{"id":32333,"date":"2019-12-16T15:18:13","date_gmt":"2019-12-16T15:18:13","guid":{"rendered":"https:\/\/packetstormsecurity.com\/news\/view\/30771\/This-Alleged-Bitcoin-Scam-Looked-A-Lot-Like-A-Pyramid-Scheme.html"},"modified":"2019-12-16T15:18:13","modified_gmt":"2019-12-16T15:18:13","slug":"this-alleged-bitcoin-scam-looked-a-lot-like-a-pyramid-scheme","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/this-alleged-bitcoin-scam-looked-a-lot-like-a-pyramid-scheme\/","title":{"rendered":"This Alleged Bitcoin Scam Looked A Lot Like A Pyramid Scheme"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/cdn.arstechnica.net\/wp-content\/uploads\/2018\/02\/GettyImages-917474096-800x474.jpg\" alt=\"This alleged Bitcoin scam looked a lot like a pyramid scheme\"><\/p>\n<aside id=\"social-left\" class=\"social-left\" aria-label=\"Read the comments or share this article\">\n<h4 class=\"comment-count-before\"><a title=\"70 posters participating\" class=\"comment-count icon-comment-bubble-down\" href=\"https:\/\/arstechnica.com\/tech-policy\/2019\/12\/this-alleged-bitcoin-scam-looked-a-lot-like-a-pyramid-scheme\/?comments=1\">reader comments<\/a><\/h4>\n<p><a title=\"70 posters participating\" class=\"comment-count icon-comment-bubble-down\" href=\"https:\/\/arstechnica.com\/tech-policy\/2019\/12\/this-alleged-bitcoin-scam-looked-a-lot-like-a-pyramid-scheme\/?comments=1\"><span class=\"comment-count-number\">107<\/span> <span class=\"visually-hidden\">with 70 posters participating<\/span><\/a><\/p>\n<div class=\"share-links\">\n<h4>Share this story<\/h4>\n<\/div>\n<\/aside>\n<p>The world of cryptocurrency has no shortage of imaginary investment products. <a href=\"https:\/\/fortune.com\/2019\/11\/06\/is-onecoin-the-biggest-financial-fraud-in-history\/\">Fake coins<\/a>. <a href=\"https:\/\/mashable.com\/article\/majority-ico-scams\/\">Fake blockchain services<\/a>. <a href=\"https:\/\/www.wired.com\/story\/crypto-exchange-ceo-dies-holding-only-key\/\">Fake cryptocurrency exchanges<\/a>. Now five men behind a company called BitClub Network are accused of a <a href=\"https:\/\/www.justice.gov\/usao-nj\/pr\/three-men-arrested-722-million-cryptocurrency-fraud-scheme\">$722 million scam<\/a> that allegedly preyed on victims who thought they were investing in a pool of bitcoin mining equipment.<\/p>\n<p>Federal prosecutors call the case a \u201chigh-tech\u201d plot in the \u201ccomplex world of cryptocurrency.\u201d But it has all the hallmarks of a classic pyramid scheme, albeit with a crypto-centric conceit. Investors were invited to send BitClub Network cash, which would allow the company to buy mining equipment\u2014machines that produce bitcoin through a process called hashing. When those machines were turned on, all would (in theory) enjoy the spoils. The company also allegedly gave rewards to existing investors in exchange for recruiting others to join. According to the complaint, the scheme began in April 2014 and continued until earlier this month.<\/p>\n<p>Matthew Brent Goettsche, Jobadiah Sinclair Weeks, and Silviu Catalin Balaci are accused of conspiracy to commit wire fraud and conspiracy to offer and sell unregistered securities. A fourth defendant, Joseph Frank Abel, faces only the latter charge. Another unnamed defendant remains at large. Balaci\u2019s name was redacted from one public version of the indictment, but appeared on <a href=\"https:\/\/www.justice.gov\/usao-nj\/page\/file\/1225076\/download\">another<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.arstechnica.net\/wp-content\/uploads\/2019\/02\/wired-logo.png\" width=\"218\" height=\"58\">The scheme appears to have started as a relatively modest scam and spiraled dramatically in ambition. Internal messages between the conspirators give the impression of growing glee at the ease of taking advantage of investors, referring to \u201cbuilding this whole model on the backs of idiots.\u201d The men allegedly described their victims as \u201cdumb\u201d investors and \u201csheep.\u201d<\/p>\n<p>\u201cThey were not wrong,\u201d Emin Gun Sirer, the CEO of blockchain startup Ava Labs, <a href=\"https:\/\/twitter.com\/el33th4xor\/status\/1204492182574551045\">quipped on Twitter<\/a>.<\/p>\n<p>In October 2014, a few months after BitClub Network was founded, Goettsche allegedly posted about the need to \u201cfak[e] it for the first 30 days while we get going,\u201d instructing a co-conspirator to do some \u201cmagic\u201d on the company\u2019s revenue numbers. They allegedly agreed on a method of cooking the numbers that would include inconsistencies to make sure they appeared real. The tricks swiftly became more daring. Later, Goettsche allegedly suggested the company \u201cbump up the daily mining earnings starting today by 60%.\u201d<\/p>\n<p> READ MORE <a href=\"https:\/\/packetstormsecurity.com\/news\/view\/30771\/This-Alleged-Bitcoin-Scam-Looked-A-Lot-Like-A-Pyramid-Scheme.html\">HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>READ MORE HERE&#8230;<\/p>\n","protected":false},"author":2,"featured_media":32334,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[60],"tags":[7820],"class_list":["post-32333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-packet-storm","tag-headlinecybercrimefraudcryptography"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>This Alleged Bitcoin Scam Looked A Lot Like A Pyramid Scheme 2026 | 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