Pyramid Scheme

Avatar has become the fifth-largest holder of Polygon (Alexander Gray/Unsplash)
Fifth-Largest Holder of Polygon Tokens Is Little-Known Chinese Crypto Project
At least one observer says Avatar is a multilevel-marketing (MLM) scheme in which users generate significant rewards for every person they successfully refer.
Avatar has become the fifth-largest holder of Polygon (Alexander Gray/Unsplash)

Ruja Ignatova and Sebastian Greenwood (OneCoin)
Co-Founder of OneCoin Pyramid Scheme Pleads Guilty; ‘CryptoQueen’ Still Wanted
Karl Greenwood has admitted to federal wire fraud and money laundering charges in the $4 billion OneCoin scam, the U.S. Department of Justice says.
Ruja Ignatova and Sebastian Greenwood (OneCoin)

CDCROP: Dr. Ruja Ignatova
The Missing CryptoQueen Has Friends in (Very) High Places
With evidence of complicity at the very highest levels of government, the BBC’s years-long investigation into the OneCoin pyramid scheme returns.
CDCROP: Dr. Ruja Ignatova

CDCROP: Brazilian flag (Getty Images)
Policía brasileña emite órdenes de arresto contra el presunto líder de un esquema piramidal de US$767 millones
Francisley Valdevino da Silva, conocido como el “jeque de las criptomonedas”, tiene 20 órdenes de incautación en su contra.
CDCROP: Brazilian flag (Getty Images)

CDCROP: Brazilian flag (Getty Images)
Brazilian Police Issue Warrants Against Alleged Leader of $767M Crypto Pyramid Scheme
Francisley Valdevino da Silva, known as the "cryptocurrency sheik," has 20 seizure warrants against him.
CDCROP: Brazilian flag (Getty Images)

CDCROP: Lado Okhotnikov (Forsage)
How to Stop Forsage, Meta Force and Other Smart Contract Pyramid Schemes
An SEC indictment notwithstanding, it's not easy to taking down online pyramid schemes, says our columnist. Here are some ideas.
CDCROP: Lado Okhotnikov (Forsage)

CoinDesk - Unknown
Elon Musk Reiterates Dogecoin Support Despite Lawsuit
“The Hash” team discusses Elon Musk’s recent tweet about “supporting Dogecoin,” despite the Tesla CEO facing a $258 billion lawsuit over claims of an alleged pyramid scheme to back the cryptocurrency.
CoinDesk - Unknown

EmeniFX
N.Y. Man Arrested, Charged With Fraud for Alleged Role in $59M Crypto Pyramid Scheme
The FBI says Eddy Alexandre promised investors he could double their money with a “robo-adviser” – and then spent their money on luxury cars and business expenses.
EmeniFX

Shanghai (Freeman Zhou/Unsplash)
Shanghai Police Bust $16M Crypto Pyramid Scheme
It's the city's first cracked case of an online pyramid scheme that used cryptocurrencies, according to authorities.
Shanghai (Freeman Zhou/Unsplash)

LuLaRoe founders Mark and Deanne Stidham. LuLaRoe and other MLMs were among 1,100 companies warned by the FTC against overstating the earning potential of its offerings – alongside several cryptocurrency exchanges. (Amazon Studios)
The FTC Doesn’t See the Difference Between Crypto and LuLaRoe
A warning that lumped crypto exchanges with MLMs is misguided. But it’s also an important window into regulators’ mindsets.
LuLaRoe founders Mark and Deanne Stidham. LuLaRoe and other MLMs were among 1,100 companies warned by the FTC against overstating the earning potential of its offerings – alongside several cryptocurrency exchanges. (Amazon Studios)