Cryptocurrencies fell Tuesday morning in Asia although the volume of Bitcoin remains higher than $ 4.4 billion, up more than 46 per cent earlier this month when the average daily volume of the prevailing encryption currency was about $ 3 billion, the BTC is struggling To maintain momentum in the $ 6,000 area.
- The price of the Bitcoin fell 0.92% to $ 6405.7 at 03:16 GMT on the Bitifinex Stock Exchange.
- Etherium fell 1.3% to $ 211.08 on the Bitifinex stock exchange.
- XRP was the only exception among the major coded currencies, rising 1.57% to $ 0.51795 on the Poloniex Stock Exchange.
- Litecoin lost 2.81% to $ 50.323 in the Bitifinex Stock Exchange.
A fraudulent scheme targeting Muslims by digital currency
In other news, a fraudulent scheme based on Ponzi cryptocurrency collapsed in India following the announcement by the Central Bank of India of the coded currency as an "illegal" instrument.
Deccan Chronicle reported this week that Ambident Marketing and Investment used the promise of halal investments based on a fatwa by Islamic scholars who misused it to position itself as a Sharia-compliant investment program.
Where the company was targeting Muslim investors, by bringing in huge amounts of investors' money without announcing the investment in their coded currencies.
Deceptive investment practices
According to reports, the company is using the cover of halal companies and investments to attract Muslim investors who then promised fantastic monthly returns of up to 50% per rupee pound (about $ 275). Specifically, the company targets Islamic investment and uses Ulemas to market its activities such as Halal.
Without informing the investors, the company then invests in recoveries in currencies that have earned a fortune, enabling them to pay the promised returns for some time until the size of the scheme increases. Their investment sites are not disclosed and investors are exposed through this time.
As more investors joined the Ponzi scheme, payment volumes fell by 25% and then to 11% before finally paying 9% in January 2018, the last payment. Before they stopped paying, some investors had doubled their initial investment amounts, ranging from 50,000 rupees (about $ 685) to more than 1 crore (about $ 137,165).
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