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Detail Analysis

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Date:

Status:

Count:

Contributor:

October 4, 2020

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Verified

1

zerofriction.io

Loss Amount:

157,000,000

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Recovered Amount:

-

Currency:

Dollars, ETH, BTC, BNB, YFI, VET, ADA, USDT

KYC By:

Audit By:

None

None

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Website:

No data

Twitter:

No data

Discord:

No data

Telegram:

No data

Medium:

No data

Github:

No data

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Key Indicators

Platform:

Type:

Category:

Method:

Morris coin

ICO

Scams

Extended Method:

non-existent ICO

Data Sources:

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Indian Enforcement Directorate has seized assets worth approximately $5 million in connection with an alleged cryptocurrency scam involving Morris coin that has duped investors out of $162 million. The crime proceeds were used to buy cryptocurrencies. The scheme involves a nonexistent cryptocurrency called Morris coin. Nishad and his companies conducted an initial coin offering (ICO) for the coin and collected money from investors. The ED) explained that they held “promotional events in the presence of celebrities” and used “flashy websites” to attract investors. The seizure results in the recovery of $5M of the $163M loss. The police said that over 900 investors were duped out of 1,200 crore rupees. The money collected from investors was used to purchase immovable properties, cryptocurrencies, and luxury cars, as well as pay for premium hotels and resorts. Cryptocurrencies such as ETH, BTC, BNB, YFI, VET, ADA, and USDT, and maintained at Indian and international crypto exchanges, were found. They were purchased out of the proceeds of crime. Original URL: https://coingeek.com/morris-coin-founder-arrested-in-india-over-alleged-digital-currency-scam/

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Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.