{"id":31291,"date":"2020-11-05T09:49:07","date_gmt":"2020-11-05T07:49:07","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=31291"},"modified":"2025-08-28T02:56:14","modified_gmt":"2025-08-27T23:56:14","slug":"u-s-regulator-to-pay-470-000-to-victims-of-cryptocurrency-pyramid-schemes","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/u-s-regulator-to-pay-470-000-to-victims-of-cryptocurrency-pyramid-schemes\/","title":{"rendered":"U.S. regulator to pay $470 000 to victims of cryptocurrency pyramid schemes"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Victims of cryptocurrency-based pyramid schemes will receive payouts from the U.S. Federal Trade Commission (FTC) totaling more than $470 000. This is reported on the <\/span><a href=\"https:\/\/www.ftc.gov\/news-events\/press-releases\/2020\/11\/ftc-sends-refunds-victims-deceptive-money-making-schemes\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">agency&#8217;s site<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">Payouts will go to victims of two fraudulent projects \u2014 Bitcoin Funding Team and My7Network. They promised clients high returns on investments in Bitcoin and Litecoin. Bitcoin Funding Team claimed that a $100 investment could yield $80 000 in monthly income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, both projects turned out to be pyramids dependent on the influx of new participants, and most had not been able to recoup their investments, the FTC noted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Commission will issue 7 964 refunds via PayPal. The average payout will be about $59.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Earlier, U.S. authorities <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-authorities-seize-24-million-in-cryptocurrency-from-alleged-organiser-of-brazil-based-fraud-scheme\">confiscated<\/a> cryptocurrency worth $24 million from the alleged organizer of the scheme in Brazil.<\/span><\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog Feed<\/a> \u2014 full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Victims of cryptocurrency-based pyramid schemes will receive payouts from the U.S. Federal Trade Commission (FTC) totaling more than $470 000, the agency&#8217;s site says.<\/p>\n","protected":false},"author":1,"featured_media":31292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,26],"class_list":["post-31291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=31291"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31291\/revisions"}],"predecessor-version":[{"id":31293,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31291\/revisions\/31293"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/31292"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=31291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=31291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=31291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}