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SCAM BUSTERS Case # 6

Fake Crypto Bank Fleecing

+
100 victims or more
+
Amount Lost:
$500,000
+
Time Frame of the case:
2017-2018
CASE REPORT

Victims invested in an alleged crypto bank set up out of Australia. The crypto bank promised a 1.9% a day ROI for a 90-day deposit, but only delivered to the first people in because there was no real bank behind it. It was a Ponzi scheme that required new money in to pay to pay existing investors. The victims have attempted to expose the scammer online since 2019, but this has had no effect whatsoever on the scammer, he is still out scamming. The scammer was also prosecuted in 2020 for various other frauds, but there has been no resolution of this case yet.

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