Dekado Coin: Latest News, Videos and Photos of Dekado Coin

The project revolved around crypto literacy and offered a wallet service. Ultimately, the fraudsters convinced investors to purchase the project’s token, PlusToken, resulting in colossal financial losses. During the height of the Bitconnect fraud, Michael James and Raymond Weil introduced Regalcoin, a similar staking scheme.

1. Launched in 2016, Bitconnect gained significant attention as a Bitcoin lending solution, assuring investors monthly returns of up to 40%.
2. The properties were bought in the name of his family members, alleged ED.
3. In the case of crypto scams, they are often rug-pulled into buying some sketchy digital tokens or other, often known as ‘shit coins’ due to their dubious origins.
4. After speaking to probe agencies, lawyers and the victims, we have zeroed in on three significant drawbacks that delay the investigation.
5. Dekado Coin is an unregulated investment platform similar to BitConnect, which we reviewed earlier.
6. In an era where everybody wants to be a millionaire, these malicious actors have discovered a seamless pathway to siphon off billions of dollars annually.

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Forsage faced civil charges from the Securities and Exchange Commission (SEC) for conducting an unregistered securities offering that raised a staggering $300 million. The SEC’s actions against Forsage followed the charging of a former Coinbase employee with insider trading. These charges demonstrate ongoing efforts to combat fraudulent activities within the crypto industry.

Differentiating Ponzi Schemes from Pyramid Schemes

It capitalized on the widespread crypto hype, presenting investors with the opportunity to participate in a multi-crypto mining ecosystem that promised high returns. The success of Mining Max relied heavily on aggressive marketing campaigns aimed at attracting new investments, aligning with the characteristics of other crypto Ponzi schemes. In 2016, GainBitcoin emerged as an India-based cloud mining solution with the promise of generating monthly returns of 10% for 18 months.

Not even a mammoth scam like GainBitcoin that saw the filing of more than 33 FIRs at home and many overseas complaints from the US, the UK and Thailand. Lately, crypto has become all the rage as a get-rich-soon investment solution, and scammers find it convenient to target the uninitiated with a variety of crypto Ponzi schemes. Indians have fallen prey to dozens of crypto scams like Bitconnect, Morris Coin, Ether Trade Asia and more. For instance, if we take the below 12 crypto scams into account, the total amount that people lost in these scams is over INR 72,000 Cr. This is when we have taken the lower amount into the account, otherwise Bitconnect alone by some could cross INR 80,000 Cr.

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Other accused in the case are Satish Kumbhani, Dhaval Mavani and Suresh Gorasiya. In October, 2021, the ED attached 16.5 hectares of land worth INR 9 Cr belonging to Divyesh Darji. The properties were bought in the name of his family members, alleged ED.

crypto Ponzi schemes used funds from new investors to pay fake “returns” to earlier investors

However, alongside these promising prospects, there is a recurring issue of crypto scams, ranging from small-scale schemes to larger-scale operations. Exploiting the famous price volatility and hype of digital assets and the complex nature of their underlying technology, fraudsters pitch vague and unrealistic crypto investment solutions to unsuspecting investors. They capitalize on the growing allure of crypto assets, dekado coin the desire to discover the “next Bitcoin,” and the general lack of public education regarding the fundamentals of crypto technology. In an era where everybody wants to be a millionaire, these malicious actors have discovered a seamless pathway to siphon off billions of dollars annually. The chargesheet filed by the Pune Police stated that Amit and his brother Vivek had set up Variabletech in Singapore in 2014.

Over the past 5 years, it has been reported that more than 20 billion USD (!) have been stolen in various cryptocurrency Ponzi schemes. Similarly, after the reported death of Gerald Cotten, the founder of QuadrigaCX, Canada’s largest exchange at the time, $190 Mn of investors’ money went missing. Third, some of these people like Amit Bhardwaj, Ranjeet Saxena and Divyesh Darji have been involved in multiple scams. However, the investigative agencies have not widened the scope of their investigation. For instance, Pune Police who are investigating the GainBitcoin scam have not been investigating Bitconnect and similar is the case with Surat CID.

