pyramid schemes – DIGIT INFO

Bank of Russia Detected Over 5,700 Pyramid Schemes in 2023

DIGIT — Tue, 13 Feb 2024 05:00:51 +0000

The Bank of Russia reported that the number of pyramid schemes and illegal lending providers in Russia rose to over 5,700 in 2023, an increase of 15.5% over the number detected in 2022. Specifically, the number of pyramid schemes detected increased by 46%, relying on the Internet and cryptocurrency as tools for promoting and carrying […]

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Ponzi vs. pyramid schemes: What’s the difference?

DIGIT — Wed, 13 Sep 2023 11:10:00 +0000

Ponzi schemes promise returns generated from the money of future investors, while in pyramid schemes, income flows up through recruitment.

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Louisiana Senator Compares Modern Banks to ‘Sophisticated Ponzi Schemes’

DIGIT — Sun, 07 May 2023 20:34:56 +0000

Louisiana Republican senator John Kennedy recently stated in an interview published on Wednesday that the U.S. Federal Reserve may need to increase the federal funds rate to 8-10% to address the country’s inflationary pressures. Kennedy’s remarks come after he criticized the Biden administration in mid-March for bailing out Silicon Valley Bank and Signature Bank, emphasizing […]

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Over Half of This Year’s Financial Pyramids in Russia Involved Crypto, Bank of Russia Finds

DIGIT — Sun, 17 Jul 2022 08:00:35 +0000

A majority of the financial pyramids identified in 2022 used cryptocurrencies in one way or another, Russia’s central bank announced in a new report. Amid Western sanctions, Russian scams have stepped up their activities, often claiming to be licensed by foreign authorities to offer access to crypto assets. Russian Pyramids Take Advantage of Western Sanctions […]

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Majority of Russia’s Financial Pyramids in Q1 Linked to Crypto, Scammers Exploit Sanctions Topic

DIGIT — Sun, 08 May 2022 10:00:57 +0000

Many of the financial pyramids identified in Russia during the first quarter of the year have been associated with cryptocurrencies, a top central bank official has revealed. Fraudsters are actively exploiting the hot topics of the day, including the sanctions theme. Pyramids Offer Russian Investors Ways to Circumvent Western Sanctions Amid growing financial uncertainty, Ponzi […]

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Spanish Prosecution Office Investigating Alleged Bitcoin Pyramid Scheme: $1 Billion in Investor Funds Reportedly Missing

DIGIT — Wed, 07 Oct 2020 08:00:23 +0000

The Spanish Prosecution office says it is investigating Arbistar for allegedly running a bitcoin trading scam with preliminary findings suggesting $1 billion in investors’ funds cannot be accounted for. The disappearance of investor funds has affected 32,000 families that are failing to access their savings that are invested with Arbistar, a bitcoin trading platform. Problems […]

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