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Bitcoin Scams

Police In India Arrests Ponzi Scheme Operators Who Took More Than $150 Million



The Indian police recently arrested two more people involved in the major GainBitcoin Ponzi case, according to the outlet Times of India.

After a series of arrests made in Delhi where the police raided a 4,000 square-foot mining facility, it seems like more people will be taken behind bars after luring people into the GainBitcoin Ponzi scheme.

According to the news outlet, an unnamed police officer said that the two suspects were involved in marketing the scam to many potential investors across the country. As the officer stated:

“The duo were involved in marketing the scheme. They had lured hundreds of people and then disappear. We are investigating the case and are also finding out the number of people that have been duped.”

The accused individuals are linked to Amit Bhardwaj who is the kingpin of the infamous cryptocurrency Ponzi scheme GainBitcoin – and one of the Ponzi schemes that are estimated at $300 million.

What started as a multi-level-marketing scheme in 2015 grew to 100,00 investors quickly, all of whom were promised a monthly return of 10% on their investment. The scam was first spotted after two First Information Reports (FIRs) were filed against it – when authorities immediately figured out that this was a Ponzi scheme.

The first steps towards shutting down GainBitcoin were made in the Indian city of Pune, where officials discovered the wallets controlled by Bhardwaj himself – holding a total balance of 3.31 Bitcoin which was a significant reduction from the previous balance of 5,372 BTC.

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Bitcoin News

Boston Legal System Damaged After BTC Ransomware Attack

The Boston Public Defenders system suffered a bitcoin ransomware attack a couple of days ago but they still chose not to send the bitcoins that the attacked demanded. They decided to use the system’s back-ups to restore the services and in today’s cryptocurrency news we find out more about the attack. According to the Boston Globe, the decision not to pay the ransom means a massive slowdown of the system that will affect everyone within the system. The private attorneys started their work for indigent clients and now receive a small fee from the government. The ransomware attack also managed to interrupt the payments taking place at the moment and also locked up all of the essential digital services of the organization including e-mail usage. As a security measure, the organization went offline in order to clean the viruses. An official statement reads:
 “CPCS’s computer systems have been attacked and are not working properly. We are still representing clients. In addition, there is no evidence that confidential information from clients has been released as a result of these attacks.”
Initially, the attack happened on February 27. The organization believed that paying the ransom means a waste of money so they decided to restore the systems manually. Two weeks after, the entire justice system in Boston can feel the damaging effects. The agency cannot really say how long the delay will last or when they will get back online. In the meantime, people working in the agency cannot use their email or enter the agency’s website. Ransomware attacks became popular in 2015. The attackers mainly targeted police agencies that end up paying the ransom. The public infrastructure is always a target of ransomware attackers since the offer public services and cannot end up being crippled because the people are the ones who pay the higher price. The public defenders didn’t say how much money the attackers demanded. However, the cost to unlock a computer could start from $100 up to thousands of dollars. The attackers usually target victims individually but law enforcement agencies or other government agencies are not excluded. Last year, a couple of Dutch hackers were sentenced to community service after attacking more than 1,000 computer systems and gathering over $11,000.
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Bitcoin Scams

Thieves Steal $200k Worth Of Bitcoin (BTC) Across 7 Canadian Cities

Four scammers are in the latest Bitcoin news for allegedly stealing more than $200,000 from seven different Canadian cities. The heist was pulled off by substituting speed and convenience over security and fund safety - allowing the scammers to get away with the money from several Bitcoin ATMs across the Canadian cities. Police are now on the trail. However, what's more important is the fact that this theft is an indication of how malicious the elements are - and how sophisticated the Bitcoin scams are becoming. With new trends, it is easier to steal Bitcoin than ever before - especially from ATM machines which have always been vulnerable to attacks. On a different note, this heist sends an alarm on ATM manufacturers such as Genesis and CoinSource, motivating them to step up and implement appropriate solutions which will tackle the risks associated with zero-confirmation transactions. Therefore, they will shield ordinary enthusiasts keen on exploring and even experimenting on Bitcoin. Only a small percentage of people knows what Bitcoin actually is. The ones who know how BTC works is even lower. Even though zero-confirm transactions are fast and accepted by some merchants, it can also be disastrous for merchant if these transactions are reversed in a RBF or via double spending with higher fees. The ease execution of this Bitcoin scam is what wonders many. In times when Bitcoin (BTC) is sitting below $4,000 and is in a stable position with no visible gains so far, the $200k worth of BTC that was stolen gave the scammers a bi of an advantage.  
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Bitcoin Scams

OneCoin Founders Charged Of Fraud By US District Attorney

The founders of the international digital currency pyramid scheme OneCoin were charged with fraud after taking part in marketing the coin. The announcement was published by the US Attorney Office today and it reached our crypto news so let’s read more about the decision. OneCoin founders Konstantin Ignatov and his sister Ruja Ignatova were arrested in Los Angeles and were charged with wire fraud, money laundering, and securities fraud by making investors contribute billions of dollars in the cryptocurrency. The fraudulent cryptocurrency was established back in 2014 in Sofia, Bulgaria. The project works as a marketing network where members receive commissions for attracting other investors that are likely to invest in the currency packages. OneCoin at one point had over three million members across the world. When Konstantin was asked how the members can cash out their coins, he told everyone who is interested in cashing out to leave the room because that is not the point of the project. After the charges, the US Attorney of Manhattan said:
 “As alleged, these defendants created a multibillion-dollar ‘cryptocurrency’ company based completely on lies and deceit. They promised big returns and minimal risk, but, as alleged, this business was a pyramid scheme based on smoke and mirrors more than zeroes and ones.  Investors were victimized while the defendants got rich. Our Office has a history of successfully targeting, arresting, and convicting financial fraudsters, and this case is no different.”
The New York County District Attorney Cyrus R. Vance Jr. claimed that the defendants created an old-school pyramid scheme compromising the integrity of the entire financial system in New York by defrauding investors for billions of dollars.
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Bitcoin Scams

British Financial Regulator Issues Warning Against Illegal Crypto Firms

The Financial Conduct Authority (FCA) which is the British financial regulator, just one day ago issued a warning against an illegal crypto-related firm named Next Coin Market according to the official statement of the regulator that we have in our blockchain news today. According to the regulator, the Bulgaria-based Next Coin falsely claimed to have the authorization to operate in the country from the UK financial authority and that it was able to offer crypto-related services to the British residents. The Financial Conduct Authority explained that Next Coin was making users click a link that led them to a fake website that was well-created and made people believe that the company was legit and that it was authorized by the regulator. However, Next Coin was not registered according to the FCA and even turned out that the company is involved in criminal activity. The regulator asked the public to report cases that are related to false claims of companies claiming to be authorized by the FCA. Before transferring money, the FCA advises the public to first research or report any concerns to the UK national reporting center for cybercrime and fraud-Action Fraud. The FCA also made clear that anyone who operates as an unauthorized company is not protected by the Financial Services Compensation Scheme which means it cannot complain to the Financial Ombudsman Service which is the expert in resolving financial issues. Also, very recently, the Swiss-based crypto bank Dukascopy issued multiple warnings against forex trading companies mainly GCG Asia which aims to scam people by representing as the bank’s authorized branch-company.
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