A few days ago news broke about a multimillion-dollar scam set up by a company known as New Financial Technology.
New Financial Technology: a Bitcoin scam by an Italian company
Founded in Silea, Treviso, and headquartered in London, New Financial Technology promised gains of up to 10% on invested capital through arbitrage transactions on the crypto market. The minimum deposit required was €10,000 and coupons were issued on a monthly basis.
This type of model is used by numerous legitimate companies, which, using special algorithms, take advantage of market mismatches on the various exchanges to profit.
The company’s acronym, NFT, somehow seems to be meant to mock those who know this world, but that is certainly not the red flag.
The charade set up by the Italian company lasted a full four years, and it is now thought to have been a well-organized Ponzi scheme from the beginning.
An estimated 6,000 savers were defrauded, who invested between €10,000 and €300,000. The victims, who deposited their life savings in search of lavish earnings, came mainly from the regions of Lazio, Veneto, Piedmont, Lombardy and Emilia-Romagna.
Estimates are still inaccurate and to be verified, but from what seems to be emerging from early rumors, New Financial Technology managed to pocket between 40 and 100 million euros.
There is currently no sign of the founders. The only person to speak is one of NFT’s attorneys, who immediately tries to avert the “pyramid…
