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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Hawaiian Woman Invests 401K Into Crypto Mining Ponzi Scheme, Hit With Restraining Order

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
crypto bitcoin mining ponzi scheme scam

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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A woman based in the United States island-state of Hawaii has lost nearly half of her entire life savings, in a crypto mining-related Ponzi scheme.

And while the woman is clearly the victim, she’s been hit with a temporary restraining order for voicing her concerns and attempting to retrieve the money that was stolen from her by scammers.

Investor Loses 401K Savings to Bitcoin Mining Ponzi Scheme

An investor based in Waipahu, Hawaii who cashed out half of the money in her 401k retirement fund to invest in two different Bitcoin mining operations, is now out more than $60,000 as a result of an investment scam.

Related Reading | Why This Developer of the Controversial HEX Cryptocurrency – Accused of Scam – Left

The woman claims that she made over a $60,000 investment into BitClub Network and USI Tech – two firms with ties to Bitcoin mining. These businesses claim that they used specialized computers designed to mine for the crypto asset, but instead were simply taking the from new investors to pay off older ones, in a typical Ponzi scheme.

The two companies were recommended to the woman by a close friend, who also eventually got burned in the scheme, however, it’s not clear if the initial friend was complicit in the scheme.

She made several attempts to receive a refund on her investment, but instead, the company was able to file a temporary restraining order against the woman, preventing her from furthering her case for a refund.

Deputy Prosecutor Scott Spallina says that this woman isn’t the only victim of cryptocurrency-related scams that have included a temporary restraining order, who claims has become a new pattern for perpetrators to hide behind. The deputy also claims that another investor has lost more than $100,000 from similar crimes in the area.

The woman claims that she doesn’t expect to get her money back, but wants to “see justice for what they had done.”

Crypto Crime Sees a Surge Following Bubble-Driven Visibility, Will It Ever Stop?

Cryptocurrency related crime has only increased since the asset class became widely known following the crypto bubble of 2017.

After this, cybercrime-related to crypto asset began to climb at an alarming rate, and is now regularly being used by hackers who install ransomware on the computers of unsuspecting individuals and businesses and then demand a ransom paid in cryptocurrency.

Related Reading | United States Regulators Begin Crack Down on Crypto and Bitcoin Crime

The emergence of crime related to crypto has caused US regulators to take a closer look at the asset class, and additional rules and regulations are expected to follow as the industry and market further develop.

Until it does, scams like these will likely continue to run rampant, giving the crypto market its wild west stigma.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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