• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
crypto

Crypto Regulators From 5 Countries Identify A Potential $1 Billion Ponzi Scheme

Christian Encila
by Christian Encila
3 years ago
·
Posted in Bitcoin, Crypto News, Crypto scam
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In recent months, investing in cryptocurrencies has been challenging. The emerging market has been shaken by radically shifting prices, collapsing assets, and a variety of economic challenges.

Since November, as the price of bitcoin, the most popular cryptocurrency in the world, has declined, so have the values of currencies that were once considered safe and secure because they were pegged to the US dollar and regulated by exchanges.

Digital asset proponents applauded the international and national authorities’ efforts to better appreciate and monitor the sector’s viability.

Suggested Reading | Kraken CEO Shuts Down San Francisco Headquarters – Here’s Why

Also contributing to the growth was the senseless Russian invasion of Ukraine. In and out of the country, a large number of individuals used cryptocurrencies to transfer funds, demonstrating once again the currency’s utility.

Regardless of its shining moments, cryptocurrency is currently at a crucial juncture.

It has lost almost fifty percent of its market value since November and is susceptible to frauds, manipulations, and sudden decreases.

Regardless of its bright spots, Bitcoin and other digital assets are currently at a crossroads. (Inc42)

Tax Investigators Keeping Eye On Big-Time Fraud

Now, regulators are investigating yet another fraud.

More than 50 potential crypto tax offences have been uncovered by international tax inspectors, which may pave the way for an official probe in the coming weeks — including a possible $1 billion Ponzi scheme.

According to reports released on Friday, the heads of tax enforcement from the Joint Chiefs of Global Tax Enforcement (J5) countries gathered in London this week to share intelligence and data to uncover sources of unlawful cross-border activity.

On Friday, Jim Lee, the Internal Revenue Service’s chief of criminal investigations, stated, “Some of these leads concern individuals with substantial NFT transactions involving potential tax or other financial crimes throughout our jurisdictions.”

The money involved appears to have affected investors worldwide, including buyers of cryptocurrencies in Australia, Canada, the United States, the United Kingdom, and the Netherlands.

“It looks that [one] is a $1 billion Ponzi scheme. That’s billion with a ‘B,’ and this lead affects each and every J5 nation,” Lee remarked.

The J5 is a tax-crime-fighting program involving the governments of five nations.

Crypto total market cap at $1.25 trillion on the daily chart | Source: TradingView.com

The program emphasizes the increased examination of hazards, fraud, and wrongdoing in the burgeoning cryptocurrency business.

Last Monday, US Treasury Secretary Janet Yellen informed legislators that the collapse of the TerraUSD stablecoin demonstrates the need for additional laws.

Suggested Reading | Bitcoin No Longer Rat Poison? Warren Buffett-Backed Nubank Unveils BTC Trading

J5 Vs. Crypto Crime Enablers

The J5 was founded in response to the Organization for Economic Cooperation and Development’s (OECD) call on countries to do more to combat tax crime facilitators.

The Internal Revenue Service Criminal Investigation (IRS-CI), Australian Taxation Office (ATO), Fiscale Inlichtingen- en Opsporingsdienst (FIOD), Canada Revenue Agency (CRA), and HM Revenue & Customs make up the organization.

The Dutch Fiscal Information and Investigation Service’s Niels Obbink stated, “NFTs are one of the emerging digital methods of trade-based money laundering.”

The identification of suspected crimes represents additional bad news in a turbulent week for Bitcoin markets.

According to some estimates, large price volatility roiled crypto markets and lowered total asset valuations by around $270 billion.

Featured image from InsideBitcoins, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Bitcoin

Over 1 Million In Bitcoin Locked In Treasuries As Institutions Pour In $1 Billion

3 hours ago
Best Altcoins to Buy After US Senate Confirms Tokenized Stocks Are Still Securities

Best Altcoins to Buy After US Senate Confirms Tokenized Stocks Are Still Securities

3 hours ago
Best Crypto to Buy as Banking Giants Now Predict at Least Two Rate Cuts in 2025

Best Crypto to Buy as Banking Giants Now Predict at Least Two Rate Cuts in 2025

3 hours ago
Bitcoin

$5 Billion Bitcoin Treasure Tied To Piracy Website Found In German Wallets

7 hours ago
Pepenode presale reaches $800k allows users to mine meme coins

Pepenode’s Presale Reaches $800K As It Allows Users to Create Virtual Crypto Mining Rigs

9 hours ago
phishing

Crypto Phishing Attacks Surge In August As Losses Hit $12 Million

10 hours ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    1 day ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    1 day ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    1 day ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    2 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.