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Indian Police Uncover Cryptocurrency Scam Involving BitConnect Promoter

Indian police have reportedly discovered an alleged multi-million dollar cryptocurrency scam, involving a BitConnect promoter, local media outlet the Times of India reported on June 3.

The Criminal Investigation Department (CID) in Gujarat, India, has accused Divyesh Darji — a promoter of now-defunct cryptocurrency investment program BitConnect that ceased its operations in January of last year — of luring people to invest into “Regal Coin,” promising unrealistic returns of as high as 5,000% on investment. A CID official said that the estimated amount of the scam reaches into the tens of millions of rupees.

Per the CID, Darji began offering the investment scheme back in 2017, asking potential investors to buy the coin with an investment of $2 to get $100 on each Regal Coin. A CID official said that “Darji had promised that the investor would get the principal amount in 99 days. He had also promised to give interest on principal amount as per robotic trading profit along with 1% to 1.6% bonus as referral bonus at every 11 days.”

The scam was discovered after a Surat resident, Vishal Savalia approached the CID saying that he had lost around $26,783 in the Regal Coin scam. A CID official further explained that “Savalia had allegedly given the money to Darji’s daughter, Dimki through another accused and Darji’s aide, Ramdayal Purohit and Dimki herself had downloaded Regal Coin app in Savalia’s cellphone and get him registered on its website.”

According to the police, only Purohit is presently under arrest, while Darji was released on bail a month ago and is on the lam. This is reportedly the third case involving Darji.

At the end of August 2018, Indian police arrested Darji for allegedly promoting BitConnect and scamming investors. Darji reportedly said that he had been the India head of BitConnect. The CID claims that staff at the BitCoinnect office in Surat admitted that promoters had amassed “crores of rupees from thousands of investors.”

In February of this year, India’s Union Home Minister Rajnath Singh inaugurated the cyber forensic lab and Cyber Protection Awareness and Detection Centre, with a special unit focused on cryptocurrency.

Source: Pivot – Blockchain Community

Stellar XLM/USD Above $0.1130: Latest Updates Regarding XRP’s Competitor

The 8th largest cryptocoin by market capitalization [current – $2.1 bln] is one of the only in the green as today’s market performance with 3.65% in the green leading the BTC market by 4.00%.

The aforementioned value movement marks out a monthly [30 days of trading] gain of 36.144 percent with the positive April crypto trending tending to go higher. Breaking above the monthly declining trend-line opened gates for further increase at least for the days ahead.

Source: Stellar XLM/USD Above $0.1130: Latest Updates Regarding XRP’s Competitor

ICE, the Parent Company of Bakkt, Announces 58 Crypto They Look to List

The Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE) and upcoming digital asset platform, Bakkt has released a list of crypto projects they are looking to list and track on a Twitter post. Per the tweet, ICE’s Data Services will be researching and tracking a total of 58 cryptocurrency projects as well as 19 fiat currencies. These projects are compiled in their ‘Cryptocurrency Data Feed’, which will provide the research team with both historical and real-time price data of the cryptocurrencies from all over the world. There are over 2000 cryptocurrency projects in the space and ICE has selected just 2.75% of the total number of cryptos to research and track. The entire list of 58 cryptocurrencies can be found in the Twitter thread seen above and the real-time analysis of these cryptos will be available on the data feeds official website………

Source: ICE, the Parent Company of Bakkt, Announces 58 Crypto They Look to List

Keplerk Plans to Sell Bitcoin in 6500 Stores by February

On January 8,  2019, the first six tobacco stores in France began selling bitcoin as a result of a deal inked with Keplerk, a French fintech company that intends to expand the sale of bitcoin to 6,500 more stores by February. In November 2018, it was announced that Keplerk, a French fintech company, would be partnering with tobacco shops in France to make bitcoin as easily purchasable as cigarettes. Now, the first 6 tobacco shops in France have begun selling bitcoin alongside their products and according to the management of Keplerk, there are plans to bring aboard as much as 6,500 more shops by February……

Source: Keplerk Plans to Sell Bitcoin in 6500 Stores by February

Gold Backed Crypto Exchange Offers Safe Haven for Crypto Investors | The Daily Hodl

GOLD.IO Seeks to develop a decentralised and self-regulating community exchange.

Turbulence in the global markets is nothing new but the cryptocurrency community has faced an unprecedented 18-month period of flux. The need for a fully decentralized, stable, self-regulated and community-led exchange that can offer investor confidence amidst a chaotic global economy has never been stronger…….

Source: Gold Backed Crypto Exchange Offers Safe Haven for Crypto Investors | The Daily Hodl

Tokyo Police Shuts Down Cryptocurrency Pyramid Scam, Arrests 8 Men – Scott Jeffrey

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When investing in cryptocurrency it’s extremely important to be mindful of various scams that you could be targeted for. There are a number of individuals that are working to create scams that con people out of Bitcoins and other cryptocurrency. Because it’s quite easy to transfer crypto and because it could be difficult to receive a refund on cryptocurrency, it can be one of the perfect tools for the creation of financial scams.

A recent cryptocurrency pyramid scheme was highly successful in targeting around 6000 people internationally from a hub in Tokyo. Eight men were arrested and charged with stealing roughly $68.42 million in various cryptocurrencies.

The company that they were associated with was called Sener and they claimed to be an official United States investment firm. The company that they created was unregistered and they were collecting cryptocurrency from people to have it then reinvested at several levels of membership status. The group held a series of seminars and gatherings promising monthly returns of roughly 20% on any of the money invested through their system. Customers could receive a referral bonus for bringing in new investors to the system.

The company that they created was widely successful through their seminars as well as through a series of YouTube videos that were published on the subject of cyptocurrency investment with them. The group was able to work unimpeded over several months without for filling their promise and while operating illegally without registration.

Their practices would have continued if a lawsuit was not properly filed against them. A group of 73 of their members stepped forward to create a lawsuit in the Tokyo District Court. This group of individuals is seeking ¥370 million in damages for the funds that were taken from them in the illegal operation of this business.

There are a number of other members that bought into this company that have still yet to come forward or request any type of compensation for the scheme.

As news continues to spread about Sener, more of their victims are coming forward in an effort to seek damages. Because the company was not operating with a proper securities license it’s also quite possible that they will be unable to continue their operations in the United States as well as several other international locations.

When you are considering an investment in cryptocurrency or having your currency managed for investment is important to consider the validity of a company and its structure. If you are starting to see that there are levels of membership, ongoing referrals and an overall lack of publication on a company, this could represent a risky choice for your investment.

Asking the right questions such as whether a company is properly registered for the trade of securities can also help to make sure that they aren’t forcibly shut down in a hurry for operating illegally and that your money can remain safe in their hands.

 

 

 

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