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news Buyer of for $1 million Charged with running Ponzi Scheme

Dynadot Dynadot


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Josh Garza who purchased for $1million in August of 2014 was charged with fraud and running a ponzi scheme.
The SEC said that Garza and GAW earned roughly $19 million in revenue from the scheme, which evolved from hardware hosting to cloud mining to the eventual launch of an alternative cryptocurrency and has as many as 10,000 customers and investors.

According to the SEC, Garza and GAW Miners knowingly misrepresented the nature of Hashlets, their proclaimed profitability and the manner in which mining income was sourced.
Bitcoin once again... bought for $1M makes $19M Ponzi scheme... Naughty naughty naughty!!!



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Bitcoin once again... bought for $1M makes $19M Ponzi scheme... Naughty naughty naughty!!!

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Bitcoin is just an instrument, greed is what's really to blame here from both sides. We've seen these BTC ponzi schemes over and over again, there's no such thing as a quick buck and if it's too good to be true, it usually is.


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So, what's the development?
Has the SEC only charged him for now or he's already under arrest?

The website seems to be online btw. I think the mining hardware stuff they were doing long before the purchase at

AFAI read in news, he is hiding somewhere in Middle East or Caribbean. His brother was questioned and the case is still very active. Recently sold (at Flippa) was owned by him and was used as Paycoin<->Bitcoin exchange. So many people invested in Paycoin due to his hype "1 paycoin will be equal to 1 dollar" futures.
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