A massive crypto fraud trial kicked off on Monday in Nancy, France, and it’s making headlines for all the wrong reasons. With over 20 defendants accused of running shady investment schemes involving cryptocurrencies and, surprisingly, diamonds, this case is already being dubbed “Red Card.” Why “Red Card,” you ask? Well, because a dozen football clubs are among the victims! Apparently, even footballers aren’t immune to the glittering lure of high returns.
The accusations center around 199 bank accounts opened across 19 countries, allegedly used to funnel a jaw-dropping €28 million away from the 1,300 unsuspecting investors. Some victims were so convinced by these slick promises of “easy money” that they took out loans to join in.
With ages ranging from 28 to 73, the accused allegedly operated these fraudulent sites between 2016 and 2018, enticing victims with fake crypto and diamond investment opportunities. The trial is set to last four weeks, and because of the sheer number of victims—850 representatives present—they had to hold it in a conference center.
I guess the moral of the story here is: if someone promises you diamonds and crypto, maybe it’s too good to be true!
France Opens Trial for $30M Diamond and Crypto Fraud
A major trial has opened in Nancy, France, involving 22 defendants accused of defrauding 1,300 individuals and top football clubs in a $30 million scam involving fake cryptocurrency and diamond investments.
The case, dubbed… pic.twitter.com/gCiAR4c5fQ
— VERITAS PROTOCOL (@veritas_web3) October 22, 2024
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