Ukrainian Police Arrest Individuals Involved in SwisCoin Ponzi Scheme

 Ever since the SwisCoin program was announced, cryptocurrency experts  have noticed something was off about the venture. It had all the  telltale signs of a cryptocurrency-related pyramid scheme. Although  there have been multiple allegations in this regard, no arrests were  ever made. That was, until recently, as the Ukrainian national police  detained a group of people believed to be connected to SwisCoin. Count  this as another victory for the police and legitimate cryptocurrencies  in existence today 

 

SwisCoin Scammers Arrested in Ukraine

Looking back at the original SwisCoin  concept, it is not hard to see why people would think this to be an  illegitimate business model. Similar to how OneCoin operates, SwisCoin  had all the telltale signs of a pyramid scheme waiting to collapse. With  its various “investment packages,” it was only a matter of time  before the scammers ran off with the money or people stopped  contributing funds to this pyramid scheme. It is still unclear which of  the two eventually came to be, but we do know the program’s operators  have been arrested. The Ukrainian national police  arrested multiple individuals believed to be connected to this scam  project. It is unclear how many individuals were arrested, but we do  know they all face up to 12 years in prison. All of their assets have  been seized, including cash assets, expensive products, various –  potentially stolen – payment cards, and a fair amount of actual  cryptocurrency as well. It is believed SwisCoin successfully raised  US$500,000 from investors, although none of this money was ever put to  good use.  Investors were promised that the money would be invested in blockchain  infrastructure. Additionally, the money would also supposedly be used  as a way to improve the visibility and marketing of this particular  currency. Although SwisCoin had an official value for the longest time,  there were very few exchanges openly supporting it. Most of the trading  occurred within the platform itself, where prices could easily be  manipulated by the team.  

   

Ukrainian Police Arrest Indivuduals Involved in SwisCoin Ponzi Scheme

 Ever  since the SwisCoin program was announced, cryptocurrency experts have  noticed something was off about the venture. It had all the telltale  signs of a cryptocurrency-related pyramid scheme. Although there have  been multiple allegations in this regard, no arrests were ever made.  That was, until recently, as the Ukrainian national police detained a  group of people believed to be connected to SwisCoin. Count this as  another victory for the police and legitimate cryptocurrencies in  existence today. 

SwisCoin Scammers Arrested in Ukraine

Looking back at the original SwisCoin  concept, it is not hard to see why people would think this to be an  illegitimate business model. Similar to how OneCoin operates, SwisCoin  had all the telltale signs of a pyramid scheme waiting to collapse. With  its various “investment packages,” it was only a matter of time  before the scammers ran off with the money or people stopped  contributing funds to this pyramid scheme. It is still unclear which of  the two eventually came to be, but we do know the program’s operators  have been arrested. The Ukrainian national police  arrested multiple individuals believed to be connected to this scam  project. It is unclear how many individuals were arrested, but we do  know they all face up to 12 years in prison. All of their assets have  been seized, including cash assets, expensive products, various –  potentially stolen – payment cards, and a fair amount of actual  cryptocurrency as well. It is believed SwisCoin successfully raised  US$500,000 from investors, although none of this money was ever put to  good use.  Investors were promised that the money would be invested in blockchain  infrastructure. Additionally, the money would also supposedly be used  as a way to improve the visibility and marketing of this particular  currency. Although SwisCoin had an official value for the longest time,  there were very few exchanges openly supporting it. Most of the trading  occurred within the platform itself, where prices could easily be  manipulated by the team.    The scammers used the money for their  own personal benefit rather than worry about their promises to  investors. This tactic is not uncommon for cryptocurrency-related  pyramid schemes, but it shows that people are all too willing to invest  in these scams to this very day. The criminals also spread false  information about the profits generated by SwisCoin, as it allowed them  to improve their visibility in the market and attract more investment.  The police also confiscated  a fair amount of weapons at the time of the arrest. This further  indicates the alleged SwisCoin operators may have been involved in other  illegal activities as well. After all, no one needs a Kalashnikov  assault rifle when dealing with cryptocurrency, yet for some reason,  these people had several at their disposal. It is a very troublesome  scenario, although it remains to be seen what else this investigation  can turn up.  The criminal case being built against the individuals may  reveal other unpleasantries.  Ever since the SwisCoin team held  its ICO back in February, no one has heard from the company. The price  of the currency fell from US$7.35 all the way to US$0.003764 and no  exchanges are actively supporting the digital currency whatsoever. This  is not a surprising state of affairs by any means, since the SwisCoin  team never had any honest intentions whatsoever. It’s good to see the  Ukrainian police arresting these individuals, assuming they are related  to this blatant scam.