- Turkish authorities have busted a $1 billion cryptocurrency Ponzi scheme.
- FBI reports a 53% surge in cryptocurrency scam losses in 2023 to $3.94 billion.
- Turkey plans transaction tax on stocks and crypto assets to boost fiscal discipline.
Turkish law enforcement successfully dismantled a criminal organization accused of running an illegal cryptocurrency Ponzi scheme. The gang reportedly convinced unsuspecting citizens to invest a combined $1 billion, promising high returns.
In a coordinated crackdown, Turkish authorities arrested 127 individuals linked to the fake crypto investment scheme and seized 238 assets worth over $31 million.
Last month, Beijing’s police solved a case involving an organized crypto-pyramid scheme. The complainant, Xie, ironically emerged as the prime suspect. Seeking rapid financial gains, Xie invested in cryptocurrency through an organization called ‘Hua.’ He eventually recruited over 300 individuals across nine levels and became the scheme’s lead figure.
Losses from cryptocurrency scams rose by 53% in 2023, totaling $3.94 billion, according to the FBI. The FBI’s Internet Crime Report 2023 indicates a broader increase in inves…
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