Cryptocurrencies saw a major surge in value and popularity last year. especially Bitcoin. This also means that scams and ponzi schemes became more prevalent. In response to this, the Federal Trade Commission has issued restraining orders and frozen the assets of three defendants who were part of the Bitcoin Funding Team and My7Network. The FTC’s report alleges that the three defendants “promised big rewards for a small payment of Bitcoin or Litecoin.”
According to the report, the organization functioned like any other ponzi scheme.