Bernie Madoff Move Over: ‘Stablecoins’ Have You Beat

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Everybody is familiar with the Ponzi scheme: the scammer dupes investors into giving him their money, paying out early investors with incoming investments, thus presenting a veneer of respectability.

The great thing about Ponzi schemes? They really work. Investors are all happy with their returns, whether they stay in or get out.

Ponzi schemes work, that is, until they don’t. Eventually losses steamroll, and the Ponzi schemer is quickly out of business.

Today’s cryptocurrency world is rife with scammers to be sure, and the number of different scams is as great as the number of marks willing to fall for them.

But with the price of Bitcoin and other cryptocurrencies in the doldrums, a new scam is rising to the top, like bits of toilet paper in sewage: stablecoins.

Original: Security Lawyer Blog