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Thursday, September 28, 2017

Crypto News: Why U.S. Is Probing Bitcoin Scams

Why U.S. Is Probing Bitcoin Scams

In recent years, the U.S. government has moved as fast as a slime mold to catch up with financial wrongdoers. It missed the 2008 credit bubble in an epic way and was never able to head off major market dumps, particularly the mysterious "flash crash" a few years ago.

But when it comes to cryptocurrency scams, some government agencies seem to be working at lightning speed, relatively speaking. That's notable, because market regulators in the U.S. are rarely on top of tech-oriented trends.

The U.S. Commodities Future Trading Commission (CFTC), which regulates most currency and derivatives exchanges, recently filed suit against a New York-based company over an alleged Bitcoin Ponzi scam.

A Ponzi or "pyramid" scam is where a promoter promises investors unrealistic returns on fake investments. Early investors are paid from the cash generated by newer investors until the scheme falls apart. The money manager Bernie Madoff, who fleeced investors for about $60 billion, was one of the most famous pyramid operators.


Full story at http://bit.ly/2fUsLNn


Source: Forbes


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