It's nice to see news like this, another bunch of criminals getting busted.
But honestly, I doubt it’s just five people involved. With all that money they scammed from different countries, there’s probably a bigger crew behind it. Lets hope those five spill the beans and reveal if there are more players in this scheme.
This is good news, but if a joint investigative team catches five scammers every few years, they will never combat crime in this area. And most importantly, why didn't the victims of these scams report it to the police earlier? A similar scam has been running since 2018, according to your article.
So many people often fall victim to cryptocurrency investment scam, some of them report it to the authorities, while some others just stick their tail between their legs and take the loss. It takes time to take down scam rings like this, because they are often smart and don't leave trails that can be used to track them down quickly.
This is good news, at least there is one less crypto scam ring. It is not possible to take every one of them down at one go, but with every fallen ring, there is one less to worry about, so yeah.
Statistics for my country
The Bank of Russia identified more than 9,000 financial pyramids and other illegal schemes in 2024.
https://cbr.ru/press/event/?id=23369
I would like to point out that this is only what was discovered, but in reality there are many more such fraudulent companies.
Europe is a more profitable market for this, so there could be tens of thousands of similar companies there. It's great that one fraudulent group was shut down, but try to imagine how many more are still operating.
Yeah, i know there are so many scam group/rings all over the world and crypto makes these scammers' job easier. However, i am sure the authorities are doing the best they can to take down as many as they can, but the reality is that there is only so much they can do. It is going to be difficult and almost impossible to take down a significant number of these scam rings.
Sometimes i blame the victims of these scams. There is a lot of awareness on investment scams and the likes and if you are in the industry, then you have to educate yourself on how scammers operate. If so many people get educated, then these scam rings will go out of business because it would be less profitable for them.
I completely disagree with you.
If you're saying the police are doing everything they can, sitting on their chairs, and can't fight crime, then that needs to be acknowledged and their people sent to find other jobs.
Cryptocurrency may facilitate fraud, but it leaves a permanent trace on the blockchain.
I've looked at the experience of the US and China with these crimes. They're very easily solved through agents, through recruited criminals. Such crimes require personnel hired through reputable resources. If the police were doing their job properly, they would be planting hundreds of agents in such organizations, and the results would be completely different.