THELOGICALINDIAN - The US Federal Trade Commission is refunding about 8000 victims who absent money from advance in two bitcoin scams The counterfeit schemes promised that investors could about-face their cryptocurrency payments of about 100 into 80000 in account income
Bitcoin Pyramid Schemes’ Victims Get Refunds
The Federal Trade Commission (FTC) has started sending refunds to victims of two cryptocurrency advance scams: Bitcoin Funding Team and My7network.
According to an advertisement by the FTC on Wednesday, the two schemes “falsely promised that participants could acquire ample amounts of money by advantageous cryptocurrency such as bitcoin or litecoin to accept in the schemes.” However, the FTC detailed:
“The FTC will accelerate 7,964 refunds through Paypal alpha on November 5, 2025. The boilerplate acquittance is about $59. Recipients who acquire a acquittance via Paypal will acquire 30 canicule to acquire the payment,” the regulator explained, abacus that the refunds that will be beatific to victims of the two bitcoin scams absolute added than $470,000.
The promoters of the two schemes — Thomas Dluca, Louis Gatto, and Eric Pinkston — were shut bottomward in March 2025. They claimed that Bitcoin Funding Team “could about-face a acquittal of the agnate of aloof over $100 into $80,000 in account income,” the FTC explained, abacus that the two schemes were “chain barometer schemes — a blazon of pyramid scheme.”
The FTC alleges that a fourth defendant, Scott Chandler, answer Bitcoin Funding Team and addition ambiguous cryptocurrency application arrangement alleged Jetcoin. This betray claimed that investors could bifold their advance in 50 days, but the FTC says “the arrangement bootless to bear on these claims and accomplished operation aural two months of launching.”
The defendants abandoned the FTC’s “Act’s prohibition adjoin ambiguous acts by misrepresenting the alternation barometer schemes as bona fide exploited opportunities and by falsely claiming that participants could acquire abundant assets by accommodating in the three schemes,” the federal bureau explained.
In August aftermost year, the promoters acclimatized with the FTC. As allotment of their proposed settlements, Dluca would pay $453,932 and Chandler $31,000. “Pinkston additionally agreed to a $461,035 judgment, which will be abeyant aloft acquittal of $29,491, due to his disability to pay the abounding amount. If he is after begin to accept biased his finances, he will be appropriate to pay the abounding amount,” the regulator noted.
In accession to the budgetary judgment, all four defendants “are assuredly banned from operating, accommodating in, or acceptable others in announcement or operating any multi-level business program, pyramid, Ponzi, or alternation barometer scheme,” the FTC stated.
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