Crypto money pyramid structures draw a parallel direction with prices that increase. Despite the “famous” crypto-focused ponzi structures such as OneCoin, BitConnect and Arbismart, the industry is astonished to see people still lose money to similar scammers. This time, it is seen that the crypto money fraud has emerged in the UK.
Estimated £ 2.5 Million Crypto Highlights
The application made by 14 investors who were victimized by the crypto money pyramid structure actually revealed a highlight of approximately £ 2.5 million. Although the total loss of 14 investors is around £ 100,000, it is estimated that the fraud structure called Lyfcoin caused much more damage.
It is stated that some investors invest with pension funds and when the founders disappear with the funds, they become in debt. According to the information provided by Metro.co.uk, although the victims applied to the police, the police tried to ignore their complaints, seeing it simply as “a business deal that went wrong”. In fact, everything started like a classic Ponzi structure. Investors have been informed that they will double their money in return for 5 months of deposit. Investors who waited for 5 months were faced with the fact that they had to wait another 12 to 24 months when they reached the last day. This naturally caused many people to panic.
Lyfcoin, which is only listed on the crypto currency exchange that belongs to the project, has fallen from $ 1.60 to a value of 8 cents after this panic. It is stated that the person who contacted the victims in England was a “representative” named Sakhi Rezaie. It is stated that Rezaie reported the intermittent payments. However, investors think that other founders, besides Rezaie, who “show off” with the luxury spending and show how good an investment tool it is, are also included in the pyramid structure.
Lyfcoin Pump Project Raises Price to $ 1.60
As in every ponzi structure, it is seen that new investors are offered different promises and income opportunities. When investors could not get their money after 5 months of waiting and staking, they panicked. However, Rezaie’s announcement of a “big event” alleviated this panic. As can be expected, the investors waiting for this event were deceived here as well. It is stated that in March 2019, Rezaie talked about a “buyback program”. Although it was stated that this was done for investors who cannot sell their crypto money, the program was never implemented.
Although the value of Lyfcoin is up to $ 1.60, the fact that it is not found on any other stock market has made investors suspicious. Victims’ lawyers accuse Britain’s police forces of “failing to carry out a regular investigation”. This points to the fact that not only the founders who are currently doing a £ 2.5 million hail, but also the police are in trouble.