in bitcoin.
https://www.coindesk.com/bitcoin-pyramid-scheme-amassed-20-million-in-south-korea/

[Slow death]

 


I read it right? they said:

Two men from South Korea have been sentenced for creating a bitcoin pyramid scheme that swindled some 20 billion Korean won ($20 million) from investors.

How the hell could they have managed to steal that much money? how many investors were they not to have realized this scheme?

in this other case:

As reported on Wednesday, Chinese police arrested the founders of a claimed nationwide cryptocurrency pyramid scheme that had amassed $13 million from over 13,000 people.

13000 investors and they manage to steal that absurd amount of money? What is wrong with people?

[davis196]

I read it right? they said:

Two men from South Korea have been sentenced for creating a bitcoin pyramid scheme that swindled some 20 billion Korean won ($20 million) from investors.

How the hell could they have managed to steal that much money? how many investors were they not to have realized this scheme?

in this other case:

As reported on Wednesday, Chinese police arrested the founders of a claimed nationwide cryptocurrency pyramid scheme that had amassed $13 million from over 13,000 people.

13000 investors and they manage to steal that absurd amount of money? What is wrong with people?

Bitcoin price was around 400 USD back in 2015.I guess that the btc,accumulated from that scheme had increased it`s value 22 times.I think that most of those so called "investors" had invested really small amounts of btc,but I`m not surprised by the number of people,who were scammed.We have to remember that back in 2015-2016 bitcoin was totally unregulated in most Asian countries.

[Notcalculator]

It's understandable that people are being scammed off their btc since it's pretty new and some investors dont really understand it. Ive met scammers who claimed they could double my money by investing it in bitcoin through them. It's understandable that after doing a quick google about btc and how much it has risen in price that people would fall for it. 

[Theb]

Apparently the one who owes the higher fine which is 15 million dollars is also the one who operates a pyramid scheme in the Philippines based on this article. These two individuals are lucky that they are only paying fines as a penalty for their illegal act. These kind of people are thieves who are preying on the weak and I do believe they need to face a heavier punishment like 10-20 years in prison as they have stolen 20 million dollars from the Koreans. If this kinds of crimes are only facing fines as punishment then this criminals would still be out in the streets. If their country wants to learn from this they must change their punishments to a harsher one and also think of new enforcement in order to prevent this kind of crimes.

[richardsNY]

It's understandable that people are being scammed off their btc since it's pretty new and some investors dont really understand it. Ive met scammers who claimed they could double my money by investing it in bitcoin through them. It's understandable that after doing a quick google about btc and how much it has risen in price that people would fall for it.  

Sorry, but it's not understandable at all. If people think this is a market where money grows on trees, they will definitely get scammed at some point. It's common sense that when you are being offered a deal involving high returns, that you automatically skip it. If someone is offering you high returns on your investment, don't you think about how that specific person is doing it? And why he would need capital from others to do so? If that person was really able to book such insane returns, he wouldn't share his neat little money making trick, but strictly keep it to himself. Whether it concerns people directly or investment sites telling people they can earn a lot, it's a scam by default. Quite often you hear them saying that they do it to help people earn money....