Brazilian Ponzi scheme: Genbit snowed down with 330 fraud cases

Brazilian Ponzi scheme got into the limelight in May 2019 when police arrested ten people suspected of operating a cryptocurrency pyramid scheme worth 850 million reals ($210 million). Similar to this Brazilian Ponzi scheme, Genbit has been roped into some serious brokerage allegation. Before now, Genbit was said to exist as Zero10, after which it folded up and relaunched with its new name. The firm reportedly claimed that it pays 15% returns monthly, appearing to be a Ponzi scheme. However, it claimed to invest in Bitcoin. Genbit promised clients they can make around $6,000 investment and get a return of over