Prior to tag something like scam would you clarify for yourself what is scam and how these people could steal something and by whom. No need to answer me here just clarify the topic for yourself...
It is simple, i even wonder how you don't understand it.
Those people put their coin on exchange and then started to sell it. They sold GeoCoins for BTC. Now buyers stay with GeoCoins, which costs almost nothing. And after delisting from exchanges all their bagholders will not even have wallet to hold this coin in. It will be just disappeared. No any kind of responsibility. Perfect scam scheme.
And whence came their coins? By digging! Would you stop with idiocy, start something constructive in life. No need to attract attention to this ugly way, it is easy, but it is not good,