3 entries tagged “pyramid”.
A Bitcoin-based global pyramid/Ponzi scheme run by Sergei Mavrodi — founder of the infamous 1990s Russian MMM scheme — that promised ~30% monthly returns by having members 'help' each other with Bitcoin 'donations.' Launched around 2015, it spread across 80+ countries before collapsing in 2016.
A 'decentralized' smart-contract investment platform the SEC called a 'textbook pyramid and Ponzi scheme', raising $300M+ (DOJ cited ~$340M). The SEC charged 11 people in 2022.
A crypto 'membership' scheme (also HyperVerse/HyperNation) promising daily passive rewards from non-existent mining. The SEC cited $1.7B raised; the DOJ described a $1.89B fraud.
