Protestors Set Alleged Bitcoin Ponzi Scheme Perpetrator’s Home on Fire

Protestors set fire to paramedic-turned-bitcoin entrepreneur Sphelele “Sgumza” Mbatha’s home, following the collapse of his Ponzi-like “investment scheme,” according to Ladysmith Gazette. Mbatha’s company, Bitcoin Wallet, promised investors 100-percent returns by investing South African rand in cryptocurrencies. Before shutting down the operation on July 4, Mbatha was believed to have been taking in more than…

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Tron Says Protestors at Beijing Office Invested in Imposter Scheme

The price of Tron dropped precipitously Monday on inaccurate rumors of a “police raid” at the company’s office in Beijing. The real story, however, was far more interesting. According to an official company post, the police arrived to protect the office from “people [who] were deceived by the so-called ‘Wave Field Super Community,’” a group that…

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UK Watchdog Reports $34 Million Lost in Crypto and Forex Scams Last Year

The primary financial regulator of the United Kingdom, the Financial Conduct Authority (FCA), reports that crypto investors in the country lost over $34 million due to cryptocurrency and forex scams from 2018–2019 the Financial Times reports on May 20. According to the data, which the FCA gathered from the U.K. national fraud and cybercrime reporting…

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