Ponzi scheme

A Ponzi scheme is a type of fraud that lures several groups of investors and pays profits to the initial groups of investors with the funds from the latter group. Ponzi schemes have been ever-present in the cryptocurrency industry, with the most notable being Bitconnect and Onecoin. The scheme is named after Charles Ponzi, who used the scheme in the early 1920s. Virtual currencies are attractive to those who want to initiate Ponzi schemes, since the transactions have increased privacy and less regulations.

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