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Ponzi Schemes and Affinity Fraud

In: The Cryptocurrency and Digital Asset Fraud Casebook, Volume III

Author

Listed:
  • Jason Scharfman

    (Corgentum Consulting, LLC)

Abstract

This chapter delves into the rise of cryptocurrency affinity fraud, a deceptive tactic where scammers exploit trust within tight-knit communities to defraud investors. Leveraging shared beliefs or community bonds, fraudsters target vulnerable populations who trust the scam due to their perceived alignment with their cultural or religious values. Using several high-profile cases, such as the Jay Mazini cryptocurrency fraud targeting Muslims and the Forcount Ponzi scheme aimed at Spanish-speaking communities, this chapter analyzes the methods used by fraudsters to manipulate trust and explores the regulatory and legal actions taken to combat such schemes. Insights from data and case studies emphasize the growing need for education and preventive measures within these communities.

Suggested Citation

  • Jason Scharfman, 2025. "Ponzi Schemes and Affinity Fraud," Springer Books, in: The Cryptocurrency and Digital Asset Fraud Casebook, Volume III, chapter 5, pages 93-116, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-84108-8_5
    DOI: 10.1007/978-3-031-84108-8_5
    as

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