Report: BTC mining investment platform declared pyramid scheme by South African consumer watchdog

10/23 11:27

A South African consumer watchdog, the National Consumer Commission (NCC) recently announced that Obelisk — a purported bitcoin mining equipment supplier — is in fact a pyramid scheme which has swindled millions of dollars from unsuspecting investors. The watchdog reportedly made the announcement after it received complaints from investors who accuse Obelisk of defrauding them. According to a Businesstech report, the 4,000 individuals who participated in the investment scheme were convinced they were purchasing bitcoin mining equipment which could generate constant income for them. The machines cost between $18.75 and $24,850, the report added.

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