This just in today and I wanted to share it with you guys. I know that this pyramiding scheme is OLD news, but the amount of what they have gathered is unbelievable. These couples were arrested in the Philippines and was the owner of a company called "NewG". Hell, by the sound of its name along, obviously it is not legit. So, how did they manage to get that huge amount of money invested in their scheme? Despite the fact that this bogus scheme has been used by fraudsters long time ago before Bitcoin ever existed. Well, I do think that those people who have invested didn't learn any lessons in the past.
What really made me worried is that even the arrest has been done, there's a chance they might prove themselves not guilty once it got into court proceedings. All those investments were made through Coins.ph (Philippine's top financial services platform for Bitcoin) and upon checking by the company representatives in hopes to return all those money invested, it has been checked and emptied. The transactions that were been made was all untraceable, so its impossible to retrieve all those BTCs, thanks for its anonymity feature
Source: http://www.msn.com/en-ph/news/world/couple-arrested-for-alleged-bitcoin-pyramid-scam-that-amassed-php900-million/ar-AAvKgNj?li=BBr8Mkn&ocid=TSHDHP
What really made me worried is that even the arrest has been done, there's a chance they might prove themselves not guilty once it got into court proceedings. All those investments were made through Coins.ph (Philippine's top financial services platform for Bitcoin) and upon checking by the company representatives in hopes to return all those money invested, it has been checked and emptied. The transactions that were been made was all untraceable, so its impossible to retrieve all those BTCs, thanks for its anonymity feature
Source: http://www.msn.com/en-ph/news/world/couple-arrested-for-alleged-bitcoin-pyramid-scam-that-amassed-php900-million/ar-AAvKgNj?li=BBr8Mkn&ocid=TSHDHP