Ftc bitcoin funding team

According to the FTC , the defendants promoted Bitcoin Funding Team and My7Network, which falsely promised that participants could earn large amounts of money by paying cryptocurrency such as Bitcoin or Litecoin to enroll in the schemes.

However, Bitcoin Funding Team and My7Network were chain referral schemes that depended on the recruitment of new people to make money. In fact, most participants failed to recoup their initial investments. Recipients who receive a refund via PayPal will have 30 days to accept the payment. The FTC never requires people to pay money to get a refund payment.

FTC shuts down the ‘Bitcoin Funding Team’ for promoting deceptive moneymaking scheme

Consumers who did not receive a refund and think they should have, or have any questions about the refunds, should contact the refund administrator, Rust Consulting Inc. The Federal Trade Commission works to promote competition and to protect and educate consumers. You can learn more about consumer topics and report scams, fraud, and bad business practices online at ReportFraud. Like the FTC on Facebook , follow us on Twitter , get consumer alerts , read our blogs , and subscribe to press releases for the latest FTC news and resources. You are here.

FTC Sends Refunds to Victims of Deceptive Money-Making Schemes Involving Cryptocurrencies

Both agencies, as well as other foreign and domestic regulators, have also issued several warnings to the public about the risks and scams surrounding cryptocurrencies. If you want to take advantage of blockchain's huge potential and disruptive impact, while avoiding falling foul of ever-developing regulatory and legal requirements, visit our Hogan Lovells Engage Blockchain Toolkit.

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Alleged Crypto Pyramid Scheme Scammers Settle FTC Suit

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Next steps If you want to take advantage of blockchain's huge potential and disruptive impact, while avoiding falling foul of ever-developing regulatory and legal requirements, visit our Hogan Lovells Engage Blockchain Toolkit. Gregory Lisa Partner Washington, D. Languages English.

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