South Korean Law Enforcement to Launch Investigations on Altcoin Pump-and-Dump

kingcolex

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Quote from: Herbert2020 on September 08, 2015, 11:37:51 AM

Quote from: kingcolex on September 08, 2015, 09:47:42 AM

Quote from: S4VV4S on September 08, 2015, 06:27:20 AM

Quote from: ?? on ??

I don't see what they are going to be able to do about pump and dumps, the ponzi scam sites being operated in their country could be handled but that's all I see happening.

Many PnD are created from the alt-coin creators themselves.
They might be trying to stop them but unless the developers are in South Korea then there is no chance of that happening.
Also, I doubt they could stop web ponzis if they use crypto.

I don't see how they would be able to prove anything when it comes to a PnD, also a vpn and not say they are located in SK is all they would need to keep the law at bay.

i agree, i don't see any way that law enforcement can prove that a person or a group has done any sort of Pumping and Dumping in any court of law.
unless that person or group had openly announced that they are doing it like having a P'nD group.

That and they would have to openly announce they are in south Korea or the government would just be wasting money trying to go after them.

kingcolex

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Activity: 254

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Quote from: S4VV4S on September 08, 2015, 06:27:20 AM

Quote from: ?? on ??

I don't see what they are going to be able to do about pump and dumps, the ponzi scam sites being operated in their country could be handled but that's all I see happening.

Many PnD are created from the alt-coin creators themselves.
They might be trying to stop them but unless the developers are in South Korea then there is no chance of that happening.
Also, I doubt they could stop web ponzis if they use crypto.

I don't see how they would be able to prove anything when it comes to a PnD, also a vpn and not say they are located in SK is all they would need to keep the law at bay.

Herbert2020

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Activity: 1946

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Quote from: kingcolex on September 08, 2015, 09:47:42 AM

Quote from: S4VV4S on September 08, 2015, 06:27:20 AM

Quote from: ?? on ??

I don't see what they are going to be able to do about pump and dumps, the ponzi scam sites being operated in their country could be handled but that's all I see happening.

Many PnD are created from the alt-coin creators themselves.
They might be trying to stop them but unless the developers are in South Korea then there is no chance of that happening.
Also, I doubt they could stop web ponzis if they use crypto.

I don't see how they would be able to prove anything when it comes to a PnD, also a vpn and not say they are located in SK is all they would need to keep the law at bay.

i agree, i don't see any way that law enforcement can prove that a person or a group has done any sort of Pumping and Dumping in any court of law.
unless that person or group had openly announced that they are doing it like having a P'nD group.

S4VV4S

hero member

Activity: 1582

Merit: 502

Quote from: Q7 on September 08, 2015, 07:49:40 AM

It's about time somebody make it illegal in the state law and an offence to create alt pump and dump coin. How many times we have seen bitcoin indirectly suffer loss of trust because people seems to think that these altcoins are related to bitcoin. And how about those people who lost their hard earned money.

They can make it illegal all they want.
The fact is that it's not going to stop happening over and over again.
How exactly are they going to stop it?

Q7

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Activity: 448

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It's about time somebody make it illegal in the state law and an offence to create alt pump and dump coin. How many times we have seen bitcoin indirectly suffer loss of trust because people seems to think that these altcoins are related to bitcoin. And how about those people who lost their hard earned money.

S4VV4S

hero member

Activity: 1582

Merit: 502

Quote from: ?? on ??

I don't see what they are going to be able to do about pump and dumps, the ponzi scam sites being operated in their country could be handled but that's all I see happening.

Many PnD are created from the alt-coin creators themselves.
They might be trying to stop them but unless the developers are in South Korea then there is no chance of that happening.
Also, I doubt they could stop web ponzis if they use crypto.

gogxmagog

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Activity: 1456

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Ad maiora!

The main problem bringing justice to frauds is getting the money back. It's hard enough to track down the perps, prove what they did. Getting even a dime back... Impossible. What's the penalty for fraud in South Korea? Firing squad?
I've lost more than I care to mention to btc frauds. One has even been caught and fined. They still haven't been able to do a disbursement yet. And that's in the USA.

There's also ASICminer, Fried cat is apparently being investigated by the Chinese if they can even find him. (Probably won't) At least I feel good knowing that if they do... Firing squad!

The whole story just sounds like typical cop propaganda
"Don't worry mam, we've got everything under control" (they don't have a clue)

mallard

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Merit: 100

They will probably catch a few people and then give them big penalties as a warning to everyone else.

lemoncoolers

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Quote from: Denker on September 08, 2015, 04:18:21 AM

Quote from: ?? on ??

I don't see what they are going to be able to do about pump and dumps, the ponzi scam sites being operated in their country could be handled but that's all I see happening.

Yes their efforts won't have any big effect. Pumps and dumps will still occur. This is just a waste of time.

