Bitcoin Alternative LEOCoin Linked to Suspected Pyramid Scheme


The latest bitcoin alternative to garner media attention, LEOCoin has so far trumpeted the more than 130,000 merchants that have allegedly signed on to accept it as payment.

This claim, the headlines assert, suggests that LEOCoin is quickly gathering interest from an international community. However, representatives of the project have for more than a week been unwilling to provide support for these statements.

Despite requests, LEOCoin has not provided a list of merchant partners or a white paper detailing the specifications of its “revolutionary” cryptocurrency. The silence on the matter takes on a new light when examining the history of project founders Dan Anderson and Atif Kamran.

Both Anderson (sometimes spelled as “Andersson”) and Kamran were involved in a suspected pyramid scheme, UNAICO Pakistan, an “IT development and consulting business” that was the subject of a formal warning by the Securities Exchange Commission of Pakistan (SECP) in 2012.

An official statement from SECP dated 27th April, 2012 names Dan Andersson as UNAICO’s CEO, an association confirmed by YouTube videos that feature UNAICO branding, advertise opportunities in Pakistan and include appearances by Andersson and Kamran.


Read more ... source: CoinDesk