The Federal Trade Commission (FTC) is sending refunds to victims of two cryptocurrency investment scams, Bitcoin Funding Team and My7network, which falsely promised large returns for participants. These schemes were chain referral structures relying on the recruitment of new participants, with most failing to recoup their initial investments.
The refunds, totaling over $470,000, will be sent to 7,964 victims, with an average refund of approximately $59. The promoters of these schemes were shut down in March 2018, and as part of their settlements with the FTC, they are permanently prohibited from operating or assisting in similar schemes.
If someone outside the U.S. is scammed by a cryptocurrency con that doesn't fall under U.S. jurisdiction, the FTC would not typically be involved.
In the case of Singapore, cryptocurrency-related activities are overseen by the Monetary Authority of Singapore (MAS). MAS has regulatory frameworks in place to address fraud and scams related to financial products and services, including cryptocurrencies. If someone in Singapore falls victim to a cryptocurrency scam, they would typically need to report it to local authorities or seek assistance from MAS.
It's important for individuals to be aware of the regulatory framework in their own country and report scams to the appropriate authorities. Many countries have consumer protection agencies, financial regulators, or law enforcement agencies that handle such cases.
(https://news.bitcoin.com/8000-bitcoin-scam-victims-refunds/ - original article summarised and expanded on by ChatGPT 3.5)
8,000 Bitcoin Scam Victims Get Refunded Average of $59
The Federal Trade Commission (FTC) is sending refunds to victims of two cryptocurrency investment scams, Bitcoin Funding Team and My7network, which falsely promised large returns for participants. These schemes were chain referral structures relying on the recruitment of new participants, with most failing to recoup their initial investments.
The refunds, totaling over $470,000, will be sent to 7,964 victims, with an average refund of approximately $59. The promoters of these schemes were shut down in March 2018, and as part of their settlements with the FTC, they are permanently prohibited from operating or assisting in similar schemes.
If someone outside the U.S. is scammed by a cryptocurrency con that doesn't fall under U.S. jurisdiction, the FTC would not typically be involved.
In the case of Singapore, cryptocurrency-related activities are overseen by the Monetary Authority of Singapore (MAS). MAS has regulatory frameworks in place to address fraud and scams related to financial products and services, including cryptocurrencies. If someone in Singapore falls victim to a cryptocurrency scam, they would typically need to report it to local authorities or seek assistance from MAS.
It's important for individuals to be aware of the regulatory framework in their own country and report scams to the appropriate authorities. Many countries have consumer protection agencies, financial regulators, or law enforcement agencies that handle such cases.
(https://news.bitcoin.com/8000-bitcoin-scam-victims-refunds/ - original article summarised and expanded on by ChatGPT 3.5)