Las Vegas man accused of running $24M crypto Ponzi scheme

[EluguHcman]

The fact that we advocates of scamming awarenesses in the forum does not really mean everyone will be alerted because it is not everyone at all corners of the world are in here neither are they learnt about the strategies of the scammers.

Scamming awareness advocates would go more viral in social platforms where learned and unlearned persons could be found and there is also an avenue to how victims can easily be convinced to be scammed.

If you see the social engineering structures of how Kovar package the scamming companies offices with his boldness to operate physical sightedly was convinceable that the pyramid scheme was real.

It was confidence tricky con game for him with how he finished the offices with the computer systems projected to be realistically mining cryptocurrency and verifying cryptocurrency transactions which got Investors attracted to invest in his company before they all got scammed.
The physical displays was literally what made Investors believed he was a genuine.

[Sticky Bomb]

When we tell people to either mine themselves or they should not mine but only invest, some people may not listen. But not everyone can be on this forum and some people can lack the knowledge. See a man that scammed investors through a ponzi scheme.

Kovar obtained the money from hundreds of investors from 2017 to 2021 and promised them that they would receive up to 30% growth and a “100% money-back guarantee,”

The investors were deceived through his website, his YouTube videos and PowerPoint presentations.

You can read the news: https://www.8newsnow.com/crime/las-vegas-man-accused-of-running-24m-crypto-ponzi-scheme/amp/

Ponzi would always prevail where people are greedy and are interested in getting something for nothing. People fail to research properly on the existence of these ponzi companies before they invest and for some who researches and knows the truth, still hopes they're among the first to get into it, take their profits and never return.

Truth is that no matter how much sensitization is done, greedy and old people are easily lured into such traps because they get easily excited on what looks like good offers and lose their money when it turns out a scam.

[Coyster]

Like we always say in this forum, if it is too good to be true, then it prolly isn't true and is a scam. How can someone promise you 30% growth and also guarantee you 100% of your investment, that is obviously too good to be true.

I hope the law takes its full course in this case and this scammers goes to jail for his crimes, and for the people who fell for this, it is another learning curve for them, don't be greedy, scrutinize everything critically before you put your money into it.

[Ishicryptic]

Anytime that I see investments where you need to put your funds into it and do nothing, then begin to get returns on a short term, they are always a red flag for scams, I always tell myself that it is likely a scam. Everybody must DYOR before investing in any project so that they will not fall into the hands of criminals. Ponzi schemes are gambles, it is only the first sets of investors that cashes out, when it begins to gain reputation and many people starts to get in they will shutdown with people's funds, the worrying thing is that some people will know that it is Ponzi, yet they will put a lot of money into it, hoping to make returns before the project will crash. People needs to carry out a thorough research to be sure that they are dealing with a reputable company before investing their money in them.

[robelneo]

Kovar the Las Vegas man, is so good at setting up this scheme that it lasts for 4 years, but we all know the Ponzi scheme is not sustainable; there will be a point that the money stops coming in and he will have to pay early investors, and when there is no sustainable business behind this project, its only a matter of time before the developer will do a rug pull.
He will have to make a settlement, or he will spend the rest of his life in prison. This is going to be the fate of all Ponzi scheme operators once they are caught and charged.