RATE Group | GemCoins Scam Reminds Investors All That Glitters Is Not Bitcoin
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GemCoins Scam Reminds Investors All That Glitters Is Not Bitcoin

20 Feb GemCoins Scam Reminds Investors All That Glitters Is Not Bitcoin

Posted at 11:23h in Bitcoin News by

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The latest unscrupulous villain to plead guilty to cryptocurrency fraud is a man from Southern California. Steve Chen lured investors out of $150mn through a fake cryptocurrency called GemCoins, supposedly backed by precious gems and amber from his companies’ mines.

GemCoins Backed by Thin Air

Serial entrepreneur and fraudster Steven Chen owned seven companies in total in Arcadia, California. These included U.S. Fine Investment Arts Inc. which issued a digital currency called GemCoins.

The coins were allegedly backed by stones from mines his company owned in several different countries including the U.S., Mexico, the Dominican Republic, and Argentina.

The web of deceit was intricate enough to entice almost $150mn out of 70,000 investors worldwide, according to local Los Angeles NBC.

Alas, GemCoins were, in fact, backed by nothing more than rhetoric and skilled marketing. Also, a half-finished sparkly website that claims:

GemCoins are tokens, based on the Ethereum blockchain…

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