...It's a little bit MLM, a little bit "classic Ponzi scheme." Where there are a lot of big numbers displayed on everybody's account pages, but the number of actual dollars in the system is much smaller than the listed total. The only way to pay out old "investors" is to use the money put in by new "investors."
And at some point in the past couple years, every scammer realized that because regulators haven't figured out what to do with crypto yet, it's the easiest place to run your Ponzi scheme/wash trading/other fraud of choice...
no subject
...It's a little bit MLM, a little bit "classic Ponzi scheme." Where there are a lot of big numbers displayed on everybody's account pages, but the number of actual dollars in the system is much smaller than the listed total. The only way to pay out old "investors" is to use the money put in by new "investors."
And at some point in the past couple years, every scammer realized that because regulators haven't figured out what to do with crypto yet, it's the easiest place to run your Ponzi scheme/wash trading/other fraud of choice...