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    web3 is going just great (web3isgreat@indieweb.social)'s status on Saturday, 24-Jun-2023 02:49:45 JSTweb3 is going just greatweb3 is going just great

    Ponzi scheme promising a blockchain app to identify dogs by their nose-prints scams investors out of $127 million

    June 22, 2023
    https://web3isgoinggreat.com/?id=dog-noseprint-ponzi-scheme

    In conversation2 years ago from indieweb.socialpermalink

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      Ponzi scheme promising a blockchain app to identify dogs by their nose-prints scams investors out of $127 million
      from @molly0xfff
      A company that promised an app that could identify dogs by their nose-prints — built on the blockchain, of course — has been alleged by South Korean police to be "a typical Ponzi scheme" that lured investors with promises of up to 150% returns in 100 days. The company raised around ₩166.4 billion (~$127 million) from approximately 22,000 people. The victims, according to Korean police, are mostly "in their 60s or older with no expertise in cryptocurrencies".As for the noseprint reader, well, it was found to be a fake product that (shockingly) didn't use a blockchain at all. The company had also promised to build "theme parks for pets", but had not leased any of the sites it had identified.
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