• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    ETH/USD price prediction

    ETH/USD Price Prediction: Will ETH/USD Retest $1,720 Support Ahead of July Upgrade

    Chainlink price prediction

    Chainlink price prediction: LINK breaks $28.5, a small retracement to follow?

    Uniswap price prediction

    Uniswap price prediction: UNI prepares to move higher, next target at $38 

    Bitcoin price

    Bitcoin Price Prediction : 24-Hour Chart Raises Hope of $50K Breakout

    Vechain price prediction

    VeChain price prediction: VET set to move higher again, resistance to break at $0.056

    Ethereum Price Prediction

    Ethereum price prediction: ETH failed to retest $1,500, more upside to follow

    SEC allegations

    John McAfee claims SEC allegations laid against him are exaggerated

    ADA/USD

    ADA/USD Price Prediction: Cardano faces resistance at $1.32 after Mary Hardfork

    Litecoin Price Prediction

    Litecoin Price Prediction: LTC/USD Bullish Amidst Strong Selling Pressure

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • All
    • Altcoin News
    • Binance News
    • Bitcoin Cash News
    • Bitcoin News
    • Blockchain News
    • Cardano News
    • ChainLink News
    • Cyber Security News
    • Dogecoin News
    • EOS News
    • Ethereum News
    • Exchange News
    • Industry News
    • Litecoin News
    • Monero News
    • Polkadot News
    • Regulation News
    • Research News
    • Ripple News
    • Scam News
    • Token Sale
    • Tron News
    ETH/USD price prediction

    ETH/USD Price Prediction: Will ETH/USD Retest $1,720 Support Ahead of July Upgrade

    Chainlink price prediction

    Chainlink price prediction: LINK breaks $28.5, a small retracement to follow?

    Uniswap price prediction

    Uniswap price prediction: UNI prepares to move higher, next target at $38 

    Bitcoin price

    Bitcoin Price Prediction : 24-Hour Chart Raises Hope of $50K Breakout

    Vechain price prediction

    VeChain price prediction: VET set to move higher again, resistance to break at $0.056

    Ethereum Price Prediction

    Ethereum price prediction: ETH failed to retest $1,500, more upside to follow

    SEC allegations

    John McAfee claims SEC allegations laid against him are exaggerated

    ADA/USD

    ADA/USD Price Prediction: Cardano faces resistance at $1.32 after Mary Hardfork

    Litecoin Price Prediction

    Litecoin Price Prediction: LTC/USD Bullish Amidst Strong Selling Pressure

    Trending Tags

    • Fintech
    • Bitcoin Industry
    • Stock Market
    • Digital Currency
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Scam News

UK police fail to see $3 million fraud as a crime

Dylan Jones by Dylan Jones
October 30, 2020
in Scam News
2 min read
UK Police
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter
  • Lyfecoin scam costs $3 million
  • Police dismiss case, cite insufficient evidence

UK police have stirred controversy today after ruling that no crime was committed in an alleged case of fraud. Investors estimate that the scam has cost them approximately three million dollars. 

Last Tuesday, the British newspaper Metro published an expose about a cryptocurrency start-up called Lyfecoin. In the story, would-be investors reveal that they were promised hefty returns in exchange for substantial investments into Lyfecoin but have not seen a single penny in return. Investors claim that they were guaranteed to receive 100% returns after a five-month staking period. At the end of those five months, they were told that they would need to extend to a 12 or even 24-month staking period. To add insult to injury, they didn’t receive so much as a fraction of their promised return.

UK Investors allege that one Sakhi Rezaie deceived them. Investors feel that Mister Rezaie tricked investors into funding a pyramid scheme. They also claim that payments were sent to Rezaie’s bank account rather than a business account. Mister Rezaie, when questioned by Metro, claimed that he was just another Lyfecoin investor. However, screenshots of a WhatsApp chat produced by one of the scheme’s alleged victims cast doubt on Rezaie’s narrative. Rezaie also ignored or refused attempts by investors to sell their stakes, adding further credence to their claims. The evidence also suggests that Rezaie did not act alone in the execution of this supposed Pyramid Scheme.

Investors raised the alarm after discovering that most cryptocurrency exchanges didn’t trade Lyfecoin. This effectively meant that the cryptocurrency had a value well below the $1.60 promised by Rezaie and his associates.

RelatedPosts

Digital Yuan-themed scam: Chinese police warns residents to be careful

Firearms, Bitcoin, gold seized from a crime group in Auckland

Pakistan police arrest suspects in first Bitcoin robbery case

Crypto scam revenue dropped by $5 billion in 2020

Investors reported Rezaie’s activities to UK organization Action Fraud, who forwarded the reports to West Midlands police after investigating their claims. Rezaie contacted investors shortly after this, signing a contract promising to pay back the invested money at the rate of $6,470 a month. Investors claim to have only received one payment.

UK Police have since dropped the case. They claim that investors’ evidence offers “No way forward” and that “No offense has been committed.” The alleged fraud has echoes of the OneCoin scam from 2019.

Tags: bitcoin scamsfraudunited kingdom
Dylan Jones

Dylan Jones

I'm a Computer Science student from South Wales. A programmer by day, and writer by night, I'm taking my first exciting steps into the world of journalism.

Related Posts

Digital Yuan
Scam News

Digital Yuan-themed scam: Chinese police warns residents to be careful

February 27, 2021
Firearms, Bitcoin, gold seized from a crime group in Auckland
Scam News

Firearms, Bitcoin, gold seized from a crime group in Auckland

February 24, 2021
Pakistan police arrest suspects in first Bitcoin robbery case
Scam News

Pakistan police arrest suspects in first Bitcoin robbery case

February 19, 2021

Follow Us

  • 40.9k Fans
  • 8.3k Followers

Latest News

ETH/USD price prediction

ETH/USD Price Prediction: Will ETH/USD Retest $1,720 Support Ahead of July Upgrade

March 7, 2021
Chainlink price prediction

Chainlink price prediction: LINK breaks $28.5, a small retracement to follow?

March 7, 2021
Uniswap price prediction

Uniswap price prediction: UNI prepares to move higher, next target at $38 

March 7, 2021
Bitcoin price

Bitcoin Price Prediction : 24-Hour Chart Raises Hope of $50K Breakout

March 7, 2021
How Bexplus Apps Make Trading Crypto Futures Easier 1

How Bexplus Apps Make Trading Crypto Futures Easier

March 6, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Exclusive Partners of

Footer 2

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Binance
    • Security
    • Ripple
    • Litecoin
    • Ethereum
    • Dogecoin
    • Cardano
    • Tron
    • Token Sale
    • Industry
    • Exchange
    • Polkadot
    • ChainLink
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Bitcoin Cash Price
    • Chainlink Price
    • Litecoin Price
    • Polkadot Price
    • Cardano Price
    • Binance Coin Price
    • Stellar Price
    • EOS Price
    • Tron Price
    • Monero Price
    • Dash Price
    • IOTA Price
    • Dogecoin Price
    • Altcoin Price
    • Sushi Price
    • Uniswap Price
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.