The South Philadelphia-based company that once pledged enormous returns for investors is now alleged to be a Ponzi scheme.
Sept. 7—Pennsylvania educator Mayama Kesselly said she was skeptical when a co-worker pitched her on a lucrative investment in one of the most explosive financial marketplaces in the world: cryptocurrency, which had gained glowing endorsements from Hollywood celebrities and Silicon Valley CEOs.
Shortly after her initial investment last spring in VBit Technologies — a novel bitcoin mining venture launched by a flamboyant Philadelphia entrepreneur — started to reap hefty profits, she and her husband went all in.
The Bristol couple took out $50,000 in loans to buy the company's top-of-the-line "Black Diamond" mining package and soon started reeling in as much as $9,000 a month in returns.
In time, Ms. Kesselly became something of an evangelist for VBit, signing up her friends through the company's pyramid-like "affiliates" program and reinvesting her own profits...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...