There are ppl who are making a big profits from pumps and dumps. The number of them will be not many. IMO for most ppl, they are losing money. It does have some extent of impact on them who involve in altcoin trading, and make a big loss, or plan to involve in it! It will give them warning.

Denker

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Quote from: ?? on ??

I don't see what they are going to be able to do about pump and dumps, the ponzi scam sites being operated in their country could be handled but that's all I see happening.

Yes their efforts won't have any big effect. Pumps and dumps will still occur. This is just a waste of time.

jacktheking

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Personal Text Space Not For Sale

Hmm. Pump and dump is only good for people who is very active online and know when to buy and sell. I dont like the idea to investigating pump and dump altcoin but I do like the idea of checking Bitcoin related ponzi scheme. I also like that South Korean is going ahead of others to the digital world.

coinsect

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I doubt what they can find in the end? Ppl buy low and sell high! What is wrong with that?

xhoneyael

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Quote from: stuff0577 on September 08, 2015, 02:03:34 AM

Quote from: Kakmakr on September 08, 2015, 01:56:55 AM

Quote from: gentlemand on September 07, 2015, 07:36:42 PM

I wonder if they have laws applying to pump and dumps. Ponzis are straightforward fraud. I don't see how they can nail people for pump and dumps in an unregulated market. You'd have to prove intent plus they gotta find them first.

Well Ponzi schemes are regulated and they can be prosecuted under those laws. I can understand why they need to do this. Ignorant Consumers need to be protected from these ruthless predators. A lot of the people falling for these scams, lose a lot of money.

One of these victims might be one of your family members or a close friend. Let's name and shame them to protect our community.

Yeah I think its time to make some move to protect the community. At least they are trying Grin

i agree ..even its hard to trace that scammer but atleast they try..
ponzi and scammer is one of the reason why other investor and newbie leave the bitcoin community
sometime just from a bad experience about that non stop scamming..

stuff0577

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More stuff will come.

Quote from: Kakmakr on September 08, 2015, 01:56:55 AM

Quote from: gentlemand on September 07, 2015, 07:36:42 PM

I wonder if they have laws applying to pump and dumps. Ponzis are straightforward fraud. I don't see how they can nail people for pump and dumps in an unregulated market. You'd have to prove intent plus they gotta find them first.

Well Ponzi schemes are regulated and they can be prosecuted under those laws. I can understand why they need to do this. Ignorant Consumers need to be protected from these ruthless predators. A lot of the people falling for these scams, lose a lot of money.

One of these victims might be one of your family members or a close friend. Let's name and shame them to protect our community.

Yeah I think its time to make some move to protect the community. At least they are trying Grin

Amph

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funny, it's like saying that they want to stop bitcoin by seizing every pc out there, not gonna happen, infeasible

i see the trend lately of many news that says something, that in the end will not come true

Kakmakr

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Quote from: gentlemand on September 07, 2015, 07:36:42 PM

I wonder if they have laws applying to pump and dumps. Ponzis are straightforward fraud. I don't see how they can nail people for pump and dumps in an unregulated market. You'd have to prove intent plus they gotta find them first.

Well Ponzi schemes are regulated and they can be prosecuted under those laws. I can understand why they need to do this. Ignorant Consumers need to be protected from these ruthless predators. A lot of the people falling for these scams, lose a lot of money.

One of these victims might be one of your family members or a close friend. Let's name and shame them to protect our community.

Patel

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Fontas be like

onemorexmr

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Activity: 252

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Quote from: gentlemand on September 07, 2015, 07:46:14 PM

Quote from: onemorexmr on September 07, 2015, 07:39:02 PM

maybe for their law this market is not unregulated? maybe it was just under the radar.

I guess that's quite possible. But stock market players are readily identifiable. How do you go about finding someone via an alt exchange?

imho they only can sue their own people. and i know nothing about their possibilities except that they have pretty good internet over there Wink

but i dont see this as a bad thing. if some state puts up some kind of a "bad / scammy" - altcoin index: this could attract investors outside cryptoland and get new people to look into alts.

lets wait and see...atm its just very interesting news

gentlemand

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Quote from: onemorexmr on September 07, 2015, 07:39:02 PM

maybe for their law this market is not unregulated? maybe it was just under the radar.

I guess that's quite possible. But stock market players are readily identifiable. How do you go about finding someone via an alt exchange?

onemorexmr

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Activity: 252

Merit: 251

Quote from: gentlemand on September 07, 2015, 07:36:42 PM

I wonder if they have laws applying to pump and dumps. Ponzis are straightforward fraud. I don't see how they can nail people for pump and dumps in an unregulated market. You'd have to prove intent plus they gotta find them first.

maybe for their law this market is not unregulated? maybe it was just under the radar.

Topic: South Korean Law Enforcement to Launch Investigations on Altcoin Pump-and-Dump (Read 1366 times)