Europol Cracks Down on Vitae Belgian Ponzi Scheme, Recovers €1.5 Million in Crypto
Europol the EU law agency has finally cracked down on vitae a ponzi scheme group and the law agency recovered €1.2 million in cash and €1.5 million in crypto after they raided 17 locations in Belgium.
The raid saw the joint force raid 17 houses related to the case, mainly in Antwerp, West Flanders, and Limburg. According to reliable reports, Swiss police conducted other searches.
Five people was arrested in different location for their participation in the ponzi scheme, the vitae website was also closed and the europol replaced it with a warning post to any one who try to login to the app again.
The investigation was secret and few people knew about the raids, so the alleged criminals could not escape the action, vitae acted as a privacy oriented social network with it's own crypto token, the vitae site was advertised as an earning platform for higher posters that would earn vitae token with quality content or plagiarism free content, The site had over 200,000 account users. As a consequence of the action, the price of the Vitae token plummeted.
This is another bad image painted on the crypto space and this is what regulators are going to use to regulate cryptocurrency in a very strict way and that will surely affect the crypto space in price action and other things.
That is why the europol and other security organization around the world are going to put a close eye on cryptocurrency now because that is what hackers and scammers are using it to hide from the police just like the colonial pipeline hack last month were the hackers collected BTC as payment, so it is getting worse everyday that is why I will say this now that cryptocurrency really need to be regulated because there are some shady things that even exchanges do that is really annoying.
That is why Binance the largest cryptocurrency exchange in the world just got banned in UK because of their futures trading section which has not been transparent and I have noticed it because one day I wanted to trade futures, I used leverage and my trade entry was set to limit that means it when I long or short a trade it depends on the price I set and the price of the asset before I am trading that trade but I was charged $1 which is meant for market orders because when you place a market order you have to pay for your spot in the Trade like $1 depending on your leverage so I don't know why I was charged $1 for even when I never did a market trade so I think government needs to get involved now.
Crazy