GainBitcoin scam started taking form in the year 2015. The mastermind behind the crypto pyramid Ponzi scam Amit Bharadwaj launched his Bitcoin-based investment scheme called “GainBitcoin”. This scheme was built to attract new investors with not enough knowledge about the crypto world. While Bharadwaj was arrested for his crime in March 2018, the actual expanse of the scam is still getting uncovered.
According to an IANS report, around 1 lakh victims may have lost more than Rs 1 trillion in the scam. The report suggests that there have been over 40 FIRs regarding the scam with most of them filed in the state of Maharashtra (13 FIRs).
The mastermind behind the entire Ponzi scheme, Amit Bharadwaj died earlier this year of cardiac arrest. The report suggests that Bharadwaj may have collected Bitcoin anywhere between 3,85,000 to 6,00,000 which is just shy of Rs 1 trillion according to the current valuation of Bitcoin. This is when Bitcoin is at a historic low of around $21,000 from its all-high value of around $68,000 in November last year.
The Pune police have been investigating the GainBitcoin scam. The police managed to find over 60,000 IDs and email addresses that have been linked to this Ponzi scheme. The GainBitcoin scam.
What is GainBitcoin Scam?
Similar to other pyramid Ponzi schemes, the GainBitcoin Scam allured new investors with unrealistic returns on their…
