back to article How's this for a crossover? Scumbag scammed victims with fake gem mines – then pivoted to fake crypto-mines

A bloke has copped to operating a £115m ($149m) scam that managed to encompass physical mining of gems and the virtual mining of cryptocoins. Steve Chen, 62, will plead guilty to conspiracy to commit wire fraud and tax evasion. A formal plea hearing is scheduled for March 10, and after that, Chen faces up to 10 years behind …

  1. Pascal Monett Silver badge

    "The investing public should be aware that cryptocurrency schemes are" . .

    A massive load of bullshit, and always will be.

    I've said it before and I'll say it again : if you want to lose your money in funny money crypto, buy yourself a PC with the latest specialized NVidia graphics card and churn them out yourself.

    1. hakuli

      Re: "The investing public should be aware that cryptocurrency schemes are" . .

      I read this story right off the back of listening to the BBC "The Missing Cryptoqueen" podcast...

      How these people get away with this crap is astounding.

      1. Packet

        Re: "The investing public should be aware that cryptocurrency schemes are" . .

        As much as I'd just like to say cryptocurrency is an absolute load of rubbish (which it is), the reality is:

        - people are greedy

        - they want want immediate gratification without putting effort into it

        - they're also ignorant of how stock markets work in a modern capitalist economy

        - they're distrustful of government to the nth degree (seriously, unless you live in China, North Korea, Iran or Russia, you really don't need to be paranoid about your government to ridiculous 'the sky will fall' extremes)

        the effects above are literally passed down from generation to generation and environment to environment (the social aspect of both friends and family)

        Combine all this, and they will flock to any new get rich quick scheme - all it does is create a never-ending list of suckers born every minute.

        Long story short, join me in shaking your head sadly, i'll pour a pint out

        1. HildyJ Silver badge
          Facepalm

          Re: "The investing public should be aware that cryptocurrency schemes are" . .

          You can narrow it down to greed and instant gratification.

          From crypto currencies to Nigerian Princes, from lotteries to slot machines, from penny stocks to IPOs, even the ones that aren't technically scams are designed to take your money and your chance of making it big is miniscule and even recovering what you spent is slim.

          The sad thing is that the people who are caught up in these schemes are often those who can least afford it.

          That said, at least one of the complete scammers is going to jail.

      2. CrazyOldCatMan Silver badge

        Re: "The investing public should be aware that cryptocurrency schemes are" . .

        How these people get away with this crap is astounding.

        There are more suckers born every minute.

  2. LDS Silver badge
    Devil

    He won't be pardoned by Trump...

    ... but just because it looks to be of Chinese origin.

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