Bitcoin Ponzi Scheme Collapse Looms in Vietnam
This particular Ponzi Scheme in Vietnam will give Bitcoin a bad reputation in the country. Cryptocurrency is not regulated by the banks, and the local government is not too keen on Bitcoin either.
Ever since the inception of Bitcoin, there have been individuals and companies trying to discredit cryptocurrency. Some of them even go as far as setting up deliberate Ponzi Schemes to defraud Bitcoin investors. Such a scheme seems to be on the brink of collapse in Vietnam. Hundreds of people have been burned by this pyramid scheme, which seemed to rely on an MLM structure.
It is not the first time a Bitcoin Ponzi Scheme will make media headlines. One of the biggest pyramid schemes of its kind called OneCoin, is still in operation to this very day. Despite a lot of scam accusations, the company continues to attract investors. Once OneCoin collapses, a few thousand people will finally see this company for what it is.
This post was published at NewsBTC