Just finished listening to the missing crypto queen podcast. The last episode is heartbreaking.
The fake cryptocurrency 'One Coin' - (fake because it's not actually on a legit blockchain) - it is sold through packages in a classic MLM / pyramid scheme set up. The coins have no actual real world value.
This has swept across impoverished countries and financially destroyed entire villages. The originator did a runner and this thing is still scamming people to this day.
I found it quite interesting because as the scam finished clearing out European countries, it then targeted the developing world and had a 2nd wind in these places.
The lack of financial prospects in these places was perfect for a fake crypto currency. People sold their houses and scraped together everything they had, to throw at a dream. But One Coin is a complete scam. Not even a legit crypto. Very very sad.
In the last episode the podcast makers were sitting in front of a Ugandan grandma who had put her life savings into One Coin. They were put into a torturous predicament of whether to shatter her dreams or let her continue to have false hope for the financial freedom she was promised by the scammers.
It made me extremely sad and angry. I have no idea why scams aren't more agressively dealt with. I'm hoping that we're nearing the point where scams get so bad that fundamental changes are made to how they are dealt with.
Fantastic podcast though, if you guys liked the Dream then this is a good one to listen to for an in-depth look at this cryptocurrency MLM scam.