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Investment Scammers Use Crypto for Cover
When a ponzi scheme can no longer disburse returns to its members (investors), scammers create fake cryptocurrency tokens for distributing to investors as their purported returns on shares.
A woman buys in a store that accepts bitcoins in El Zonte, La Libertad, El Salvador on September 4, 2021. - The Congress of El Salvador approved in June a law that will make bitcoin legal tender in the country from September 7, with the aim of boosting its economy although analysts warn of a negative impact.
Cryptocurrency (crypto) trade is being used as a cover for ponzi schemes, Kompas has found.
JAKARTA, KOMPAS — One of the most common forms of crypto assets fraud in Indonesia appeares to be a ponzi scheme, a type of investment scam.