Ultimately, the fraudsters convinced investors to boost their earnings by buying the project’s token, PlusToken. Complete cryptocurrency market coverage with live coin prices, charts and crypto market cap featuring coins on 737 exchanges. “The Avalanche Foundation intends to start using Culture Catalyst to recognize and encourage the culture and fun symbolized by meme coins by purchasing select Avalanche-based meme coins to create a collection,” it said. By applying discount rates based on market risks, OKX ensures a fair and balanced trading environment. In 2016, GainBitcoin emerged as a cloud mining solution based in India, attracting investors with promises of 10% monthly returns for 18 months.

The major crypto scams discussed so far show how prevalent such incidents are and how they rob the consumer investment markets of billions of dollars. The absence of a pan-India watchdog/regulatory body scrutinising these digital assets and flashing the early warning lights also makes the country a hotbed of crypto scams. Add to that botched-up investigation in many cases, primarily due to these scams’ opaque and highly technical nature. Like other scammers, Ether Trade Asia posed as a crypto trading platform, offering 3% daily returns on investments.

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The scam size in the US alone was estimated to be INR 18,000 Cr ($2.4 Bn). According to the Surat CID team, which has been investigating the case in India, it is worth INR 41,000 Cr, out of which Darji got a 10% cut or INR 4,100 Cr. He had allegedly run two more copycat scams known as Dekado Coin and Regal Coin scams. Wary of the latest developments, fewer people are now visiting the scam websites/apps promising too much, too soon.

To make sure you are dealing with a regulated and known investment platform, you should be able to find easily who is the CEO of this investment firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. State CID (crime) on Thursday unearthed another cryptocurrency scam from Surat. Police have https://cryptolisting.org/ so far got complaints of Rs 1.26 crore, but according to CID sources, the actual scam figure and the number of victims are likely to be much bigger. Both types of schemes exploit unsuspecting individuals, but understanding their differences can help investors recognize the warning signs and protect themselves from falling victim to such fraudulent activities.

“Lemme show you some pictures… This guy has bought an INR 2 Cr flat in the Film City,” said the cab driver, as I looked distinctly disinterested in his multi-level marketing scheme. On top of that, once you click and provide them with your e-mail and contact number they will ring you immediately and promise you anything to make you deposit money with them as fast as possible. Most of the scammers are experienced manipulators and before you know it they’d ask for your bank card numbers to assist you with the deposit. There is also a chance to become a victim of Identity theft, experiencing many more problems consequently. We hope that as you read this, it is because you prioritize educating yourself for prevention rather than recovery. However, if the latter is the case, please make sure to report crypto scam cases known to you to the authorities in your region and file a complaint at lionsgate.network as soon as possible.

Like GainBitcoin, Mining Max also used an ostensible cloud mining venture to mask the true nature of its illegal operations. The platform promised investors an avenue to capitalize on widespread crypto hype. Mining Max pitched the idea of participating in a multi-crypto mining ecosystem, which had the potential of generating high returns. However, just like every other crypto Ponzi scheme, much of the business model relied on heavy marketing campaigns geared at attracting new investments. One of the 10 crypto Ponzi schemes that ravaged the digital asset market. PlusToken is one of the latest and largest Ponzi schemes ever recorded in the crypto world.

As there is no regulation, the people running the platform can pocket your money while bearing no responsibility for their criminal actions. Companies providing online investment services without a license cannot provide their clients with any sort of protection. In contrast, regulated firms are required by law to adhere to a slew of regulations that ensure the safety of clients’ funds. For example, in most jurisdictions, a company will get a license if it meets the minimum capital requirement that varies by country and may also depend on the product specification, business classification and so on.