Token

Solar

The Indian Economic Offenses Wing (EOW) revealed a crypto-related Ponzi scheme exploiting over 200,000 individuals across different states in <a href="https://crypto.news/india-led-g20-proposes-global-crypto-regulatory-framework/" rel="noopener noreferrer nofollow">India</a>. 
According to a report by Asian News International (ANI), Solar Techno Alliance developed a digital asset on Binance Smart Chain (BSC) called STA Token. Per the report, STA Token operated as a Ponzi scheme where old investors were funded by income generated from new investors. 
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 <a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#WATCH</a> | Bhubaneswar: On a Rs 1,000 crore cryptocurrency scam, (IG EOW) JN Pankaj says, "Odisha (EOW) has busted a very big multimedia, pyramid structure, ponzi scam…We have got to know that people have invested more than Rs 1,000 crores in this scam across India. Around 10,000… <a href="https://t.co/K0UZACouCg" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/K0UZACouCg</a>— ANI (@ANI) <a href="https://twitter.com/ANI/status/1688745771242504194?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 8, 2023</a> 
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CoinMarketCap (CMC) data <a href="https://coinmarketcap.com/currencies/sta-token/" target="_blank" rel="noopener noreferrer nofollow">shows</a> that STA was initially publicized in September 2022 with a starting price of around $0.84. The asset rose to an all-time high (ATH) of $3.01 on April 3, 2023.&nbsp; 
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Moreover, CMC data shows that STA’s market cap is worth $0 at the time of writing. The coin is currently trading at $0.09 — down by 97% from its ATH. 
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 <img decoding="async" width="1424" height="792" src="https://crypto.news/app/uploads/2023/08/STA_ALL_graph_coinmarketcap.jpeg" alt="STA price | Source: CoinMarketCap" class="wp-image-14183814"> 
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 STA price | Source: CoinMarketCap 
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The report reveals that the STA project operated under the radar for a long time, with its founders consistently changing locations. The company’s executives were arrested in different cities. 
Per ANI, the pyramid-structured Ponzi scheme accumulated more than 1,000 crore (10 billion) Indian rupees — worth over $120 million — from investors. 
According to a report on July 13, hackers and scammers <a href="https://crypto.news/crypto-scammers-hackers-stole-450-million-in-h1-2023/" rel="noopener noreferrer nofollow">stole</a> almost $450 million worth of digital assets in the first half of 2023. While the amount looks massive, it’s still 77% less than H1 2022, the Chainalysis report revealed. 
 Read more: <a href="https://crypto.news/minnesota-man-loses-9m-in-linkedin-crypto-romance-scam/" rel="noopener noreferrer nofollow"> Minnesota man loses $9m in LinkedIn crypto romance scam </a>

Indian EOW exposed a $120m crypto Ponzi scheme

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