Ever since the inception of Bitcoin, there have been individuals and companies trying to discredit cryptocurrency. Some of them even go as far as setting up deliberate Ponzi Schemes to defraud Bitcoin investors. Such a scheme seems to be on the brink of collapse in Vietnam. Hundreds of people have been burned by this pyramid scheme, which seemed to rely on an MLM structure.
It is not the first time a Bitcoin Ponzi Scheme will make media headlines. One of the biggest pyramid schemes of its kind called OneCoin, is still in operation to this very day. Despite a lot of scam accusations, the company continues to attract investors. Once OneCoin collapses, a few thousand people will finally see this company for what it is.
Another Bitcoin Ponzi Scheme Bites The Dust
A similar Ponzi Scheme is collapsing in Vietnam. A lot of investment promises were made to potential customers. Once news started spreading about this exciting opportunity, more people started to take notice of the company. Some victims even bought millions of shares- worth a handful of Bitcoin – in the hopes of striking it rich.