JorgeStolfi
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April 14, 2015, 12:57:42 AM

$310 M USD Cryptocoin-based Ponzi Busted in Thailand
http://www.coinbuzz.com/2015/04/13/arrests-in-ufun-crypto-currency-pyramid-scheme/

Quote
In a bust on Friday, Thai police arrested four executives on charges of operating a pyramid scheme [ called "UFun", using ] a cryptocurrency called "Utoken", and stealing over 10 billion baht (roughly US$310 million). [ ... ] UFun sold various cosmetics and supplements. The company focused on referring new customers, rather than selling the products. Customers were encouraged to invest up to $50,000 in order to receive discounts on the products. [ ... ] UFun used its own cryptocurrency called UToken to let customers purchase its products.  [ ... ] Websites promoting Utoken claim that it "will outperform Bitcoin and eventually overtake Bitcoin as the Ultimate Digital Currency".