🚓 A CRYPTO-PYRAMID CREATOR FACES 280 YEARS — FOR CLASSIC PONZI WITH AN AI SHIM
In the US, charges were filed against the creator of Profit Connect. The scheme involved $24 million, with up to 280 years in prison.
Investors were promised up to 30% annual returns on “AI, mining, and supercomputers.” In reality — a classic Ponzi: money from new clients went to old ones. No AI, no mining.
Notably, the word “AI” in the pitch worked like a magnet even before it became mainstream. The scheme is as old as the world — only the wrapper is new. If a project promises fixed high returns and attributes them to trendy technologies that no one can verify — that’s all you need to know.
280 years, of course, won’t be handed out, but the precedent is telling.
#crypto #scam #usa #security
Subscribe — here I break down schemes so you don’t end up in the next batch of statistics 🔔
In the US, charges were filed against the creator of Profit Connect. The scheme involved $24 million, with up to 280 years in prison.
Investors were promised up to 30% annual returns on “AI, mining, and supercomputers.” In reality — a classic Ponzi: money from new clients went to old ones. No AI, no mining.
Notably, the word “AI” in the pitch worked like a magnet even before it became mainstream. The scheme is as old as the world — only the wrapper is new. If a project promises fixed high returns and attributes them to trendy technologies that no one can verify — that’s all you need to know.
280 years, of course, won’t be handed out, but the precedent is telling.
#crypto #scam #usa #security
Subscribe — here I break down schemes so you don’t end up in the next batch of statistics 🔔
