As the cryptocurrency industry grows larger, malicious individuals and groups seek (and find) more opportunities to get away with other people’s digital assets, with the largest-ever crypto Ponzi scam in India costing its victims billions of dollars.
Specifically, in the elaborate pyramid scheme called GainBitcoin, victims have lost a total of over 1 trillion in Indian rupees, which is an equivalent to more than $12.8 billion, an India-based news platform Onmanorama reported on June 16.
In a typical pyramid scheme, the scam’s orchestrator Amit Bhardwaj operated with the help of his ‘Seven Stars’. The group promised its victims a 10% monthly return in Bitcoin-on-Bitcoin deposits for 18 months through multi-level marketing programs.
Before realizing that the number of Bitcoins (BTC) is limited and that the guarantee is therefore not viable, several investors have already put their money into the scam. The situation got more complicated by the death of its mastermind, who died earlier...
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