Token

Solar

<div class="cryptonews"> 
 <p class="is-style-lead">The Indian Economic Offenses Wing (EOW) revealed a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-related Ponzi <a rel="noopener noreferrer nofollow" title="scheme" href="https://thebittimes.com/tag/scheme.html">scheme</a> exploiting over 200,000 individuals across different states in India.</p> 
 <p>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 <a rel="noopener noreferrer nofollow" title="scheme" href="https://thebittimes.com/tag/scheme.html">scheme</a> where old investors were funded by income generated from new investors.</p> 
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    <p lang="en" dir="ltr">#WATCH | Bhubaneswar: On a Rs 1,000 crore <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency 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… pic.twitter.com/K0UZACouCg</p>— ANI (@ANI) August 8, 2023 
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 <p>CoinMarketCap (CMC) data shows 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;</p> 
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 <p>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.</p> 
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    STA price | Source: CoinMarketCap 
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 <p>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.</p> 
 <p>Per ANI, the pyramid-structured Ponzi <a rel="noopener noreferrer nofollow" title="scheme" href="https://thebittimes.com/tag/scheme.html">scheme</a> accumulated more than 1,000 crore (10 billion) Indian rupees — worth over $120 million — from investors.</p> 
 <p>According to a report on July 13, hackers and scammers stole 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.</p> 
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Indian EOW exposed a $120m crypto Ponzi scheme

TheBitTimes

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