Bank of Samoa warns of crypto asset con

crypto-coins

The crypto asset scam ‘OneCoin’ has reached Samoa despite attempts to ban it, says the nation’s central bank.

The Central Bank of Samoa issued a statement on April 25 warning Samoans about the spread of OneCoin, which has been described as a “Hybrid Ponzi-Pyramid Scheme” due to being similar to both a Ponzi scheme and a pyramid scheme.

In a Ponzi scheme, early ‘investors’ are paid back using funds from newer investors. A pyramid scheme is similar, but is structured so each investor must

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