120 years ago, the postal check trade flourished in the United States. Now it should be bitcoins that promised investors high profits. Both systems failed.
The scam is 120 years old – and it still doesn’t work today. This is the conclusion of the prosecution in the case of a bitcoin scam. The damage? Nearly two million euros shared by 79 cash-strapped investors. Where greed is a bit of a dog: you were promised a profit of up to ten percent – per month! But it also sounded too serious: an association called the “Da Vinci Project” based in Switzerland, the in-depth knowledge of the boss of the company, the promise of a “safe” that you never lose.
Lost more than half in value
But then, according to lawyer Dominik Wild (Kanzlei KollmannWolm), “there was a hacker attack on a crypto exchange”. The internet currency is said to have lost more than half of its value. Previously, however, the profit would have flowed for eleven months.
“Snowball System”
But only, according to the prosecutor, thanks to what is now called the “snowball system”. Or from hole to hole to. At least part of the income of the new investors was distributed to the “old investors”. Created 120 years ago by a certain Charles Ponzi, Italian immigrant to the United States. The “Ponzi scheme” – then it traded in post office vouchers – failed and Ponzi ended up in jail.
Thomas K. (28) is now doing the same: five years in prison for him, his partner gets 24 months, 21 of which are conditional. And: the investors received 1.8 million! Not legally binding.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
