Latest News

Europol Clamps Down On A Belgian Ponzi Scheme, Shuts Down Vitae. Almost 1.5 million euros Reinstated.

Europol Clamps Down On A Belgian Ponzi Scheme, Shuts Down Vitae. Almost 1.5 million euros Reinstated

Europol Cracks Down A Ponzi Scheme

Europol, through its extremely covert investigation, took down a Ponzi Scheme running on the Vitae platform. It is mentioned that a group of individuals was allegedly running a Ponzi scheme. Almost seventeen houses got raided due to the crackdown. Europol recovered almost 1 million euros in cash and up to 1.5 million euros in cryptocurrency, all collected due to the Ponzi scheme.

Vitae Platform Shut Down

Amidst all this chaos, Europol shuts down the Vitae website. They placed a warning sign in place of the website’s content, informing the consumers that this site is now illegal. The operation was covert, therefore executed in secrecy, so the alleged criminals could not escape. As a result, Europol arrested five people for their alleged involvement in the said Ponzi scheme.

Vitae – A Privacy Oriented Social Network

Vitae was a social networking platform that heavily leaned on privacy. It even has its own cryptocurrency. It was a top-earning platform for posters, as the top posters would usually receive vitae tokens. Due to this, the site was moderately popular and had over 200,000 users. However, due to the recent clampdown on its operation, the vitae token plummeted in the market.

Cryptocurrency And The Evolution of Cybercrime

As the world moves forward, the medium of crime is evolving as well. Cryptocurrency becomes an extremely common tool for cybercriminals to use. Europol and other law agencies have expressed their concerns regarding digital crimes and the connection with cryptocurrency. As the focus grows more on crypto, the regulators should also focus on these matters in the future.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.