A man from the Malappuram district of the Indian state of Kerala was arrested for operating a cryptocurrency scam.
What was the scam?
Investors were promised 270 rupes (approx. $3.50) a day for a 300-day lock-up period if they would invest a minimum of 15,000 rupes ($200) into Morris Coin.
Investors were told after the 300 day period, they would be able to exchange the coins or reinvest for further gains. The issue was Morris Coin was not listed on any exchanges so investors were unable to trade them.
Looking into the ICO, there was no official registered office. No team/developer information and there was no whitepaper describing the goals and roadmap of the project.
The project is still under investigation, with no official charges filed.
Remember:
This is a good reminder to do your research before investing in any ICOs. Look the team members up on LinkedIn and ensure their authenticity. If the rewards promised seem too good to be true, then it's probably a scam. Protect your money and reduce your risks.
