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In short, this was a traditional Ponzi scheme wrapped in crypto clothing. Another way affiliates can earn money is through residual commissions. GladiaCoin uses a binary system that has no limit on the number of levels.
Greed will probably make you invest anyhow. Yun was given 100 days to provide address details for the remaining defendants. She’s seeking what she invested in bitcoin, plus $1 million and $2 million in damages from each individual defendant and company respectively. As alleged by Gloria Jung Yun, on a friend’s recommendation she invested bitcoin into GladiaCoin. Had a look at the case docket and it’s still playing out.
What potential victims should do
This means that financial criminals who continue to run tried-and-true schemes are attracted to cryptocurrency as a means to extract wealth outside the boundaries of the traditional financial sector. But just because ICOs have all but disappeared from crypto doesn’t ttps://turbo-tax.org/ mean that crypto investment scams aren’t still common. As losses in bitcoin doublers continue to mount over the coming months, no doubt we’ll see more of them emerge. The more devious of which will be pitched to desperate investors trying to recoup existing losses.
In a series of promotional calls, Chandler claimed Jetcoin participants could double their investment in 50 days,” said the FTC. According to the report, the organization functioned like any other ponzi scheme. The only way participants could make money was by recruiting new members, who would in turn pay in cryptocurrency. Participants in the program were required to pay both an earlier participant and the Bitcoin Funding Team. After paying these fees, users would then be allowed to recruit new members, would pay them in turn. The organization also told members that they would be eligible for additional rewards if they paid a higher amount.
Is It Safe To Invest With GladiaCoin?
In addition, members are given two options when it comes to collecting the 200% ROI. The MLM company offers the ROI via a set timetable or open-ended. However, we were able to find some info about GladiaCoin. For instance, the GladiaCoin website domain was privately registered back in November 2016. Further, the company was launched in March 2017. Furthermore, given the fact that the official website of this platform is no longer functioning, we believe GladiaCoin is not a legit business.
- This company and many of the comments in this thread disturbs me in that so many people are willing to throw money at things they have not investigated properly.
- The scammer may threaten you and will sometimes provide details to pay via bitcoin.
- GladiaCoin is a multi-level marketing company that promotes an easy way of earning a 200% ROI in just 90 days.
- This could be the Social Security Administration, U.S. Marshals, FBI, Department of Homeland Security, Immigration and Customs Enforcement, local police, and more.
- Hence, we do not recommend dealing with this broker for any kind of service.
Of course, the higher the investment, the higher the earning potential is. Typically, MLM companies have no retailable products, and GladiaCoin is not an exception. The company has no goods or services that can be sold to retail customers. So, do you want to learn the truth about MLM Ponzi Scheme that scammed so many innocent people?
Impersonation scam – Government
To run such an elaborate ponzi scheme, they probably prepared rigorously beforehand, and covered their trails with stolen IDs. Even if you do find out who they are, it is likely that they live in a country where law enforcement is not as good. I received a telephone call today from my father after a friend of his told him about a Bitcoin scam and was looking for help. If you need help setting up an AML program, or adding consumer protection protocols to an existing AML regime, you can contact BitAML today for a free consultation.
The more you pay when you join GladiaCoin, the larger your commissions will be. I want to warn you about two scams that are making the rounds right now. As networkers, entrepreneurs, and connectors you’ll probably be invited to join one or both of these programs. I have no doubt there are plenty of victims and the ponzi gladiacoin ponzi has collapsed under its own weight. My father’s friend and a friend of the friend have literally dumped 5 figure fiat sums into bitcoin which was handed over to gladiacoin. Long story short, this friend of his bought their first bitcoin and then gave all of them to a website promising to double their bitcoin.
CFTC Charges Four Operators for $44 Million Bitcoin Ponzi and Misappropriation Schemes
The site was gladiacoin.com and I spoke with the victim for about an hour today. I found the domain is behind Cloud Flare, was registered at … Sorry to hear that your father’s friend got into bitcoin but had such a negative experience. Experienced bitcoiners like us become quite desensitised to new scams because we get used to the constant stream of ponzis. But this one probably made off with 100+ BTC by my estimates.
You spent your credit line on something with a guarantee that’s not worth spit. But that’s what happens what you hand over money to people you never heard of and can never track down. I plan to report my friend who force me to join to CRA so he will be investigated. Some people will never learn no matter how many silly costumes a ponzi decides to put on.