Australians who have invested in crypto-currency schemes have lost hundreds of millions of dollars according to a new report in the Guardian. The most prominent schemes named in Australia have been HyperFund, HyperVerse and Blockchain Global. READ MORE:The latest losses in Australia should act as a warning to would-be investors. Photograph: Blockchain Global/FacebookIllegalIn New Zealand pyramid schemes are illegal under the Fair Trading Act. Earlier this year In February, the New Zealand Financial Markets Authority issued an interim stop order against Validus Oceania and associated members, which effectively banned it from operating.

Source: The Guardian December 15, 2023 15:48 UTC