The post Indian Authorities Arrest Two in $120 Million Cryptocurrency Ponzi Scheme! appeared first on Coinpedia Fintech News
Indian authorities have apprehended two individuals connected to a $120 million Ponzi scheme centered on the cryptocurrency project STA Crypto Token. The scam, which used the words “eco-friendly” to lure investors, featured a website hosted in Iceland that was used to coordinate events at expensive hotels, including lunch and dinner parties at which guest speakers and musical performances took place. Approximately 200,000 people, including 10,000 in Odisha, invested in the scheme, which did not receive regulatory approval.
