FTC SENDS REFUNDS TO VICTIMS OF DECEPTIVE MONEY-MAKING SCHEMES INVOLVING CRYPTOCURRENCIES
The Federal Trade Commission is sending PayPal payments totaling more than $470,000 to people who lost money to deceptive chain referral schemes involving cryptocurrencies.
According to the FTC, the defendants falsely promised that participants could earn large amounts of money by paying cryptocurrency such as Bitcoin or Litecoin to enroll in schemes marketed under the names Bitcoin Funding Team and My7Network. However, Bitcoin Funding Team and My7Network were allegedly chain referral schemes that depended on the recruitment of new people to make money. In fact, most participants failed to recoup their initial investments.
The FTC never requires consumers to pay money to get a refund payment. Recipients who receive a refund via PayPal will have 30 days to accept the payment. For more details about the PayPal payment process, please read the related FAQ. Consumers who did not receive a refund and think they should have, or if they have any questions about the refunds, should contact the refund administrator, Rust Consulting Inc., at 1-866-591-7254 or by email at admin@BitcoinFundingRefund.com.