FirstCoin Club under police investigation
FirstCoin has been revealed to be under Police investigation in at least 2 countries. FirstCoin Club’s business model was more than another Ponzi coupled with pyramid recruitment.
According to LiveCoin’s February 16th press-release, FirstCoin Club’s FRST is being dropped from the list due to
requests from police authorities from at least 2 countries at this moment and 1 open case.
As regards the investigation, LiveCoin states they are ‘not authorized to disclose any details of requests or case‘.
A secondary reason provided is “reversed transactions”.
We’ll try to explain in plain. If you control the network of any coin, you can send a transaction to recipient (to Exchange, for example), wait for processing and crediting of this transaction and then make a fork to remove this transaction from blockchain.
Thus you double your money, because your account on Exchange still has this transaction.
FRST was 99.9% pre-mined and this means that what has not been flagged off to FirstCoin Club affiliates are still held by the company’s anonymous owners.
The same individual or individuals control the FRST network, meaning they are likely behind the reverse transaction shenanigans.
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After an initial Ponzi points pump to $16 in October, 2017, FRST has dropped to less than a dollar.
According to CoinMarketCap, LiveCoin accounts for 38% of FRST trading and YoBit exchange accounts for 62%.
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