South Korea has closed the Bitcoin pyramid for $ 20 million

In February, South Korean customs found violations of the exchange of foreign money for cryptocurrency. By the established rules of exchange then were $ 600 million. Now the local regulator has fined two organizers of Bitcoin pyramid, which raised over $ 20 million. This writes Coindesk.

How to invest in ICO and not lose everything

The founders of the pyramid, whose names were not disclosed, in 2015, has attracted investors from 26 billion won. The depositors, they promised high returns from investing in Bitcoin.

Court of the city of Incheon on April 19 entrepreneurs were fined 15 and $ 8 million. Representatives of the South Korean Prosecutor’s office noted that the amount recovered will ensure the payment of compensation to depositors.

Financial pyramids represent a threat to social-economic order and bear the risks for citizens.

At the same time, China discuss measures to combat the emergence of a network of financial pyramid schemes, associated with investing in cryptocurrency. April 18, police detained the founders of the national scheme, which managed to collect $ 13 million from 13 investors.

Earlier, Vietnamese authorities began an investigation into Modern Tech startup, which appropriated $ 660 million. ICO Modern Tech from the beginning resembled a pyramid scheme. Investors are offered a yield of 570 per cent per annum and 8 percent of the invested amount for attracting new participants in initial offering.

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