{"id":408180,"date":"2019-12-20T19:00:17","date_gmt":"2019-12-20T19:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=408180"},"modified":"2019-12-20T18:25:02","modified_gmt":"2019-12-20T18:25:02","slug":"hawaiian-woman-invests-401k-into-crypto-mining-ponzi-scheme-hit-with-restraining-order","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/hawaiian-woman-invests-401k-into-crypto-mining-ponzi-scheme-hit-with-restraining-order\/","title":{"rendered":"Hawaiian Woman Invests 401K Into Crypto Mining Ponzi Scheme, Hit With Restraining Order"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">A woman based in the United States island-state of Hawaii has lost nearly half of her entire life savings, in a <a href=\"\/tag\/crypto\" rel=\"nofollow\">crypto<\/a> mining-related Ponzi scheme.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">And while the woman is clearly the victim, she\u2019s been hit with a temporary restraining order for voicing her concerns and attempting to retrieve the money that was stolen from her by scammers.<\/span><\/p>\n<h2>Investor Loses 401K Savings to Bitcoin Mining Ponzi Scheme<\/h2>\n<p class=\"p1\"><span class=\"s1\">An investor based in Waipahu, Hawaii <a href=\"https:\/\/www.hawaiinewsnow.com\/2019\/12\/20\/she-lost-her-retirement-savings-bitcoin-investment-scam-shes-not-alone\/?outputType=amp\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">who cashed out half of the money in her 401k retirement fund<\/a> to invest in two different Bitcoin mining operations, is now out more than $60,000 as a result of an investment scam.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/12\/19\/why-this-developer-of-the-controversial-hex-cryptocurrency-accused-of-scam-left\/\">Why This Developer of the Controversial HEX Cryptocurrency \u2013 Accused of Scam \u2013 Left<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The woman claims that she made over a $60,000 investment into BitClub Network and USI Tech &#8211; two firms with ties to Bitcoin mining. These businesses claim that they used specialized computers designed to mine for the crypto asset, but instead were simply taking the from new investors to pay off older ones, in a typical Ponzi scheme.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The two companies were recommended to the woman by a close friend, who also eventually got burned in the scheme, however, it\u2019s not clear if the initial friend was complicit in the scheme.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">She made several attempts to receive a refund on her investment, but instead, the company was able to file a temporary restraining order against the woman, preventing her from furthering her case for a refund.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Deputy Prosecutor Scott Spallina says that this woman isn\u2019t the only victim of cryptocurrency-related scams that have included a temporary restraining order, who claims has become a new pattern for perpetrators to hide behind. The deputy also claims that another investor has lost more than $100,000 from similar crimes in the area.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The woman claims that she doesn\u2019t expect to get her money back, but wants to \u201csee justice for what they had done.\u201d<\/span><\/p>\n<h2>Crypto Crime Sees a Surge Following Bubble-Driven Visibility, Will It Ever Stop?<\/h2>\n<p class=\"p1\"><span class=\"s1\">Cryptocurrency related crime has only increased since the asset class became widely known following the crypto bubble of 2017.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">After this, cybercrime-related to crypto asset began to climb at an alarming rate, and is now regularly being used by hackers who install ransomware on the computers of unsuspecting individuals and businesses and<a href=\"https:\/\/wncen.com\/2019\/12\/17\/crypto-demanding-cybercriminals-ramp-up-ransomware-threat-with-data-exposure\/\"> then demand a ransom paid in cryptocurrency<\/a>.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/07\/30\/united-states-crypto-bitcoin-crime\/\">United States Regulators Begin Crack Down on Crypto and Bitcoin Crime<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The emergence of crime related to crypto has caused <a href=\"https:\/\/wncen.com\/2019\/07\/30\/united-states-crypto-bitcoin-crime\/\">US regulators to take a closer look at the asset class<\/a>, and additional rules and regulations are expected to follow as the industry and market further develop. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Until it does, scams like these will likely continue to run rampant, giving the crypto market its wild west stigma.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A woman based in the United States island-state of Hawaii has lost nearly half of her entire life savings, in a crypto mining-related Ponzi scheme. And while the woman is clearly the victim, she\u2019s been hit with a temporary restraining order for voicing her concerns and attempting to retrieve the money that was stolen from her by scammers. Investor Loses 401K Savings to Bitcoin Mining Ponzi Scheme An investor based in Waipahu, Hawaii who cashed out half of the money in her 401k retirement fund to invest in two different Bitcoin mining operations, is now out more than $60,000 as a result of an investment scam. Related Reading | Why This Developer of the Controversial HEX Cryptocurrency \u2013 Accused of Scam \u2013 Left The woman claims that she made over a $60,000 investment into BitClub Network and USI Tech &#8211; two firms with ties to Bitcoin mining. These businesses claim that they used specialized computers designed to mine for the crypto asset, but instead were simply taking the from new investors to pay off older ones, in a typical Ponzi scheme. The two companies were recommended to the woman by a close friend, who also eventually got burned in the scheme, however, it\u2019s not clear if the initial friend was complicit in the scheme. She made several attempts to receive a refund on her investment, but instead, the company was able to file a temporary restraining order against the woman, preventing her from furthering her case for a refund. Deputy Prosecutor Scott Spallina says that this woman isn\u2019t the only victim of cryptocurrency-related scams that have included a temporary restraining order, who claims has become a new pattern for perpetrators to hide behind. The deputy also claims that another investor has lost more than $100,000 from similar crimes in the area. The woman claims that she doesn\u2019t expect to get her money back, but wants to \u201csee justice for what they had done.\u201d Crypto Crime Sees a Surge Following Bubble-Driven Visibility, Will It Ever Stop? Cryptocurrency related crime has only increased since the asset class became widely known following the crypto bubble of 2017. After this, cybercrime-related to crypto asset began to climb at an alarming rate, and is now regularly being used by hackers who install ransomware on the computers of unsuspecting individuals and businesses and then demand a ransom paid in cryptocurrency. Related Reading | United States Regulators Begin Crack Down on Crypto and Bitcoin Crime The emergence of crime related to crypto has caused US regulators to take a closer look at the asset class, and additional rules and regulations are expected to follow as the industry and market further develop. Until it does, scams like these will likely continue to run rampant, giving the crypto market its wild west stigma.<\/p>\n","protected":false},"author":517,"featured_media":408181,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1528,6664,2314,3776],"class_list":["post-408180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-crime","tag-crypto","tag-hawaii","tag-scam"],"acf":[],"yoast_head":"\n<title>Hawaiian Woman Invests 401K Into Crypto Mining Ponzi Scheme, Hit With Restraining Order<\/title>\n<meta name=\"description\" content=\"A woman based in the United States island-state of Hawaii has lost nearly half of her entire life savings, in a crypto mining-related Ponzi scheme. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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