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Federal Trade Commission Plans To Refund Victims Of Two Cryptocurrency Pyramid Schemes
Summary: The Federal Trade Commission (FTC) is sending $470,000 worth of PayPal payments to people who lost money to two pyramid schemes involving cryptocurrencies, according to a recent announcement. The two schemes, Bitcoin Funding Team and My7Network, promised victims that they would make massive returns if they paid the operators Bitcoin or Litecoin to sign up. The ...
The Federal Trade Commission (FTC) is sending $470,000 worth of PayPal payments to people who lost money to two pyramid schemes involving cryptocurrencies, according to a recent announcement.
The two schemes, Bitcoin Funding Team and My7Network, promised victims that they would make massive returns if they paid the operators Bitcoin or Litecoin to sign up. The schemes were advertised across an array of social media including YouTube, Twitter and Facebook however most participants never even made back their initial investments.
As a part of a settlement deal between the FTC and the scammers, the FTC will send 7,964 refunds through PayPal beginning on Nov. 5. The operators of the scams agreed in 2019 to pay $500,000 in total under terms of the settlement.
By Emily Mason
Tags: Bitcoin Funding Team,Crypto Scam,Federal Trade Commission,FTC,My7Network,Pyramid Scheme
Link: Federal Trade Commission Plans To Refund Victims Of Two Cryptocurrency Pyramid Schemes [Copy]
