Another Bitcoin scampany got rekt!

[Strongkored]

I even thought that BitClub had been closed a few years before, it was quite surprising that they could last long enough for about 5 years which was why they had earned so much money from this ponzi scheme.

If anyone asks why there are still many who can be fooled, the reason not only because they want to get money quickly and a lot but there are many other factors that influence it, these things I experienced before. When you have never experienced with this type of fraud you will be easy to believe and be fooled, and also When the person who is invited to join is someone you trust it can also be a factor.
Cannot blame the victims, but the culprits are to blame and get punished.

[wildan88]

These ponzi schemes will always continue to exist because they promise what people want most: "make a lot of money in a short time." When a person buys 1 btc, holds it for a long time, the price goes up a lot and then it goes down a lot and that person realizes that the time has passed a lot but the price is still the same as she bought it, and then she looks at an ad that says " invest X bitcoins today and in 30 days you will get a 2X return ". this person will think" if I invest 1 BTC in 30 days I will have 2 BTC, then I will invest 1 BTC again and I will have 2 BTC + 1 BTC of first investment profit I will get 3 BTC in 60 days "

I can't believe there are still many people who think instant, they want to get a lot of money in a short time, isn't it better to gamble? rather than being tricked by someone else?
it seems they are eyeing new users because the old users already knew how booming was about Ponzi in the past few years. finally, everyone who participated in the Ponzi was banned on this forum. In 2020, there should be no more people who believe in the Ponzi system.

[Eugenar]

Ponzi scheme has been around since before, it's just a good thing that the US Government is taking actions on  things like this. They're arresting ponzi. It's good for cryptocurrency users, the government is preventing them to scam more people. Though it's a pity for those who already got scammed... At least they were able to get arrested. We can't really stop people like this, unless they got busted. That's why should also learn to avoid and not to fall with schemes.

Actually there is a way we could possibly stop them from creating some scam projects that mainly focuses on getting funds from people. One thing to consider is to utilize whenever there is a report button when the project or site is already showing suspicious scam marks that many newbies couldn't see at their first glance. In a wider umbrella, all the possible ways we could stop them from their operation could be considered. But the best way is to start with our selves first. We know the risk and we know the consequences, right from the start, no one could be scammed if in the first place they didn't join or participate to the project.

[jostorres]

Well, it is not really his fault. He never saw it coming , he thought it was legit. All these scam projects, they never show signs at first that they are scammers, rather they keep paying investors to seem legit and draw more investors who are likely to fall victim.

If eventually their Network happens to grow and they have gotten a lot of investors, that is when they will end the project and escape with the big money that the investors have raised. Well, luckily these ones got busted, though I am not sure if the investors are really going to get their money back or not. Let this serve as a lesson for others.

[tartibaya]

Frauds are not difficult to understand. But at first they don't show big signs. There are projects to prevent fraud. Funny thing is, these projects can be scammers. What a painful painting. Bitcoin makes people dream a lot. The sense of making money can lead to mistakes.

[kotik085]

Of course, if they also ask to become a member. Fraudsters also take advantage of this, that gullible people go on provocation. I was repeatedly shown in telegram channels, and even wrote my bitcoin address, but did not agree. I did it right and the funds remained intact. One must be vigilant and not make contact.

[californiaquail]

BitConnect, now bitclub network, why does it all start with the word Bit is a ponzi scheme site, I'm sure about the bitclub network I happen to be friends with someone in Asia, he offers me about the mining business on the bitclub network but I'm not sure about their mining system and the advantage here, finally I decided to block my friendship, as far as I know their base in Asia is very large, hoping that there are no more ponzi schemes that use bitcoin, usually they always make fun of bitcoin without business ponzi schemes bitcoin prices do not go up, so words say stupid people talk

Reminds me how every internet company during the dot.com bubble called itself Cyber something or Net whatever.

Keep in mind that all of these companies (HYIP, Ponzi and whatnot) are using predefined templates, on-the-shelf domain names and incorporation status,

Just look at who does this kind of thing, and you'll have an hint of why these scams are so shitty and blatantly obvious.

We're not talking about fully-anticipated exit scams orchestrated by criminal masterminds capable of waiting years before pulling-off...

[sehoon]

Good thing they caught them and not being able to use 100% of their scammed money. I hate this kind of people ruining the crypto space. But this still, there are still people who believed in them and I just hope they get their money back. I want these people in jail forever if they can't repay those people.

[pakhitheboss]

Matthew Goettsche, Jobadiah Weeks, and Joseph Abel have all been charged with fraud by US District Court prosecutors regarding their cryptocurrency company, BitClub Network. The three men allegedly used the company as a Ponzi scheme to defraud investors of $722 million.

The company purported to run a Bitcoin mining pool, taking funds from investors for ‘shares’ in the mining profits. Investors’ funds were to be used to purchase mining hardware. Returns to investors were to be based on customary miner rewards and transaction fees earned.

Source link here

Well, well, well. Down goes another ponzi scam!

I remembered last year that someone sent me a message that I should join the Bitclub network. I refused.

He really insisted me that time to join because he was "paid" as promised. He wanted to help me change my life.

Yeah, but deep inside, he wanted me to get "victimized" in another Bitcoin scampany!

Why would I need to join a ponzi like that? Now that these filthy founders got charged for running a Bitcoin ponzi scam, I guess that the guy who sent me a message back then is now "crying" because of his lost money in that scampany.

I just feel sorry for those who have fell for that Bitcoin scampany back then. Lesson learned for you guys.

$722 million that is a big amount. How on earth were they able to scam in such a large scale. Why the hell investors do not check before investing in such schemes.?
It is evident with the amount that a large number of investors got scammed.

[henrybek3]

This market is full of scammers. Pity people are victims. Before investing in a project, it is necessary to do very good research. It's hard to get the money back after they've been defrauded. When I first entered this market, I was scammed a little bit. But later I searched and learned. I do not invest directly with anyone's ideas. I always do my own research.
If prices rise too high, they fall back by nature. Keep these facts in mind. These are my thoughts.

[gentlemand]

I remember some FIRE Youtuber interviewing one of the principals of this 2-3 years back as if it were some sort of legitimate income stream.

I shouted 'ponzi' in the comments and funnily enough the comment is no longer there on checking it. Ah well.