Iran’s Intelligence Ministry makes huge crypto fraud bust

2021-10-1 14:48

According to local reports, Iranian authorities apprehended members of a network that was running a bogus crypto scheme

The Ministry of Intelligence in Iran confirmed yesterday that it had arrested several people over possible involvement in a cryptocurrency fraud incident. Confirming the arrests through a statement, the intelligence ministry (VAJA) said the fraud involved players who misled users to invest in King Money (KIM), a crypto product, with the offering turning out to be part of a pyramid scheme.

King Money gained its footing through publicity on social media, but users didn't know that they were signing up for non-existent speculative trading. The ministry explained that eventually the involved parties were able to obtain a good sum of money by ripping off investors. Citizens had already been warned that King Money was a potential fake offering and largely targeted Iranians.

An investigative report from last year showed how shady the 'developers' had been about information around King Money. The team members involved in the project failed to clearly provide basic information such as actual names on the currency's professional white paper. Instead, they chose to go with nicknames. In response to the incident, the intelligence ministry asked Iranians to be wary of investment in unstable markets such as crypto.

Iran has had serious power problems, and crypto mining has contributed massively to this. In fact, the government had previously made several arrests connected to illegal crypto mining farms stealing electricity. 

Speaking to the cabinet back in May, Iran's former President Hassan Rouhani was apprehensive about the strain crypto mining was causing to the power grid, given that 85% of crypto mining in the Asian country was unlicensed. All crypto activities were consequently proscribed for about four months, but it seems crypto mining never fully went away.

As reported by the IRNA, on 29 September, the Stock Exchange and Securities Organization discovered a secret mining operation being carried out at the Tehran Stock Exchange building. Tavanir, the state electricity company, initially denied rumours of such activity, but with the exchange's own public relations department finding the miners, it is evident that illegal activity was involved.

"During the supervisory proceedings of the Stock Exchange and Securities Organization, a number of miners were discovered in the company's building."

The head of the Tehran Stock Exchange has since resigned following the incident, and the market vice president, Mahmoud Goudarzi, is expected to take charge. The exploitation of power resources in the country has plagued citizens with unplanned blackouts that affected businesses and operations. It remains to be seen how the country will handle crypto from now on.

The post Iran’s Intelligence Ministry makes huge crypto fraud bust appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto bust iran huge fraud makes ministry

crypto bust → Результатов: 50


Фото:

Feds Smashed Armored Vehicle Through Wall During Bitcoin Raid

Crypto Bust It’s no secret that the cryptocurrency world has a criminality problem. The technology is regularly being used to launder money, buy illegal contraband, and even demand ransom. To many however, Bitcoin and other currencies like it represent the ultimate expression of true Freedom, a hyper-libertarian dream of exchanging money and other assets without […]

2021-9-8 18:56


Фото:

QuadrigaCX Operated Like a ‘Revolving Door’ Before Going Bankrupt: Canadian Regulators

A new in-depth report on the now-defunct Canadian crypto exchange QuadrigaCX shows the platform operating as a Ponzi scheme months before going bust. From trading with fake assets to covering losses with user deposits, the late Gerald Cotten allegedly ran QuadrigaCX in such a way that the platform was likely doomed to fail no matter […] The post QuadrigaCX Operated Like a ‘Revolving Door’ Before Going Bankrupt: Canadian Regulators appeared first on BeInCrypto.

2020-6-12 08:25


Poland’s Second Largest Crypto Exchange Bitmarket Ceases Operation Due to Liquidity

There had been rumors earlier of the second largest Polish exchange, Bitmarket going bust. Those rumors have been confirmed. If one goes on their website now, they will see the following message in both Polish and English: “Dear Users, We regret to inform you that due to the loss of liquidity, since 08/07/2019, Bitmarket.pl/net was […]

2019-7-9 16:02


Are You a Crypto Addict? Freetrade Executive Says Bitcoin is a ‘Gateway Drug’ For Millennial Traders

Whether it's short or long position trading, cryptocurrency investment is a highly absorbing field for new and existing buyers alike. But with the respective boom and bust of BTC this year, the generation of Millennials that have grown up around cryptocurrency are at risk of it becoming a ‘gateway drug,' leading them into other areas […]

2019-1-2 17:41


Фото:

CNBC Draws Flak For Upcoming “Bitcoin: Boom or Bust” Documentary

CNBC ‘Embraces’ Crypto With Fully-Fledged Documentary CNBC has quickly become near-infamous in the cryptocurrency community for its controversial coverage of this asset class. And while the mainstream media outlet’s coverage of crypto has been criticized time and time again, it seems that the firm’s higher-ups aren’t fazed, recently revealing that CNBC would be airing a […] The post CNBC Draws Flak For Upcoming “Bitcoin: Boom or Bust” Documentary appeared first on Ethereum World News.

2018-8-27 01:43


Tom Lee’s Calls On Bitcoin

Crypto bull Tom Lee was an early evangelist for the digital currency. Here’s a look at the evolution of his calls on bitcoin during its epic boom and bust.   Q2 hedge fund letters, conference, scoops etc Image source: YouTube Video Screenshot Crypto Bull Tom Lee On Everything Bitcoin Transcript I unequivocally believe big point […]

2018-7-27 19:27


India’s Cryptocurrency Banking Ban May Be a Bust

After much waiting and speculation on the July 5 deadline, India may forgo banning investment in cryptocurrency after all. Indian Ban May Be a Bust The three-month time span from the Reserve Bank of India’s initial announcement that all RBI regulated entities must cease any crypto related activities, including both individuals and firms, was filled with speculation.

2018-7-11 15:00