Cryptocurrency rocked by massive Bitcoin fraud Goettsche discussed with his conspirators that their target audience would be “dumb” investors, referred to them as “sheep,” and said he was “building this whole model on the backs of idiots”. US prosecutors have arrested three men while investigating an alleged $722 million Bitcoin scam. The Justice Department has branded the activities of the ‘BitClub Network’ as a “high-tech Ponzi scheme” that lured victims with fake Bitcoin mining profits while taking money from investors who were rewarded for recruiting new members. https://finance.yahoo.com/news/cryptocurrency-rocked-massive-bitcoin-fraud-002556949.html
Not really a big deal, these things unfortunately happen from time to time due to uneducated investors not knowing what to look out for. The 722mil is one of the bigger sums we've seen in recent times though. In the end these things happen due to ppl not taking enough safety measures and falling for scams, so it's not something that hurts blockchain or cryptos itself, as opposed to something like harsh regulations/bans from governments.
