Finterra fights against Ponzi Schemes

Bernie Mad off may be one of the most well-known Ponzi schemers He did it with mainstream investments. But the principle of a pyramid scheme, in which you take money from new investors to pay previous investors, can be applied to Bitcoin scams. In 2019, three men were arrested in a $722 million cryptocurrency fraud scheme. The men operated BitClub Network for years. The scheme solicited money from investors in exchange for shares of cryptocurrency mining pools. It also supposedly rewarded investors for recruiting new investors. As you can imagine, the investors never got any returns on their investments in the end. These kinds of Ponzi schemes are on the rise and are detrimental to investors and further undermines the genuine crypto industry’s credibility and consumer relationships.

 

More and more companies from all industry sectors are now beginning to implement the blockchain into their businesses This helps them with being more transparent, efficient and secure while also taking a strong stand against scams and crypto Ponzi schemes while protecting their investors.

 

Explore how Finterra has developed the Gallactic Blockchain and the new Finterra’s MyWaqf Platform to tackle the issue of transparency, traceability and security while doing good for society as a social solution for blockchain and to end corruption completely.

 

To learn more on how blockchain is being used to prevent Ponzi schemes and fraud in real industries, check out the following articles

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