Virtual Currencies and Ponzi Schemes in Vietnam

Bitcoin Watch Shop

Virtual currency trading is a lucrative activity, which comes with its own risks. If not chosen properly, the trading and investment platforms themselves may pose a much greater risk than the volatility associated with cryptocurrencies.

The increasing number of virtual currency based Ponzi schemes that promise huge returns have got law enforcement agencies concerned. These schemes are prevalent across the globe, attracting millions of dollars in investment. The Ministry of Public Security in Vietnam has warned people about the risks of trading and investing virtual currencies.



In an interview with one the Vietnamese media outlets, Lieutenant Colonel Nguyen Thi Thu Hang – Head of Police Financial Cybercrimes Prevention Department has spoken about the risks associated with virtual currency trading. The department, under the jurisdiction of Ministry of Public Security, Vietnam has been constantly monitoring various trading platforms and investment schemes involving virtual currencies. In the due course, they have also arrested few people for operating Ponzi schemes.

The police department recently shut down and arrested its promoters for running a fraudulent investment scheme. In the interview, Lt. Col Thu Hang explains the business model

Read more ... source: NewsBTC USA

Advertise on the Bitcoin News

Do you like The Bitcoin News ? Thank you for Support us !
ETH: 0xa829E61Cc130b4f02fbfc9D7763361a550C7f824