Bank of Samoa warns of crypto asset con
The Ponzi scheme is apparently spreading via churches
The crypto asset scam ‘OneCoin’ has reached Samoa despite attempts to ban it, says the nation’s central bank.
The Central Bank of Samoa issued a statement on April 25 warning Samoans about the spread of OneCoin, which has been described as a “Hybrid Ponzi-Pyramid Scheme” due to being similar to both a Ponzi scheme and a pyramid scheme.
In a Ponzi scheme, early ‘investors’ are paid back using funds from newer investors. A pyramid scheme is similar, but is structured so each investor must
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