Italy raises fraud alert on Coinspace Ponzi scheme

coinspace ponzi scheme

After carpeting OneCoin and declaring it illegal, Coinspace Ponzi scheme has been added to the illegal investment list by Italy’s National Commission for Companies and Stock Exchange, CONSOB.

CONSOB is the Nigerian equivalent of the Securities and Exchange Commission, SEC.

The commission said after its in-depth investigation, it has concluded that Coinspace Ponzi scheme is ‘an illegal investment.

Coinspace Ponzi scheme is similar to OneCoin, SwissCoin and other pseudo-cryptocurrencies where real money are exchanged for ‘S-Coin’ a Ponzi point that are then traded for real currencies with huge returns.

See below a translated version of the statement:


GIVEN law no. 216 of June 7, 1974 and subsequent amendments and additions;

Having regard to legislative decree no. 58 of 24 February 1998 and subsequent amendments and additions ( “FCA”);

Noting that, as a result of the activity carried out by the Consob supervision, have been acquired evidence about the conduct of promotional activity, addressed to residents in Italy, concerning the offer to the public “of cryptocurrency extracting packages” sold by Coinspace Ltd .;

Noting in particular that, as reported in the “Business Plan” published in site, written in Italian:

– Persons interested in participating in the initiative promoted by Coinspace Ltd., which would constitute “a unique opportunity for those who like the idea of ​​an independent financial future,” are offered the opportunity to purchase various types of “extracting packages” , consisting of a quantity of “coins” already included in the “package” and the service “data mining” offered by the same Coinspace Ltd., which enables the daily extraction of a further quantity of “coins”. The number of “coins” already included in the “package” and those to come every day “extracted” via the “data mining” service is directly proportional to the price of the “extraction package” bought;

– The purchaser of the “extraction packages” is given the option to earn a profit of 50%, reselling periodically Coinspace Ltd. the “coins” which he owns. Specifically, “Every 14, and 28, the month the members are paid a fixed sum (if the members decide to sell the coins back to the company for a fixed guaranteed price of € 0.50 per coin). […] By selling the S-Coin coins back to the company in due time you can earn up to 50% profit within a year mining contract with Coinspace “;

– Some of the “extraction packs” also include the ability to “earn thanks to ” offer of project actions” every day even without mining, “which give the right to participate in the profits that will be made by Coinspace Ltd.” after launch S-coin “, conceived by cryptocurrency Coinspace Ltd., currently waiting to be placed on the market;

– It is also given the option to purchase a limited number of “packages” of type “Co-Founder” that allow you to receive a “3% market share by total annual earnings of Coinspace”;

Noting, therefore, that the purchase of “extraction packages cryptocurrency” – explicitly presented as “income opportunities” – means that the buyer uses their own capital in order to achieve a consistent performance in a profit paid periodically by the company, connected with assumption of the risk related to the use of the capital entrusted to it;

ESTIMATED, therefore, that the “extraction packages cryptocurrency” proposed by Coinspace Ltd. seem to possess the characteristics of a financial product in this case the financial investment, the notion of which implies the presence of: (i) the use of capital; (Ii) an expectation of financial returns; (Iii) the assumption of a risk connected to the use of capital;

Noting that the purchase of “extraction of cryptocurrency packages”, the characteristics of which are indicated, it is promoted in standardized and uniform manner, thus putting users able to decide whether to buy them or not, thereby integrating the conditions of a ‘public offer of financial products defined in art. 1, paragraph 1, lett. t), the FCA as “any communication addressed to persons in any form or by any means, presenting sufficient information on the terms and conditions of financial products offered so as to enable an investor to decide to purchase or subscribe to these financial products, including placement by authorized persons “;

DETECTED, following the investigations carried out on the internet, that the related initiative is promoted by the site, which contains the same information published by the Coinspace Ltd. within its site;

Noting in particular that the site: (i) are made of tenderer information “extraction packages cryptocurrency”; (Ii) it is encountered a communication that contains a representation of the characteristics of “packages” same; (Iii) are a special link that refers to the site of Coinspace Ltd. and, specifically, to the page where it is possible to make a preliminary registration to the purchase of the “packages”, as well as video tutorials designed to show users the procedure to be followed for the recording; (Iv) are explained and highlighted the Perfor- mance

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