A pyramid scheme based on Bitcoin resulted in a scam. As the mastermind disappeared with $6 million Investment and Investors are waiting to get payout.
In the present time crypto adoption is at tremendous level. Even all sectors, whether they are illegal or legal, like crypto much. A much popular scheme in the world is pyramid scheme or we can say multi-level-marketing scheme running directly and indirectly. A new pyramid scheme comes into light when their Investors dawned that they got scammed.
This fraud and unrealistic scheme was based upon the promise to give $2,000 for the registered members each month. This scheme is known by the name crypto shares.
The team behind cryptoshares claimed that they will give a return by double the Investment of investors. Many of the people from Mhlanga get into this greed that they will get double of their Investment and sell their property and somehow manage big amounts to invest.
On 1 September was payment day for the Investors but no one got payment, then investors came to know that they faced a big scam.
Many of the crypto investors in this scheme claimed that they reported about it to the law enforcement department. But many of the players in crypto space said that this is not going to be worthwhile because no one can reverse the transaction and almost no chance to get Investment back.
Many reports claimed that, this types of fraud are common and will exist until people get educated in financial investment schemes. And also there are many pyramid schemes in the internet world which are not only based on the crypto but also based on the shares, stock & fiat Investment.